For decades, bank regulation was founded on measuring level of capital which is needed to cover potential risks which is bank being exposed to, in its business. Big economic crises in 2008 discovered inadequate liquidity management caused many banks failures, and that risk could not be covered by capital. Bank liquidity risk management, unlike other elements that need to be managed, is specific because there are no two banks to which the same liquidity policies and procedures could be applied also each bank demands specific organization of these operations. To that extent it is the more challenging for bankers and regulators to establish an adequate framework and standards for measuring and mitigating liquidity risk. The great crisis of 2008 initiated colossal changes in the perception and approach to liquidity risk, and for the first time regulators are approaching the problem dynamically and are trying to proactively improve the framework in order to protect the stability of the financial system. The first effects of the implementation of Basel III standards indicate that the system is significantly more vital to cope with the challenges brought by shocks, although it is more than clear that these standards are not sufficient to ensure the inherent stability of banks..