' s policy package, was adding further to banks'es balances. by mid april, there were signs that the increased supply of es balances had met the surge in demand for liquidity in the banking system. this was evident in the sustained drop in the amounts dealt at our morning auctions. financial conditions more broadly had also become more settled. graph 3 shows that we had switched our approach in our omos over this period. previously, we had targeted a particular level of es balances and used the price ( i. e. the repo rate ) to determine which counterparty bids were filled ( and which were unfilled ). lately, we have been meeting the demand of banks that present at auctions at a steady repo rate. given the high level of es balances supplied by the reserve bank, it was not surprising that the cash rate fell below 25 basis points ( graph 4 ). since the latter part of april, it has generally been either 13 or 14 basis points. daily volumes of cash transactions between banks have declined, since many banks don't need to borrow overnight from one another given the relatively large balances they each have in their es accounts. indeed, on some days there have been insufficient volumes to calculate the cash rate based on market transactions. on these days we have instead used expert judgement as set out in our fall - back procedures to determine the published cash rate. these fall - back https : / / www. rba. gov. au / speeches / 2020 / sp - ag - 2020 - 07 - 27. html 4 / 14 27 / 07 / 2020 the reserve bank's operations – liquidity, market function and funding | speeches | rba procedures ensure that we can continue to publish the cash rate. typically, we have used the last published rate based on sufficient market transactions. but there has been one occasion when we published another rate that we judged to have better reflected recent market conditions. graph 4 one thing we are continuing to do as usual during our regular operations is to buy back ags that are near to maturity. this is done in order to reduce very large swings in the supply of es balances that would otherwise occur on days when a large bond line matures. these buy - back operations occur either via our omos or bilaterally. they are conducted separately from the purchases at auctions for the purposes of hitting the target for the 3 - year ags yield and to improve market function. the low level

ewald nowotny governor oesterreichische nationalbank speech vienna, may 29, 2017 44th economics conference of the oenb opening remarks ladies and gentlemen, i am very pleased to welcome you to the 44th economics conference of the oesterreichische nationalbank here in vienna. today, i want to invite you to take a break from our routine engagement in the daily workings of the financial system. let us take a look at the future instead : what kind of institutions and markets will manage our financial wealth, our liabilities and our payments in 10 or 20 years? to explore this issue, we have assembled a noteworthy list of distinguished speakers from different backgrounds in academia, policy making and the financial sector. i am sure they will provide us with intriguing food for thought during our two - day conference. i would like to thank all of them for coming to vienna and for contributing to our endeavor. i would also like to take the opportunity to thank the staff members of the oenb, and our friends at suerf, for their effort in organizing this event. we are very pleased to organize this year ’ s economic conference jointly with suerf – the european money and finance forum. suerf has been in existence since 1963 and has made countless contributions to research on money and finance matters over the past half century. suerf ’ s central aim is to facilitate and promote dialogue between policy makers, financial firms and practitioners as well as academia on money and finance topics. such a dialogue is definitely also key to shaping the “ financial system of the future ”. publisher and editor : oesterreichische nationalbank communications division otto - wagner - platz 3, 1010 vienna, po box 61 the oenb has had a very special and good relationship with suerf for over a decade. the oenb hosts suerf ’ s secretariat, and a senior oenb staff member acts as suerf ’ s secretary general. we are very glad about this cooperation and would also like to encourage those among you who are not yet suerf members to join this network. i am very honored to welcome my colleague erkki liikanen, governor of the bank of finland, who will give a lecture here tomorrow. erkki liikanen is not only a dear colleague of mine on the governing council of the european central bank, but he also heads the central bank of a country that is very advanced with respect to digitalization, which seems to be a major route for the future