Only central banks  18  See Daniel M. Covitz, Nellie Liang, and Gustavo Suarez (2009), "The Evolution of a Financial Crisis: Runs in the Asset-Backed Commercial Paper Market," unpublished paper, Board of Governors of the Federal Reserve System, Division of Research and Statistics, August.
Moreover, the scale of these conduits and their vulnerability to runs contributed importantly to the liquidity panics globally as many of these programs were sponsored by non-U.S. banks (see Carlos O. Arteta, Mark Carey, Ricardo Correa, and Jason Kotter (2009), "Revenge of the Steamroller: ABCP as a Window on Risk Choices," unpublished paper, Board of Governors of the Federal Reserve System, Division of International Finance, May).