Securities firms have been traditionally managed to a standard of surviving for one year without access to unsecured funding. The recent market turmoil has taught us that this  6  BIS Review 45/2008  is not adequate, because short-term secured funding, which these firms heavily rely upon, also can become impaired.
This is both a supply and demand issue as banks continue to be risk averse while businesses defer their expansion plans given the uncertainty in the economic environment. Nonetheless, banks have continued to restructure and grant new loans to the micro, small and medium enterprises or MSMEs.