Finally, we should not overlook the role of technology, which is another challenge reserves manager are dealing with. With the growing complexity of the investment environment reserves managers are required to enhance their analytical skills and capabilities, but the increasing cost of technology could stand in the way of a proper assessment of the long-term benefits of such essential investment.
5  One explanation may be that in periods of uncertainty the large well-known enterprises with good ratings continue to attract funds at favourable conditions and may then channel funds to smaller enterprises via intercompany loans or via trade credits.