mf global, page-12

some interesting reading from the aussie rba on its responsibilities in a financial crisis

'Management of a financial crisis
The Reserve Bank’s mandate to uphold financial stability does not equate to a guarantee of solvency for financial institutions. The risk of loss or failure is a cornerstone of a competitive and efficient financial system, and the Reserve Bank’s mandate is not meant to be exercised in a way which would compromise that principle.

In exceptional circumstances, however, the Reserve Bank may act to help minimise the costs of systemic financial disturbances. In responding to such an event, the Reserve Bank may use its balance sheet to provide liquidity to the financial system. It does so, wherever possible, by making funds available to the market as a whole through its domestic market operations. The Bank would lend directly to an illiquid deposit-taking institution authorised by APRA only if it was of the view that the failure of the institution to make its payments could have serious implications for the rest of the financial system. In principle, the Reserve Bank may also be willing to consider applications for emergency liquidity support from non-APRA supervised institutions that have been provided with an exchange settlement account by the Reserve Bank. The Reserve Bank does not see its balance sheet as being available to support insolvent institutions.'

http://www.rba.gov.au/FinancialSystemStability/about_financial_stability.html