So m2 is effectively m0 based on this new facility and action to backstop everyone, BUT as long as they still control the SLR, they still control the flood gates of digital units that make their way into the economy.
Discussion
But they've always controlled the flood gates regardless of the mechanism they use. Central banks' only reason for existence is to dictate the rate at which banks get bailed out, such that the suckers/savers don't lose confidence in the currency.