You may recall the high profile failures such as Enron and Parmalat and nearer to us, the failure of  BIS central bankers’ speeches  1  banks in the global financial crisis largely attributed to failures in corporate governance and risk management practices and the underpinning poor corporate culture and ethics.
6  The Term Auction Facility (TAF) and the Primary Dealers Credit Facility (PDCF) served to broaden access to CB facilities, as before the crisis regular open market operations had been conducted with 20 investment banks, the primary dealers, only. BIS Review 121/2009  7  basically treasury bills and bonds.