Large dealer banks have often financed significant fractions of their assets using short-term (overnight) repurchase agreements in which creditors hold bank securities as collateral against default losses. The table below shows the quarter-end financing of four A-rated broker-dealer banks. All values are in USD billion.

| Financial instruments | Bank P | Bank Q | Bank R | Bank S |

|--------------------------|--------|--------|--------|--------|

| Owned | 656 | 750 | 339 | 835 |

| Pledged as collateral | 258 | 472 | 139 | 209 |

| Not pledged | 398 | 278 | 200 | 626 |

In the event that repo creditors become equally nervous about each bank's solvency, which bank is most vulnerable to a liquidity crisis?