2  BIS central bankers’ speeches  step in this direction6. While this is an ambitious project and will take some time, I hope we can propose a way forward at the G20 summit in September. Finally, we will need to make substantial progress in understanding and assessing interdependencies between CCPs and their participants, across the multiple relationships they have with each other.
Graph 10  Maturing Government Bonds On RBA balance sheet; quarterly* $  $ AGS Semis  20  15  15  10  10  5  5  0  0  Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Dec-26  20  *  Face value of outright holdings.