For example, the Federal Reserve introduced measures to provide funds to issuers of commercial paper (CP) and holders of asset-backed securities (ABS).Meanwhile, the Bank of Japan purchased CPs, asset-backed commercial papers, and corporate bonds in response to the rapid deterioration of market liquidity in those markets, which funded large non-financial corporations directly impacted by the financial crisis.
In the euro area, when the sovereign spread of the so-called peripheral countries against Germany widened, the European Central Bank (ECB) purchased bonds issued by the peripheral countries through the Securities Markets Programme (SMP), judging that the widening of the spreads was due not to deteriorating solvency but to impairment of market liquidity.