Second, it is unclear just how deep and liquid a market for bank subordinated debt would be and what access small and medium-sized banks would have  BIS Review 87/1998  -4-  to this market. This suggests that an operationally feasible program of mandatory subordinated debt would require a considerable amount of further thought. II.
I am happy to note therefore that the industry is addressing the matter of innovation and are designing new products particularly targeting the lower market. This is the way in which the insurance industry will be able to enhance the level of financial inclusion among the population.