It will allow the ever-growing number of banks with a presence in more than one European country to operate with a single account in central bank money and curb the cost of treasury operations. The branch network will be reorganized on a regional basis in forms that are more appropriate for the present day and without abandoning the Bank’s nationwide presence.
We have never chosen non-standard measures as  BIS central bankers’ speeches  3  alternatives or substitutes for changes in official interest rates. Indeed our standard and nonstandard measures were implemented in parallel. This so-called separation principle is illustrated by the rate increases in the first half of 2011 in a context of stable or reinforced liquidity measures.