But when we announced on 8 December 2016 that purchases below the deposit facility would in principle be allowed, the short end of the yield curve, where such purchases could be expected to be more intense, reacted only little, as you can see on the right side of slide 8, which compares the German curve shortly before and after the announcement.
In the United States for example, retail banking integration has led to a significant increase in the number of multi-state banks. That was not always the case. For example, following the oil price collapse in the mid-1980s, almost every bank in Texas failed, creating a state-wide credit crunch.