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Why would a bank need to accept deposits from private clients if it can just borrow from the Federal Reserve?
Borrowing money from the Federal Reserve (or other central banks) requires full collateral, generally in terms of treasury bonds. In that sense it is only a source of liquidity - getting short term money by pledging guaranteed future cash flows, not random commercial loans. To get a dollar from FR today requires freezing a dollar that you already had. Private deposits, on the other hand, require only a keeping a fraction of them as reserves, so you can use the rest of the money for new loans.