Finally, in the context of cross-border capital flows, in the absence of procedures for dealing with international bankruptcy and facilities for the lender of last resort, the liabilities incurred on private account can devolve on public account.
This was because they were largely  BIS central bankers’ speeches  1  dependent on banks’ own decision to borrow Eurosystem funds and lend them on to their customers. The cumulative uptake under the first two targeted long-term refinancing operations stood at around € billion.