"In the real world, banks extend credit, creating deposits in the process, and look for the reserves later." Mr. Alan R Holmes 33 years at the Federal Reserve Bank of New York

Mr. Alan R Holmes was Senior Vice President, Federal Reserve Bank of New York.

Mr. Holmes had worked for 33 years at the Federal Reserve Bank of New York, where from 1965 to 1979 he was manager of the Federal Reserve System Open Market Account. In that position, he was responsible for the creation of money in the United States.
"The idea of a regular injection of reserves-in some approaches at least-also suffers from a naive assumption that the banking system only expands loans after the System (or market factors) have put reserves in the banking system. In the real world, banks extend credit, creating deposits in the process, and look for the reserves later. The question then becomes one of whether and how the Federal Reserve will accommodate the demand for reserves. In the very short run, the Federal Reserve has little or no choice about accommodating that demand; over time, its influence can obviously be felt. In any given statement week, the reserves required to be maintained by the banking system are predetermined by the level of deposits existing two weeks earlier."
http://bostonfed.org/economic/conf/conf1/conf1i.pdf

Just a little different to the officially sanctioned lie we are told about banking being reliant upon the re-lending of someones hard earned savings!