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First, the current Swiss regime of mortgage credit being intermediated by banks, themselves largely financed through sight deposits, is vulnerable to competitive forces, in particular to the arrival of new entrants offering mortgages with direct market funding.
It has also proved necessary for banks to have a certain buffer--in other words, banks' aggregate sight deposits must be of a certain size after Norges Bank has supplied liquidity through monetary policy operations.
The own yield on notes and coins and non-interest bearing sight deposits is taken to be zero, while the three-month CD rate and the National Savings investment account rate are used as the own yields for CDs and National Savings respectively.
A further drop in minimum reserves comes into force: for sight deposits by 2 percentage points to 5 per cent, for short-term time and savings deposits by 2.
The banks' sight deposits held with the SNB fell sharply at the beginning of 1995 and recovered only a little until the summer of 1995.
Currently, the reserve restaurant on sight deposits in foreign currency is 17.
By providing and absorbing liquidity by means of fixed-rate loans and deposits (see separate box for definition), Norges Bank ensures that at the end of each day the banking system has sight deposits of the order of NOK 5-12 billion in Norges Bank.
Another problem was that the transaction accounts were not recorded by commercial banks in a uniform way; some banks considered them sight deposits and others savings deposits, and recording practices by individual banks varied over the years.
Money supply continued to see a seasonal contraction on large withdrawals in mostly sight deposits.
4 %) or 72,924 dinars, in sight deposits (17,752 dinars) and savings accounts (34.
Overnight loans 44 -110 Fixed-rate loans 4 652 13 499 Other central bank financing 8 497 648 Total reserves -4 965 25 638 Of which: Sight deposits with Norges Bank -4 965 25 638 Short-term Treasury notes 0 0 Other reserves (estimate) 0 0 // 1/1-29/2 Supply+/withdrawal- 1999 2000 Central govt.
5 per cent while the banks' sight deposits edged up by 4 per cent, the first positive rate of growth since 1987.