First, no individual bank can be deemed sound where significant systemic risks loom large: as we learned in 2008–9, even liquid and well-capitalised banks can be quickly cornered if funding markets seize up or asset prices plummet owing to fire sales.
4  BIS central bankers’ speeches  I look forward to further informative discussions on the topic, such that we all may learn from past mistakes, successes and achievements whilst also continuously striving to address the challenges in unison with one another. Thank you. BIS central bankers’ speeches  5