11  Specifically, Level 1 assets are entirely taken into account in the LCR (no haircut) and thus benefit from a more beneficial treatment in the LCR than in the Eurosystem’s collateral framework, while level 2 assets generally enjoy lower haircuts in the Eurosystem’s collateral framework than in the LCR. These differences certainly reflect the different objectives of the LCR and the Eurosystem’s collateral framework. 12  Central bank refinancing always benefit from a 100% rollover rate no matter the quality of the assets used in the transaction. A 100% rollover rate ensures equal treatment between central banks implementing monetary policy through repo operations and central banks implementing monetary policy through outright purchases of  4  BIS central bankers’ speeches  depends on the opportunity cost of obtaining liquidity from the Eurosystem, there may be a number of LCR-constrained banks with large amounts of non-HQLA collateral that is eligible for monetary policy operations. Imagine a post-crisis monetary policy framework where the liquidity provision by the central bank would again be rationed and implemented through competitive auctions (instead of today’s fixed rate, full allotment). If some banks have no access to market repos using their assets as collateral (owing to concerns in the market place about country, counterparty or collateral risk), it will be likely that these counterparties will bid in the liquidity-providing monetary policy tender operations using this collateral in order to obtain cash to cover both their funding needs and their LCR.
Likewise, Charles Babbage and Ada Lovelace have contributed to the origins of computing that underpins virtually every aspect of modern life. Each of the shortlisted scientists is worthy of celebration, so the Bank is delighted that this Museum is honouring them with a special exhibition that showcases their many and diverse achievements. Sadly, there is not adequate space to feature them all on the new £ note. A choice had to be made. And it is my pleasure to announce today that the scientist that will feature on the new £ note is Alan Turing. Why Turing? Alan Turing was an outstanding mathematician whose work has had an enormous impact on how we live today. As the father of computer science and artificial intelligence, Alan Turing’s contributions were far ranging and path breaking. Turing was insatiably curious about the world around him. With his mind ranging widely and freely, he approached a variety of seemingly intractable problems and found answers that passed others by. His genius lay in his unique ability to link the philosophical and abstract with the practical and concrete. All around us, his legacy continues to build. Turing is a giant on whose shoulders so many now stand. Born in Paddington, London on 23 June 1912, Turing displayed prodigious talent and vibrant interest in the sciences and mathematics as a schoolboy. This was reinforced by the untimely death of his close friend Christopher Morcom.