The two 3-year very long term refinancing operations (VLTROs) that we launched in late 2011 and early 2012 aimed to alleviate adverse funding conditions for banks which were unable to satisfy their additional liquidity needs in the market. By removing the liquidity constraints on credit supply, it has avoided a major credit crunch.
Regulations pertaining to data issues needs to adapt to a world where boundaries between financial and non-financial firms is getting increasingly blurred or geographical boundaries are no longer a constraint. (BIS Papers No 117 33) 10. It is virtually impossible for legislation to keep in step with the fast mutating fintech landscape.