The fair value determined by the issuer bank must be reported periodically to the purchasers, especially for unlisted instruments for which the issuer’s commitment to buy them back is the main guarantee of the possibility of liquidating the investment.
But they have done it too slowly, under the pressure of the markets, and that has ultimately increased the burden. A comprehensive, timely solution is needed now. I am confident that Europe’s leaders will find it. 8  BIS central bankers’ speeches