These patterns are in sharp contrast to those for nonfinancial firms, for which capital structure tends to be much less determinate, both within an industry and over time. They suggest that for banks – unlike  emphasize the similarities between deposits and loan commitments, and the cost savings that accrue to an institution that offers both products.
Notably the uncertainty in stock markets and the relatively flat yield curve until August have led to portfolio shifts by private investors from longer-term assets to short-term assets included in M3. Furthermore, the growth of credit to the private sector continued to slow down in August. For these reasons, we do not judge that monetary developments signal risks to price stability at this juncture.