News in Systemic Risk: Friday, March 12, 2021 (10 a.m. ET) March 12, 2021 The Option Value of Municipal Liquidity:Evidence from Federal Lending Cutoffs during COVID-19 (Andrew Haughwout, Benjamin Hyman, Or Shachar; Federal Reserve Bank of New York) Quarterly Report on Household Debt and Credit (Federal Reserve Bank of New York) Billions at stake and no one knows who takes the hit: when is Greensill a systemic risk? (Tom Braithwaite; Financial Times) The perils of asking central banks to do too much (The Economist) Riksbank renews Covid-19 lending facilities (Central Banking)