Available at <http://www.ecb.europa.eu/press/key/date/2013/html/sp131003.en.html>. BIS central bankers’ speeches  1  This implies that more liquid liabilities, those with less than 30 days to maturity, will be more costly for the bank to provide. Hence, one would expect to see an increase in the cost to the customer of obtaining that liquidity service.
We have seen this start to occur in Australia as the implementation date of Basel III, 1 January 2015, comes into sight. But my sense is that there is more of this repricing still to come. As I have said before, the rate of return available on at-call accounts does not seem to sufficiently reflect the cost to the bank of providing such liquidity.