And that's ball game.

"But given what’s happening with bond yields and real market rates, there’s much to the argument that these are now breaking free from central bank influence much like they did in the 1930s… with even IOER unable to prevent voluntary capital destruction, because the interest is the preserve of the few rather than the many.
Indeed, unless central banks extend IOER to non-banks, if not to the population at large — e-money could be a tool — there may be no stopping the deflationary spiral that has now begun."

FT Alphaville » Risk premium or deflation charge?