One such program is the Term Asset-Backed Securities Loan Facility (TALF), begun in November 2008 to facilitate the extension of credit to households and small businesses. Before the crisis, securitization markets were an important conduit of credit to the household and business sectors; some have referred to these markets as the "shadow banking system."
After having discussed the key driving forces for change, I shall present the strategic responses of banks to these forces. I will then describe the reactions of banking supervisors to these changes. At the end of my speech, I shall share my views on the future of banking with you.