It was evident from the start that credit institutions requirement to fulfil their reserve requirement on average throughout the maintenance period, the so-called averaging provision, was now used with a preference to do so early within the period.
Liquidity on different days of a reserve maintenance period was no longer substitutable, and short-term interest rates tended rather to behave as if each individual bank perceived its distribution of liquidity shocks as strongly biased to the tight side, even if this was of course not the case at an aggregate level.