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The paper looked at ways the liquidity policy should develop, taking into account the lessons learnt from the events over the past year.

The feedback showed that most lenders are currently reviewing their stress testing scenarios and contingency funding plans.

Most respondents agreed that quantitative requirements were a necessary part of any liquidity regime, particularly in the short term and that one single quantitative regime should replace the existing three.

However, some lenders were sceptical of the usefulness of quantitative requirements to safeguard against long-term chronic liquidity stresses.

Paul Sharma, director of wholesale and prudential policy for the FSA, said: "The responses contain useful comments and suggestions, which we will consider in detail as we develop our work on a new liquidity regime.

"We look forward to continuing our constructive engagement with the industry and other interested stakeholders and remain committed to full transparency throughout the ensuing consultation process."

The FSA will consult further on all aspects of the new regime later this year, including setting out proposals on sound practices for managing liquidity risk with a strong focus on stress-testing.