Stuart Stone
http://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf
p9: A realistic model needs to re?ect the fact that under the present system banks do not have to wait for depositors to appear and make funds available before they can on-lend, or intermediate, those funds. Rather, they create their own funds, deposits, in the act of lending. This fact can be veri?ed in the description of the money creation system in many central bank statements, and it is obvious to anybody who has ever lent money and created the resulting book entries.