20211109_LargeModelST
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Banks’ liabilities<br />
Loans to central banks<br />
and public sector<br />
Loans to financial<br />
institutions<br />
Loans to corporates<br />
(secured and not<br />
secured by real<br />
estate)<br />
Loans to households<br />
backed by real estate<br />
Loans to households<br />
not backed by real<br />
estate<br />
Equity<br />
Securitisation<br />
Other<br />
Own funds<br />
Sight deposits to corporates<br />
Term deposits to corporates<br />
Sight deposits to<br />
households<br />
Term deposits to households<br />
Central bank deposits<br />
Government deposits<br />
Financial sector deposits<br />
Financial sector securities<br />
Other securities<br />
Other<br />
10<br />
• Three types of liabilities:<br />
• Slow moving: non-financial private sector<br />
deposits (supply driven and estimated)<br />
• Other supply-driven: central bank and<br />
governments (simplified dynamic rules)<br />
• Fast moving wholesale funding<br />
• Pecking order mechanics:<br />
• Banks take on non-financial private sector<br />
deposits as predicted from empirical<br />
equations<br />
• The remaining funding gap is first covered<br />
by deposits from central banks and<br />
governments which are in limited supply<br />
• Last, the bank turns to wholesale funding<br />
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