The equilibrium properties of a charged spherical colloidal particle immersed in an aqueous electrolyte solution are examined using an extension of the Standard Electrokinetic Model that takes into account the finite ion size by modeling the aqueous electrolyte solution as a suspension of polarizable insulating spheres in water. We find that this model greatly amplifies the steric effects predicted by the usual modified Poisson-Boltzmann equation, which only imposes a restriction on the ability of ions to approach one another. This suggests that a solution of the presented model under nonequilibrium conditions could have important consequences in the interpretation of dielectric and electrokinetic data in colloidal suspensions. (C) 2012 Elsevier Inc. All rights reserved.