These were the ﬁrst banknotes to exclusively rely on the credit of the bank, not on deposits or physically valuable objects – a major step in the history of money. [14] https://www.bundesbank.de/en/press/speeches/shaping-the-future-challenges-in-the-european-payments-market-851850  4/9  01/12/2020  Shaping the future – Challenges in the European payments market | Deutsche Bundesbank  step in the history of money.
4  Reflecting securities holdings from the asset purchases, the Federal Reserve has remitted about $ billion to the U.S. Treasury from 2008 to 2014 and is expected to have cumulative net income from 2008 to 2025 that is far higher than would have been the case in the absence of these asset purchases.