However, if the banks act aggressively today, it might be more effective.
The central bank earlier this week acted for the third time since June to ease credit.
The bank will act on it - there can be no doubt about that.
The new banks, he said, act more like retailers than bankers.
For example, Germany's central bank acts on interest rates when its members meet every other week.
But market participants said no other central banks acted after that.
Initially the bank would probably act as agent for the sale of other insurance companies' products, he said.
So far, no one has been willing or able to explain why the central bank of Russia acted as it did.
To use Richards' example, a bank that sells a company car will be acting in the course of a business.
Central banks in all countries act to prevent "systemic risk."