What really defined the CLICO crisis, however, was the systemic aspect of a large financial institution failing and dragging others with it into the abyss. 4  BIS central bankers’ speeches  This brings me to the fourth initiative the Central Bank is undertaking to manage our financial system.
I speak about the Systemically Important Financial Institutions, or SIFIs Systemically important financial institutions (SIFIs) Both the global economic crisis and our own CLICO crisis demonstrated that failure of systemically important financial institutions (“SIFIs”) had the potential to disrupt the smooth functioning of markets and the economy. Accordingly, the regulation of SIFIs has been placed at the top of our regulatory reform agenda.