However, this liquidity provision by the Bank has not necessarily led to  BIS Review 48/2003  3  increased efficiency in the provision of credit by private banks. It is true that the NPL problem has been one of the obstacles for the system of credit provision, but there are other factors.
For example, in spite of the fact that banks are not reluctant to make loans to eligible firms, firms still perceive that it is difficult to receive sufficient credit from banks. Such miscommunication makes the problem more complex.