Banks have excess liquidity as money sits idle and borrowers hesitate, (BofA CEO) Brian Moynihan said Friday during a panel discussion at the World Economic Forum in Davos, Switzerland. The Charlotte, North Carolina-based company ranks second by assets among U.S. lenders.

Moynihan has spent his first three years at the helm cleaning up after his predecessor’s takeover of Countrywide Financial Corp. and Merrill Lynch & Co., divesting more than $60 billion of assets in the process.

“The money’s there, and I think it really is going to come down to the fundamental economy putting more demand in it than the simple statement” that banks should make more loans, Moynihan said.