Furthermore, carrying out liquidity risk stress-testing and having in place adequate contingency funding plans are particularly important given their ability to significantly improve the preparedness of banks to deal with liquidity events. Finally, there are other areas of relevance for the recent financial market developments that deserve further study, such as the role of credit rating agencies.
The OECS were further affected by the impact of the CLF/Clico crisis (in fact, it was BAICO) and the devastation caused by Hurricane Tomas, particularly in St Lucia and St Vincent and the Grenadines. BIS central bankers’ speeches  1  (The region remained in crisis in 2011.