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BankFailures:

NO.1181TheRolesofSolvency

FEBRUARY2026

andLiquidity

SergioCorreia|StephanLuck|EmilVerner

BankFailures:TheRolesofSolvencyandLiquidity

SergioCorreia,StephanLuck,andEmilVerner

FederalReserveBankofNewYorkStaffReports,no.1181

February2026

/10.59576/sr.1181

Abstract

Bankfailurescanstemfromrunsonotherwisesolventbanksorfromlossesthatrenderbanksinsolvent,

regardlessofwithdrawals.Disentanglingtherelativeimportanceofliquidityandsolvencyinexplaining

bankfailuresiscentraltounderstandingfinancialcrisesanddesigningeffectivefinancialstability

policies.Thispaperreviewsevidenceonthecausesofbankfailures.Bankfailures—bothwithand

withoutruns—arealmostalwaysrelatedtopoorfundamentals.Lowrecoveryratesinfailuresuggestthat

mostfailedbanksthatexperiencedrunswerelikelyfundamentallyinsolvent.Examiners’postmortem

assessmentsalsoemphasizetheprimacyofpoorassetqualityandsolvencyproblems.Beforedeposit

insurance,runscommonlytriggeredthefailureofinsolventbanks.However,runsrarelycausedthe

failureofstrongbanks,assuchrunsweretypicallyresolvedthroughothermechanisms,including

interbankcooperation,equityinjections,publicsignalsofstrength,orsuspensionofconvertibility.We

discussthepolicyimplicationsofthesefindingsandoutlinedirectionsforfutureresearch.

JELclassification:G01

Keywords:bankfailures,bankruns,liquidity,solvency,bankingregulation,supervision

_________________

Luck:FederalReserveBankofNewYork(email:stephan.luck@).Correia:FederalReserve

BankofRichmond(email:sergio.correia@).Verner:MITSloanSchoolofManagementand

NBER(email:everner@).TheauthorsthankananonymousrefereeandThomasEisenbach,

HubertoEnn