While it is difficult to get a precise estimate of secondary market pricing, it appears to have remained broadly stable over recent quarters still much wider than prior to the crisis. The widening of RMBS spreads was generally larger than that of other funding instruments, such as unsecured bank credit, and it has not narrowed as much from the peak (Graph 7).
Separating hidden potentials of new technologies from the hype and excesses is challenging, often arduous. The effects of digital central bank money on the payment system will not be the only consideration for central banks, however. Depending on its concrete design, digital central bank money would provide non-financial corporations and even households with access to the central bank balance sheet.