Bank of England Deputy Governor Jon Cunliffe at the time that multiple LDI funds would have gone bust without the intervention, leading to a “self-reinforcing spiral” and “consequent widespread financial instability.”

Source: https://fortune.com/2023/04/05/imf-shadow-banks-hold-50-percent-global-assets-vulnerable-interest-rates-inflation/

BoE: We recommend action as soon as possible to strengthen rules for LDI fundsfinancialjuice.

Source: https://biztoc.com/x/5086c9236524dda1?ref=ff

LDI said it anticipates approximately $10 million in additional funding will be appropriated to the program during the legislative session and will restart the second application period once that funding is appropriated.

Source: https://www.insurancejournal.com/news/southcentral/2023/05/19/721569.htm