Ultimately, the ECB wants to get to a point where banks no longer want to use it for lending and borrowing, and the amount deposited in its coffers hits the same level it was at before the financial crisis: zero.

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It would then arrange to have an equivalent amount in foreign currency deposited in the client's accounts offshore.

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However, Sahara said its liability was much less and that it had deposited as adequate amount with the regulator.

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Any revenue loss to the GRF would also decrease the amount of tax revenue that will be deposited to the Local Government Fund (LGF) and the Public Library Fund (PLF) for distributions to counties and local governments.

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