Together with the forward guidance on the rate path at the centre, this provides a coherent framework for the various non-standard measures which the ECB has deployed: negative interest rates, asset purchases and targeted long-term refinancing operations (TLTROs).
Large borrowers are apt to control the bank; and when this is the relation between a bank and its customers, it is not difficult to decide which in the end will suffer.”  Third advice “Treat your customer liberally, bearing in mind the fact that a bank prospers as its customers prosper, but never permit them to dictate your policy.”  Fourth advice “If you doubt the propriety of discounting an offering, give the bank the benefit of the doubt and decline it; never make a discount if you doubt the propriety of doing it.