Figure 17.4 Dollars Total financing Bank needs loans Short-term Marketable financing securities Long-term financing Time(quarters) 0 1 2 3 Time 1:A surplus cash position exists.Seasonal demand for current assets is low.The surplus is invested in short-term marketable securities. Time 2:A deficit cash position exists.Seasonal demand for current assets is high.The financial deficit is financed by selling marketable securities and by bank borrowing. 66 Figure 17.4