I am not really following. When the government issues out a bond, it uses the money (usually spent before the bond is even sold). So the issuer of the debt does indeed put the money to use.

When a bank issues out a CD, the money is used for loans or to purchase other interest bearing assets. Again, I fail to see how the issuer, in this case the bank, is not using it.

Are you asking if the issuer, ie the one who deposits the HBD, can have access to it? That could be one formation although that is basically what the savings account does.

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