Instead, commercial banks can cover their existing financing needs via greater refinancing from the central bank –  2  BIS central bankers’ speeches  at least if they have sufficient collateral and if the central bank has no limit in place for the stock of refinancing credit.
A.  Rebalancing of Two Mandates of the Bank’s Policy  The two mandates of the Bank’s policy are to ensure price stability and financial system stability. Monetary easing measures in recent years – such as QQE and the negative interest rate policy – have proceeded with emphasis placed on price stability, based on the recognition that financial system stability has been sufficiently secured.