The issuances under MSS are matched by an equivalent cash balance held by the Government in a separate identifiable cash account maintained and operated by the Reserve Bank. The operationalisation of MSS to absorb liquidity of more enduring nature has considerably reduced the burden of sterilisation on the LAF window.
(2018), “  Product market regulation, business churning and productivity: Evidence from the European Union countries”, Research Paper Series, Nottingham Centre for Research on Globalisation and Economic Policy, October; and Masuch, K., Anderton, R., Setzer, R. and Benalal, N. (eds.) (2018), “  Structural policies in the euro area”, Occasional Paper Series, No 210, ECB, June.