This program is scheduled to end on December 31, 2009. 8  BIS Review 40/2009  macroeconomic view of credit highlighted the importance for the flow of credit of reduced demand due to weaker economic activity, reduced supply because borrowers appear less creditworthy, and reduced supply because lenders face pressures that restrain them from extending credit.
The financial intermediation view of credit highlighted that banks have remained important financial intermediaries long after the originate-to-distribute model for funding credit became the dominant model and can play an important safety-valve role for the financial system.