Macquarie Group chief financial officer Greg Ward reported yesterday that the group has been paying between 15 and 30 basis points more for funding since the credit market liquidity crisis hit in July.The group has had a strong flow of retail deposits over the past five months and is paying up to 20 basis points more.The flow of domestic certificates of deposit has also risen sharply and Macquarie is paying up to 15 basis points more.Issuance into the offshore commercial paper market is down more than 50 per cent. Ward said the European market was operating relatively normally but the US market was still having difficulties.  The cost of issuance into this market was up to 30 basis points higher. The weighted average cost of asset backed finance was up by 30 basis points. The weighted average overall credit spread on Macquarie's $9 billion senior credit facility was 50 basis points.Clients switching out of equities may be driving a surge in the bank's retail deposit book, which is 35 per cent more than a year ago.Ward said the group's holdings of cash and liquid securities were three times normal levels and would allow the group to operate for a year without access to funding."It is not a time to issue if you don't need to," he said.