That is, a firm that falls out of compliance with the LCR or NSFR during a period of generalized stress should not be subject to automatic sanctions, but instead given an opportunity to come back into compliance in a way that does not expose either the firm or the system to greater stress.
Of course, for those of you who are with the BSP for a long time, this is the bigger bread and butter for many, many decades, and we will get better and better in this as well. Readying the BSP's operations for the future At this point, let me proceed to other aspects of BSP operations: reserve management, for one.