12 5/6  BIS central bankers' speeches  12 See Regulation (EU/2019/876) of 20 May 2019 amending Regulation (EU) No 575/2013 as regards the leverage  ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, report and disclosure requirements, and Regulation (EU/648/2012) (CRR II).
13 Excluding central banks. 14 See Fache Rousová, L and Giuzio, M. (2019), “Insurers’ investment in alternative assets”, box 9 of Financial  Stability Review, ECB, May. 15 For instance, Neil Woodford’s Equity Income Fund, an equity UCITS fund which invests in supposedly liquid  assets, had to suspend withdrawals after large outflows.