Joachim Wuermeling: Securities management - current challenges  finance  and  collateral  Keynote speech by Prof Joachim Wuermeling, Member of the Executive Board of the Deutsche Bundesbank, at the 26th Annual Securities Finance and Collateral Management Conference, Berlin, 21 June 2017. * * *  1.
Large-scale lending beyond regular access limits, long-term recourse to Fund resources, and the provision of precautionary lending create moral hazard and counteract the original purpose of advancing financial stability. Furthermore, they have already left the Fund with a very high risk concentration.