Banks would then find it advantageous to hold their surplus liquidity in the form of T-bills as long as these bills yielded more than bank deposits held at the ECB. Italy and Spain would then be able to refinance their debt at close to the ECB’s deposit rate, which is currently 1% on mandatory reserves and 25 basis points on excess-reserve accounts.
只要这些国库券的收益率比欧洲央行的银行利率高，各银行就会发现以国库券的形式持有过剩的流动性有优势。那时意大利和西班牙就能以接近于欧洲央行存款利率的收益率为其债务重新融资了。目前强制性存款的利率为1%，非强制性存款的利率要高25个基点。