In many instances, and especially where funding vulnerabilities are at the heart of a business model, it is the activity itself that needs to be regulated in some way, whether there are a few large firms involved or many smaller ones.
It is encouraging to observe that a very large number of small banks have participated in the two LTROs. Small banks are best placed to refinance the real economy, in particular small- and medium-sized firms which are the biggest generator of employment in the economy. We are confident that central bank liquidity has come very close to the real economy.