The offer attracted Ksh231 billion. Liquidity was skewed in favour of a consortium of banks despite the mitigation mechanisms put in place by the banking system.
The Bank’s approach to this therefore was to mop up excess liquidity from the banking sector using the Term Auction Deposit and repos and inject liquidity to accommodate the liquidity shortfalls for banks outside the consortium, through  BIS Review 26/2009  1  reverse repos. This intermediation function helped to moderate effects on interest rates, and thereby ensured financial sector stability.