For many financial institutions, the turmoil of the past few years has been as much a liquidity squeeze as a credit crunch. For banks, the issue of managing liquidity risk knowing how much cash is sloshing around their global operations, where it is pooling, where it is drying up and where it is coming from is on a par with mitigating credit and counterparty risks.

It is something being looked at not only at group level, but by division, business line and individual product.