In my judgment, these models have made the risk-transfer process more efficient than it otherwise would have been, which is the proper test. Formal models help firms attempting to shed risk to identify available hedging strategies and choose the strategy that is most appropriate, given the prevailing market conditions.
  I would take this development as a positive sign that banks trust each other more. Nevertheless, the question remains whether there is something that has changed in interbank money markets which would lead to lower activity at present and in the future – temporarily or permanently. Furthermore, to what extent does the fixed-rate full allotment and the narrower corridor dampen market activity?