At the same time, investors’ risk appetite plunged, resulting in a decline in market liquidity not only in the securitization markets but also in markets for risky assets in general. Financial institutions that had accumulated such assets on their balance sheets were increasingly hard pressed to finance such positions even for the short term.
I will now hand over to Jenny Osborne-Kinch from our Statistics Division, who will provide a full introduction for Philip. Thank you for your attention. 1 Donnery, Sharon, Better Data to Inform Better Policy. Opening remarks at the Sixth Conference on Household  Finance and Consumption (16 December 2019). 2 Makhlouf, Gabriel, Climate Change: Towards Action.