different time zones), but a wide range of risk control measures have been put in place in order to control risks and, in particular, the concentration of financial risks on a single entity. •  But the role of central bank money is also challenged when turning from global to domestic systems.
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.