Bank for International Settlements general manager Agustín Carstens has written an editorial opinion article for the Financial Times where he calls for urgent solutions to channel central bank liquidity to firms and individuals who need it most.

A first step is for banks to fill the void left by the retreat of market-based finance, using buffers and freezing share buybacks and dividends globally.

A second step is government-guaranteed loans by banks to small and medium firms, equal to the taxes each paid last year. These could be securitized and refinanced by the central bank, any losses to be borne by governments.

He suggests government-guaranteed loans by banks to finance receivables, such as invoices for exports, could also be securitized and financed by a central bank facility.

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Bank for International Settlements general manager Agustín Carstens has written an editorial opinion article for the Financial Times where he calls for urgent solutions to channel central bank liquidity to firms and individuals who need it most.

A first step is for banks to fill the void left by the retreat of market-based finance, using buffers and freezing share buybacks and dividends globally.

A second step is government-guaranteed loans by banks to small and medium firms, equal to the taxes each paid last year. These could be securitized and refinanced by the central bank, any losses to be borne by governments.

He suggests government-guaranteed loans by banks to finance receivables, such as invoices for exports, could also be securitized and financed by a central bank facility.