... the new tools for ongoing liquidity provision (the US SRF, the UK STR and long-term repo) possibly all need work to fine tune accessibility and function just for banks directly. Tail risk obvs is for mad political pronouncements to cause vol'y that interacts badly with plumbing issues.... the new tools for ongoing liquidity provision (the US SRF, the UK STR and long-term repo) possibly all need work to fine tune accessibility and function just for banks directly. Tail risk obvs is for mad political pronouncements to cause vol'y that interacts badly with plumbing issues.

Those tools are meant to be more of a backstop rather than a facility for ongoing liquidity provision, right? So you'd think there would be some desire to stop b/s shrinkage before that kicks in?