Even if real wages were to remain permanently on a lower upward track than otherwise as a result of the greater BIS Review 34/1997  -2-  sense of insecurity, the rate of change of wages would revert at some point to a normal relationship with price inflation. The unknown is when a more normal pattern will resume.
This will present risk-management challenges for banks because a bank seldom learns that a local check is unpaid before it must make the funds available to the customer for withdrawal. Moreover, while some checks are being collected faster as a result of electronic processing, in the future other checks might be collected more slowly.