It is very impressive to see what all of you working on this project have achieved together so far, not only our Project Office, but also the architects, planners, project management experts and construction managers as well as the  2  BIS central bankers’ speeches  construction companies, their subcontractors and all experts and workers!
So privileged access to the central bank’s liquidity windows will allow banks to offer households these liquidity services safely and get a rent, but this advantage will also become eroded as new payments institutions and technologies emerge. The first grand bargain – cheap deposits in return for financing the government – is therefore being threatened from both sides.