maturity gap can be charted to provide an illustration of net exposure, and an example is shown in Exhibit 13.5, from yet another UK banking institution. Some reports present both the assets and the liabili- ties are shown for each maturity point, but in our example only the net position is shown. This net position is the gap exposure for that maturity point. A second example, used by the overseas subsidiary of a middle eastern commercial bank, which has no funding lines in the interbank market and so does not run short positions, is shown in Exhibit 13.6, while the gap report for a UK high-street bank is shown in Exhibit 13.7. Note the large short gap under the maturity labelled "non-int"; this stands for non-interest bearing liabilities and represents the balance of current accounts (cheque or "checking" accounts) which are funds that attract no interest and are in theory very short-dated (because they are demand deposits, so may be called at instant notice).       Gaps represent cumulative funding required at all dates. The cumula- tive funding is not necessarily identical to the new funding required at each period, because the debt issued in previous periods is not necessarily amor- tized at subsequent periods. For example, the new funding between months 3 and 4 is not the accumulated deficit between months 2 and 4 because the debt contracted at month 3 is not necessarily amortized at month 4. Mar- ginal gaps may be identified as the new funding required or the new excess funds of the period that should be invested in the market. Note that all the reports are snapshots at a fixed point in time and the picture is of course a continuously moving one. In practice the liquidity position of a bank can- not be characterized by one gap at any given date, and the entire gap profile must be used to gauge the extent of the books profile. The liquidity book manager may decide to match its assets with its liabilities. This is known as cash matching and occurs when the time pro- files of both assets and liabilities are identical. By following such a course the bank can lock in the spread between its funding rate and the rate at which it lends cash, and generate a guaranteed profit. Under cash match- ing, the liquidity gaps will be zero. Matching the profile of both legs of the book is done at the overall level; that is, cash matching does not mean that deposits should always match loans. This would be difficult as both result from customer demand, although an individual purchase of say, a CD, can be matched with an identical loan. Nevertheless, the bank can elect to match assets and liabilities once the net position is known, and