The crisis may be exacerbated in this way. Off-balance-sheet vehicles – Banks have transferred their credit risk to off-balance-sheet vehicles, such as SIVs and conduits, in order to save capital costs. The business model of these vehicles built on maturity transformation broke down leading to liquidity problems of the  BIS Review 158/2008  1  SIVs and conduits.
In this regard, in deliberating on the possibility of either extending the remaining maturity of JGBs to be purchased under the Program or increasing the amount of risk assets to be purchased, it is essential for the Bank to carefully assess costs and benefits in light of its policy objective of achieving the 2 percent price stability target, while giving due consideration to the two points mentioned earlier: ensuring the sustainability of asset purchases under the Program and producing the intended policy effects.