Moreover, the Bank’s commitment to continue with QQE as long as it is necessary for maintaining the 2 percent  4  BIS central bankers’ speeches  price stability target in a stable manner is also likely to enhance the downward pressure.
As bankers, you know that dependence on diversified funding sources such as money market instruments and long-term foreign currency borrowings is invariably more risky than dependence on vanilla deposits. On the assets side, secured loans and advances, which are the standard fare of commercial banks, carry lower risk than the investments that are likely to dominate the balance sheets of merchant banks.