To this end, the key supervisors and central banks for each of the largest global banks will begin to meet regularly to discuss crisis planning, with particular attention to contingency liquidity planning.
Illustratively, the GSAP was discontinued, relaxations with respect to CRR were allowed to normalise and the liquidity management framework was tweaked in April 2022 to operationalise the standing deposit facility (SDF). This approach has enabled us to get out of a potential liquidity trap, the Chakravyuh. 15.