Systemic reasons

The systemic reasons are contrary to the specific reasons as they are totally out of
control of the FI. There could be:
Ω A lack of CBM in the system itself. This is quite unlikely, but it happened in
Germany after the Herstatt crisis when the Bundesbank steered the central bank
money so short that many banks were unable to hold the required minimum
reserves. Nevertheless this could be categorised as well as
Ω A failure in the mutual exchange mechanism of central bank money: Although
the central bank allots sufficient money into the market, some market participants
hold bigger balances than they need. The reason could be an adversity to credit
risk hindering their lending out of surplus funds or it could lie in the anticipation
of upcoming market shortages that are forward covered.
Ω A technical problem: Payments systems fail to distribute the money properly as
planned by the market participants thus leaving them with unintended positions
and/or fulfilled payment obligations.