Second, there is a concern that in times of cost pressures organizations may be tempted to overly discount the risk of future regional events. Third, there is a concern that competitive pressures will lead some firms  BIS Review 56/2002  1  to delay improvements in resilience in the hope that others will shoulder the responsibility.
As mortgage and other long-term rates rebounded last summer, a consequence of rapidly improving economic conditions and the fading of deflationary concerns, refinancing fell sharply, removing most downward pressure on duration.