Just as important, a capacity to use relevant data to calibrate previous and potential future correlations between portfolios, institutions and markets is key to a sound assessment of stability and resilience of the system as a whole. This is a big task, which will never be finished. Let us grapple with it with vigour. But first, enjoy the rest of your visit to Sydney.
The Bank has always viewed its statutory obligations relating to the clearing house and the payments system as a shared responsibility, to be discharged in conjunction with commercial banks. The Cheque Truncation System (or CTS) that we are launching today exemplifies that approach very well. A change in the way we process cheques was long overdue.