14  BIS Review 121/2009  Figure 9  Credit default swaps on Euro area government bonds in basispoints 400  350  300  250  200  150  100  50  0 01/08  03/08 Interquartile range  05/08  07/08 Minimum - maximum  09/08  11/08  01/09  03/09  05/09  07/09  Euro area average, unweighted  Source: Thomson Reuters.
Repricing risks and liquidity difficulties render financial markets and non-bank financial institutions vulnerable to disorderly risk adjustments. Investment funds' liquid asset holdings remain low and could thus amplify a market correction in a forced selling scenario. Since last year, rising rates reduced by around 4% the value of insurance companies and pension funds' bond portfolios.