With the start of the third phase of the crisis, the monetary approach to LOLR had reached its limits. Importing LOLR elements into the conduct of monetary policy had been a critical and far-sighted decision in a phase when the primary purpose was assisting banks in an orderly exercise of liability substitution.
The UK has had a system in place since 2008. Australia is actively developing a new nationwide system. The European Central Bank, the Bank of Japan, and several other central banks have also been acting as catalysts to promote real-time payments initiatives.