[2]  The small holdings of semis maturing in March and April will not be reinvested. The materials on this webpage are subject to copyright and their use is subject to the terms and conditions set out in the Copyright and Disclaimer Notice. © Reserve Bank of Australia, 2001–2022. All rights reserved.
The potential for indirect contagion may warrant a macroprudential policy framework for non-bank funding activities that varies regulations for liquidity, margins and haircuts over the financial cycle and provides a role for regulatory authorities in disclosing aggregated information during stressed episodes. Beyond the policy discussions, much supervisory work needs to be done by financial authorities. There are national and international dimensions to this work.