As a result, depositors can rest assured that their funds are safe when entrusting them to banks. This means that  21  Although fiction, similar situations are vividly described in books focusing on banks written by Jun Ikeido, such as, Oretachi Baburu Nyūkōgumi, (Tokyo: Bungeishunju Ltd., 2004), Shairokku no Kodomotachi, (Tokyo: Bungeishunju Ltd., 2006), and Rosujene no Gyakushū, (Tokyo: Bungeishunju Ltd., 2012).
But looking beyond, with our reinvestment policy ensuring continued excess reserves, there is a risk that, under the current framework, some short-term market rates would not respond fully to changes in our key interest rates or, even if they would, that a continued dispersion of short-term rates would adversely impact the transmission of our monetary policy stance.28  The case for widening access to central bank liabilities One possible way to overcome this situation, if and when needed, would be to consider expanding access to the liability side of central bank balance sheets to other actors in financial markets.