"Three million," the teller replies. The manager then says, "Tell him how much is in his account – and hurry up, you fool." Quite apart from the fact that, in times of negative central bank deposit rates, large sums of customer funds are possibly no longer all that welcome, this anecdote also seems a bit dated in the light of digitalisation.
The interest rates on the marginal lending facility and the deposit facility were also kept unchanged at 5.75% and 3.75% respectively. Starting with the first pillar, it is fair to say that M3 growth rates have shown signs of moderation over the past few months.