This was despite retreating oil and commodity prices, government action in support of the US housing market and continued recapitalisation efforts by banks and other financial firms. Equity markets reflected similar concerns, as valuations adjusted to reflect disappointing earnings data, including in the financial and other cyclical sectors.
Against this background, pressures in interbank money markets persisted, prompting further central bank action to ease financial sector access to funding.” (p.2)  2  A.D. Mminele. (2008) “Benefits and Risks of New Instruments: Derivatives and Securitisation; the case of South Africa”, Berlin, 4 July 2008. Conference on Financial Innovation and Emerging Markets.