New Zealand looks into expanding RTGS access to smaller firms
Central bank seeks to strike balance between opening access and mitigating risks from non-banks
New Zealand’s central bank has launched a second consultation on a proposal to allow smaller institutions such as non-banks to access its real-time gross settlement (RTGS) system.
Currently, 12 major banks, five large institutions and the central bank use the Exchange Settlement Account System (Esas) to settle payments between them. The Reserve Bank of New Zealand (RBNZ) pays interest on Esas balances at its official cash rate, which is currently 5.25%.
The central bank has come up with a proposal
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