“Major money center banks are never ‘deposit constrained’ in terms of lending decisions. As is by now well established, the banking system in aggregate creates money (deposits) in the act of making loans. Loans create deposits; deposits do not, in aggregate, create new loans. However, what is true of the banking system in aggregate is not true for every individual bank. Smaller community banks, while technically able to issue loans in advance of receiving deposits, may have reasons for not doing so, as persistent net deficits on their accounts vis-à-vis all other banks can lead to funding problems in the form of lack of access to overnight sources of interbank credit on the interbank wholesale funding markets, and/or increased refinancing costs—i.e., to ‘rollover risk.’ The situation of the Municipal Bank, at least initially, would be akin to that of a smaller regional bank.”