BIS Review 72/2008  5  Central bank’s flexibility is important in order to suffocate upcoming money market tensions. A quick response to money market distortions will be supported by having a broad toolbox of monetary policy instruments. In times of distorted money markets, a broad access to central bank money undoubtedly helps banks to control their central bank liquidity.
Both from an implementation perspective as well as from a monetary policy perspective it is generally desirable that all banks have access to central bank money. This broad access to central bank money is even more important in the current environment.