RBA flags new bank body
You have no credits left. To view this article subscribe to Business News.
You have used {{points}} and have {{current_points}} remaining. Your credits will reset on {{reset_date}}.
This article is part of a special report and is available to paid Business News subscribers only.
You can purchase access to this special report or subscribe to Business News.
You can purchase access to this special report or subscribe to Business News.
This article is premium content and is available to paid Business News subscribers only.
Subscribe to Business News.
Subscribe to Business News.
Tuesday, 20 September, 2005 - 22:00
THE Reserve Bank of Australia has called for a new private sector body to oversee and guide the country’s banking industry payments system, with some estimates indicating banks’ unregulated profits in this sector total $350 million a year. The RBA’s assistant governor, Philip Lowe, recently flagged the need for a central body with a mandate "that could include promotion of various payment systems, the facilitation of access, and provision of leadership on some technology issues".