Thornton (1802) identified three different characteristics of the LOLR. First of all, the LOLR has a unique position as an ultimate source of liquidity for financial system. In other words, it has sufficient liquidity in order to satisfy demand in times of stress. Second, the LOLR has the responsibilities as guardian of the central bank gold reserve. Therefore, the LOLR must hold adequate reserves to show its prompt availability in times of crisis. Third, the LOLR has public responsibilities. Unlike commercial banks that are mainly responsible for their stockholders, the LOLR’s duty is to protect the whole economy.