Crisis: Cause, Containment and Cure by Thomas F. Huertas (auth.)

By Thomas F. Huertas (auth.)

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But the bank would then have to find new capital to back the asset since it would not have actually sold the asset. Such new capital could only come from selling truly liquid assets (thereby passing the price pressure onto those assets) or by depleting the bank’s overall capital cushion. That in turn could create concerns about the bank’s overall creditworthiness and cause funding difficulties for the bank as a whole unless it took steps to replenish its overall level of capital. Summary That is exactly the danger to which the world financial system became exposed in mid-2007.

Quite a different attitude prevailed with respect to hedge funds. These were relatively new and extremely aggressive investors who were considered to pose a distinct threat to financial stability. Hedge funds played a critical role in the evolution of shadow banking since they were frequently among the largest investors in the junior tranches of the securitisation deals and/or the junior tranches of the debt issued by CDOs, conduits and SIVs. Hedge funds generally leveraged these positions by borrowing from prime brokers on a collateralised basis.

New issuance ceased, and investors refused to roll over a good portion of the assetbacked commercial paper issued by conduits and SIVs. 5). Nor did liquidity return to the market for CDOs and asset-backed securities.

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