The collapse of investment banks this year highlighted the pivotal roles played by two critical sources of short-term funding that had long been taken for granted: the interbank deposit market and the government repurchase or “repo” market.

Already stunned by the near-failure and rescue of Bear Stearns in March, investors abruptly exited short-term markets after the collapse of Lehman Brothers in September and the investment bank financing model came to a standstill.