Let me point out that in the liquidity coverage ratio, banks’ liquid assets are put in relation to expected outflows over a 30-day horizon; for higher outflows within this period, banks would need to hold more liquid assets.
Thus, the question of whether funds obtained in open market operations need to be repaid to the central bank before or after this horizon will play a role in the fulfilment of the ratio. This will make central bank refinancing for longer maturities more attractive than for shorter ones.