One can say that, with the development of such a multilateral swap arrangement to supply foreign currency liquidity, the "lender of the last resort" function has developed into a "global lender of the last resort" function. 5  This quick overview shows that the central bank is playing a bigger role with its "lender of the last resort" function.
It could be safely said that we now have a more robust backstop as regards liquidity provision in the major currencies during market turmoil. The challenge ahead is to devise frameworks to deal with the case where a financial institution with a global reach faces foreign currency liquidity shortages for idiosyncratic reasons and the case involving non-major "local" currency liquidity shortages.