14 More empirical work would be useful to disentangle the spending effects that result from changes in credit 10 / 12  BIS central bankers' speeches  conditions from those that result from movements in interest rates, as estimates of the latter likely often inadvertently incorporate the former.
In addition to government debt, the Basel standard also includes balances at the central bank in its definition of high-quality liquid assets (level 1 assets in the Basel terminology). That is, the banks’ exchange settlement (ES) balances at the RBA are also a liquid asset.