The two key ECB rates – the main refinancing operations rate and the deposit rate – are 75 basis points and zero, respectively. Access to both the refinancing and deposit facilities are both close to all-time highs.
In the years since the crisis began, our supervision of these firms has become arguably much more intensive, which I believe is perfectly appropriate given the effect that problems at the largest firms had on the financial system and the broader economy. You may be asking, What does this have to do with community banks? Not very much – which is precisely my point.