The central banks will carry correspondent safe custody accounts on a mutual basis for a limited BIS Review 7/1998  -2-  period so that the cross-border use of collateral will be possible. However, market solutions will have to be sought in the long term. I am confident that the central securities depositories will be successful in achieving that in cooperation with ourselves.
Nor is this time for free – it comes at a price. The central banks have already done a great deal to contain the crisis, and have assumed considerable risks: not just financial risks but risks to their credibility and independence. The Bundesbank has repeatedly emphasised what needs to be done.