Although banks are willing to accept cash from the latter and deposit it at the central bank, this service is not for free, as banks’ balance sheet capacity has become costly.25 This means that in an environment where the supply of safe assets shrinks and where demand for them increases, due to changes in regulation for example, safe and liquid short-term assets 26 9 / 14  BIS central bankers' speeches  other than central bank reserves become scarce.26 You can see this on my next slide.
All in all, we are counting on making the € billion of purchases foreseen for March even though we didn’t start until 9 March. 1 At this juncture there are no signs of a scarcity of securities and market liquidity remains ample.