BIS Working Papers（国际清算银行工作底稿）.pdfVIP

BIS Working Papers No 406 Financial crises and bank funding: recent experience in the euro area by Adrian van Rixtel and Gabriele Gasperini Monetary and Economic Department March 2013 JEL classification: G01, G21. Keywords: euro area, financial crisis, bank funding, renationalisation, secured issuance, debt retention. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. This publication is available on the BIS website (). © Bank for International Settlements 2013. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 (print) ISBN 1682-7678 (online) Financial crises and bank funding: recent experience in the euro area Adrian van Rixtel and Gabriele Gasperini1 Abstract This paper provides an overview of bank funding trends in the euro area following the 2007–09 global financial crisis and the euro area crisis. It shows that funding has become segmented along national borders and that secured instruments are much more prevalent than previously. Rising debt retention by euro area banks has accompanied greater dependence on liquidity provided by the ECB. JEL classification: G01, G21. Keywords: euro area, financial crisis, bank funding, renationalisation, secured issuance, debt retention. 1 Monetary and Economic Department, Bank for International Settlements. We would like to thank Claudio Borio, Robert McCauley, Martin Hood and Christian Upper for h