In fact, we have been testing these systems for more than a year with banks and thrifts that are linked to us around the country for payments and related functions. These tests have gone extremely well. This is significant because the Federal Reserve Banks operate the hub of the nation’s payments system, providing depository institutions with essential services in cash, checks, and electronic payments.
Because of the zero interest rate sa home country niya, tapos the peso is appreciating, pinagbawal namin 'yon. We caught one bank [violating the rules] and told them to return all the interest they earned as penalty. And they said, "Hindi namin kinita iyon. May minus 20.0 percent [in tax] dahil kay [then tax chief] Kim Henares." Sabi namin, "Singilin mo kay Kim Henares."