The Australian Prudential Regulation Authority's research exercise into the operation of the committed liquidity facility has thrown up an intriguing - and even alarming - issue for the banking industry.  APRA said that there were instances of banks "assuming that in a stress situation the related-party entity would not choose to withdraw funds, even though it had the right to do so."The regulator also said it had examples of a related-party entity "entering into a contractual relationship that significantly impeded its ability to withdraw funds from the bank, without any obvious compensating benefit to the related-party."APRA warned banks that it "cannot accept assumptions" relating to the conduct of directors and trustees "that are not consistent with their duties and fiduciary obligations."Its sounds like this study has provided a fruitful new field of work for APRA to prioritise as it probes the reliance by banks on managed funds under their control for deposits.