Complex sentence: By rediscounting all qualified acceptances at the central bank, a commercial bank can have 100% reserves of legal tender currency or the equivalent in central bank demand deposits, and thus be able to meet immediately any conceivable demand put on its liquidity.
Split into simpler sentences: By rediscounting all qualified acceptances at the central bank, a commercial bank can have 100% reserves of legal tender currency or the equivalent in central bank demand deposits. The banking system would thereby be able to meet immediately any conceivable demand put on its liquidity.