By Simon Gray, Nick Talbot
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Extra resources for Monetary Operations (Handbooks in central banking)
Although presentationally this will reduce the central bank’s profits, the final cost is still borne by the government to the extent that central bank profits are normally remitted to the government periodically. Nevertheless if draining liquidity leads to a central bank loss, it could affect the central bank’s independence. 40 36 A potential drawback with the use of primary market sales of securities, particularly government securities, is that they will tend to have a longer maturity than ideally used for monetary policy operations, and it may therefore be difficult to use them for interest-rate setting.
A central bank may hold regular, set-piece operations, where it announces in advance a credit or deposit auction, and where a relatively large group - all banks or all members of a restricted group - may participate on an equal basis; or irregular operations, undertaken often at short notice, in response to a perceived need. The latter may be sub-divided into irregular set-piece operations (similar to regular ones except in timing) and bilateral operations, involving one or more discrete or ad hoc deals, not announced in advance and possibly unreported afterwards.
In some cases, reserve requirements were intended to put a wedge between deposit and lending rates, so that an increase in reserve requirements would discourage lending. g. K. it is banks and building societies. 51 banking sector intermediation in the economy. In some countries, reserve requirements have been set at high levels simply to offset excess liquidity in the economy. This may appear to be a cheap way of mopping up excess liquidity, but is detrimental to long-term economic and financial sector development.