During the run-up to the great financial crisis, many non-U.S. banks (particularly in Europe) had a significantly increased appetite for U.S. dollar-denominated assets (I). Since their deposit base was largely non-USD, they structurally resorted to cross-currency funding (II) to finance these assets. This mismatch resulted in a massive U.S. dollar funding gap (III), which became a severe vulnerability when wholesale funding and FX swap markets froze during the crisis, causing widespread USD liquidity shortages. Therefore, all three statements correctly identify causes of the U.S. dollar shortage.