Grant Spencer: Comments on the Basel liquidity standards and central bank operations Remarks by Mr Grant Spencer, Deputy Governor and Head of Financial Stability of the Reserve Bank of New Zealand, at the tenth Asia-Pacific High-Level Meeting on Banking Supervision, Auckland, 27 February 2014.
*  *  *  Introduction While sourced in sub-prime credit losses, the Global Financial Crisis (GFC) was felt by most countries, including Asia Pacific countries, as a massive liquidity shock. This was felt in banking systems as a loss of market liquidity (ability to sell assets) and as a loss of funding liquidity (ability to issue securities).