We also offered more repos at longer terms to our counterparties, which saw our domestic repo book approximately double in size and the average maturity increase from 20 days to four months. This helped to provide some additional certainty to funding and mitigate some of the upward pressure on bank funding costs.
The balance sheet of the central bank, and that of the public sector more generally, has the capacity to intertemporally smooth more than any other balance sheet in the economy, be it financial https://www.rba.gov.au/speeches/2018/sp-dg-2018-12-06.html  7/13  12/6/2018  Lessons and Questions from the GFC | Speeches | RBA  institutions, corporates or households.