Quarter-end balancesheet preparations are exacerbating the phenomenon, even as the world's central banks continue to pump cash into the banking system.
The agency is gathering information from 11 major banks about their activities involving repos, an accounting technique that Lehman used to move billions of assets off its balancesheet each quarter end, and which the examiner claims deliberately masked the true nature of its leverage.
According to those minutes, several FOMC members thought the new round of asset purchases and balancesheet expansion might be ended by the end or even before the end of 2013 while interest rates would presumably remain on the floor much longer.