Table 3 shows that in case of 30 banks, the decline of the liquidity buffer exceeds the
threshold θ = 0.4 which triggers them to restore their liquidity buffer to the initial level (B0).11 The
reactions mitigate the first round effect of the scenario on the sector as a whole to around 7% on
average (B2 being 0.5% smaller than B0). Figure A.3 in the Annex indicates that smaller banks tend to
react relatively more than large banks, which indicates that an outflow of deposits would foremost
bring small banks in a critical liquidity position.