Document ID: chunk:federal_register_of_legislation:C2006C00145:clause:14_10b
Version: federal_register_of_legislation:C2006C00145
Segment Type: clause
Provision Reference: sch 14 cl 10B
Character Range: 169705–170624

10B  Functions of Payments System Board

 (1) The Payments System Board has power to determine the Bank's payments system policy.

 (2) The Payments System Board has power to take whatever action is necessary to ensure that the Bank gives effect to the policy it determines.

 (3) It is the duty of the Payments System Board to ensure, within the limits of its powers, that:
 (a) the Bank's payments system policy is directed to the greatest advantage of the people of Australia; and
 (b) the powers of the Bank under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998 are exercised in a way that, in the Board's opinion, will best contribute to:
 (i) controlling risk in the financial system; and
 (ii) promoting the efficiency of payments system; and
 (iii) promoting competition in the market for payment services, consistent with the overall stability of the financial system.