It should come as no surprise that the “credit channel” macroeconomic literature converged with bankers in focusing on the tangible collateral available from borrowers, and on their own capital and liquidity (which includes the ex ante and ex post terms on which they have access to central bank reserves).
We are therefore committed to strengthening the resilience of nonbank financial intermediation, building upon the FSB’s ‘Holistic Review’ of the March 2020 turmoil and on the further work that the FSB will conduct under the Italian G20 Presidency and beyond. We are now ready to take your questions. 2/2  BIS central bankers' speeches