In other parts of the world, I think the effect of the liquidity regulation has been diluted by the large liquidity provided by the greatly expanded central bank balance sheets. As the Fed balance sheet is shrinking, it is likely that the liquidity regulation will start to bite more in the US.
European Central Bank: Press conference - introductory statement Introductory statement by Mr Jean-Claude Trichet, President of the European Central Bank, and Mr Lucas Papademos, Vice-President of the European Central Bank, Frankfurt am Main, 6 November 2003.