7 Through the impact it has on capital market conditions, monetary policy may have become more important in influencing the size of financial intermediary balance sheets. In this respect it could play an important role in dampening fluctuations that may lead to potential disorderly unwinding of  3  See, among others, G. Jimenez, S. Ongena, J.L.
We have been overtaken by other central banks which probably had more lee-way with respect to decisions to invest in new technology. We are making up for lost time and expect to roll out our cheque imaging system by the end of June.