The current ESAS and NZClear systems, introduced in 1998 and 1990, have served us well, but both now require upgrades. The replacement project underway aims to implement systems that meet modern standards of reliability and security while having sufficient capacity and agility to meet customers’ performance expectations. At this point, these upgrades are expected to be completed by the end of 2018.
Closing In conclusion, I want to reinforce what I have said about the proposed new FMI oversight regime. We have sought your input to the regime over recent years and we believe we have listened. We do not envisage that the new framework will significantly change how the payments industry operates or how we engage with each other.