The latter class of deposits is referred to as 'wholesale' deposits and is the main subject of this chapter. The funds, which may come from private clients, commercial entities, banks and other financial institutions, are usually the direct responsibility of a bank's treasury operations. The volatility of interest rates has resulted in a shift from free or advertised rate deposits to deposits at market-related rates and other forms of direct investment. Market-related deposits now often make up the largest proportion of many individual banks overall liabil­ ity base, particularly for banks which have no access to a retail deposit base.