To facilitate the channeling of dollar liquidity to foreign financial institutions operating in the United States, thirty-day currency swap lines were arranged with major central banks, again in record volumes. It was essential in such an environment to meet all appropriate demands for dollar liquidity.
Finally, it could be conceivable that macro-prudential policy measures would have to be applied beyond the banking sector. 16. As for the potential risks associated with developing capital markets, let me highlight one more issue. Some might worry that by developing financial markets we will again see the introduction of complex financial instruments.