From its inception in 1991, EMEAP comprises nine east-Asian central banks plus two central banks from Australia and New Zealand. EMEAP is very active in three key areas, namely, financial markets, banking supervision, and settlement/payment systems. To give you a picture of what EMEAP is doing for bond market development, allow me to digress a little bit.
Furthermore, the high reliance on more volatile, market-based funding sources has rendered financing more difficult and expensive. This is especially true for banks that depend for their funding needs on financial instruments traded in markets that proved to be thin and illiquid, as well as for those that had to finance contingent liabilities that had not been appropriately incorporated in their funding plans.