The Government continued until March 2013 to offer a guarantee on new bank funding. BIS central bankers’ speeches  3  to official financing. Absent such statements of support, it was clear that an IMF programme could not be avoided and this was negotiated in November 2010.
  The accumulation of large stocks of official reserves has reflected in part a widespread desire to accumulate precautionary buffers in the face of increasingly large and potentially volatile capital flows; in part an effort by a number of countries  2  BIS central bankers’ speeches  to maintain undervalued exchange rates to support export-led growth.