Arguably, the combined cost and risk of loss when you store a pile of cash in a secured cellar is greater than 11bp. There's also the fact that bonds can appre

Arguably, the combined cost and risk of loss when you store a pile of cash in a secured cellar is greater than 11bp. There's also the fact that bonds can appreciate, so even if on the face of it you're taking an 11bp hit that might not be true in practice.