rbnz speech, 2005-08-11
They do include a largely unchanged restatement of the goals we set ourselves a decade ago: They state that a sound and efficient payment system is one: - that does not generate high levels of risk to participants or to users of financial services, and in which any risks that are generated are managed appropriately by system participants; - that can continue to operate without disruption in the event of the sudden financial or operational incapacity of a participant, or following other types of financial crises or natural disasters, etc; - that incorporates delivery-versus-payment arrangements where appropriate, and especially with respect to high-value transactions; - in which the status of payments is certain at all times, and, in particular, in which the attributes of "finality" and "irrevocability" are supported; - in which payment services are efficient and reliable, and are responsive and relevant to customer needs; and - that is open, flexible and competitive, with no unwarrante
Sentiment: neutral
Topic: financial_stability