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This presentation contains background material on the 2007-09 Credit Crisis and on the role of money and banking versus insurance. It then summarises ideas that were being proposed at the time for regulatory change, explores the relevance of liquidity risk to insurers and pension funds and summarises some strands of debate around allowing for a liquidity premium in Solvency II.

Slides

1	Regulatory Change and the Credit/Liquidity Crisis
2	Regulatory Change and the Credit/Liquidity Crisis
3	Regulatory Change and the Credit/Liquidity Crisis
4	Timeline: 2007-2009 Credit Crunch
5	Overview
6	Economy-wide cash/loan flows
7	Two main roles of money
8	Blurred boundaries
9	Regulatory Change and the Credit/Liquidity Crisis
10	Ideas proposed for regulatory change
11	(1) Capital adequacy
12	(2) Ring-fence activities linked to depositor protection
13	(3) Have existing investors carry more of the bailout burden
14	(3 ctd) Resolution frameworks for failing firms
15	(4) Improve business behaviours
16	Other ideas/proposals
17	Implications for others, e.g. Insurers and pension funds
18	Regulatory Change and the Credit/Liquidity Crisis
19	Liquidity Risk
20	The illiquidity premium
21	CEIOPS Task force (1)
22	Thought experiment on the illiquidity premium
23	PD or PD x LGD
24	Hold-to-maturity, going vs gone concern
25	CEIOPS Task Force (2)
26	CEIOPS Task Force (3)
27	Further comments
28	Regulatory Change and the Credit/Liquidity Crisis
29	References
30	Important Information

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