Has the RBA cracked the liquidity code?

The Reserve Bank's lender-of-last-resort facility strikes a relatively even spread of costs between taxpayers and banks potentially making it an international benchmark for meeting post-GFC liquidity requirements.

The Reserve Bank’s mechanism for providing last-resort liquidity for banks in a crisis has been generating some controversy here but is now drawing attention offshore as a potentially useful approach for regulators as they try to deal with the liquidity risk issues highlighted by the global financial crisis.

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