5.1.1  Demand for reserves  The changes in the liquidity regulation can have an effect on the demand for central bank liquidity, because funds on central bank accounts obtained through open market operations or through a lending facility (discount window) will count as liquid assets for the liquidity coverage ratio.
Therefore, the newly proposed regulation would make it more attractive to acquire liquidity from central banks. A structurally higher demand for central bank refinancing combined with an unchanged liquidity supply by the central bank would however cause tender rates at central banks’ open market operations to increase. The ECB could accommodate this demand by increasing the size of its open market operations.