To begin with, the hit [from recent global banking developments] is smaller and our banks are well-capitalized, well-managed, and well-governed. Give yourself a round of applause. And the exceptions, please leave the room. Banks lend support to domestic recovery Because of that, when we [the economy] did recover, the banks played a major role because they are able to lend.
We decided to stay in and use our operational presence to help modernize both check and ACH and to work actively with others to evolve a vision of a more efficient future payments system and help remove obstacles to its realization. BIS Review 78/1998  -4-  In practice, what does that mean?