Let me also say that over the past year, as we at the Federal Reserve have had to deal with the recent problems in financial markets, I have gained an even deeper appreciation for the many contributions you made as the first deputy managing director of the International Monetary Fund, guiding its response to the Mexican crisis, the Russian default, the Asian crisis, the collapse of Long-Term Capital Management, Brazil's devaluation, and the early stages of the Argentine crisis.
Deposit funding has proven to be more stable during the ongoing financial market turmoil than other sources of banks’ funding. While there are of course other factors at play Chart D shows that during the ongoing turbulences the market has valued more positively those institutions with more funding via customers’ deposits.