As I mentioned earlier, it would not only be a mistake but also irresponsible to assume that crises will never  4  BIS Review 118/2010  occur again. This would encourage market participants to speculate on their re-occurrence because of a lack of proper management framework. As we have experienced, self-fulfilling expectations could by themselves precipitate a crisis.
These special lending programs have been set up to minimize credit risk to the Federal Reserve. The largest program, the commercial paper funding facility, accepts only the most highly rated paper. It also charges borrowers a premium, which is set aside against possible losses.