Large US banks have shed $36 billion of high-quality liquid assets (HQLA) year to date, with government-sponsored entity (GSE) debt accounting for the majority of disposals. The eight US global systemically important banks (G-Sibs) held$2.3 trillion of HQLA in aggregate at end-September, of which 84% consisted of Level 1 assets – cash deposits at the Federal Reserve and US Treasury securities – and 15% Level 2A assets, made up of GSE bonds and non-US sovereign debt. Level 2B assets,