There were particularly pronounced increases in the cost of term deposits and long-term wholesale debt relative to the cash rate as financial market conditions deteriorated in late 2011. Deposits Competition for deposits, which had moderated somewhat in early 2011, intensified again in late 2011.
The recent experience with contactless payments shows that banks, in cooperation with other stakeholders, are well capable to roll out payment innovations that can quickly take off and improve end-users’ payment experience. Virtual currencies It is my view that future innovations in retail payments will be based on instants payments in combination with account access provided by the PSD2.