BIS central bankers’ speeches  5  With respect to the triparty repo platform, progress has been made in reducing the amount of intraday credit extended by the clearing banks in the course of the daily settlement process, and, as additional enhancements are made, the extension of such credit should be largely eliminated by the end of 2014.
One of America’s economic strengths is its relatively greater reliance on bottom-up rather than top-down growth and development, in which individual creativity, local knowledge, and the trust born of longstanding relationships help foster economic creativity and progress. Of course, it is precisely the ability to foster bottom-up growth, building on local knowledge and relationships, that sets community banks apart from other financial institutions.