And banks lacked appropriate controls and systems to measure and manage their risks. That crisis also exposed the extent to which banks and broader financial system had become reliant on short-term wholesale funding and prone to destabilizing dynamics.
7 The sudden shutdown of short-term wholesale funding posed severe liquidity  According to the World Bank, 112 countries had explicit deposit insurance plans in 2013, up from 84 countries in 2003. http://blogs.worldbank.org/allaboutfinance/deposit-insurance-database-newly-updated. Furthermore, other elements of a government safety net for banks often include measures to support a wellfunctioning payments system and a collateralized lender of last resort facility.