Deposits

Loans

Money Supply

Transition

Private Banks

transaction accounts

held in custody

equity + loans from

other private banks

-

a) switchover of all current accounts into state currency

b) government bonds, short-term and mortgage loans are cancelled against central bank credit

Public Banks

transaction accounts

held in custody

loans from the

central bank

-

-

Central Bank

customer funds

database

investment pool

account database

(lending to

public banks)

change of the balance sheet

Employer of

Last Resort

-

-

Ý

counter-cyclical job opportunity program

ß

-

Government

-

-

(budget deficit)

-