When Reserve Bank functions are consolidated, operations that once had been performed by a Reserve Bank under the direction of that Bank's board and president are now carried out on its behalf by another Reserve Bank, which has its own governance reporting chain running to its president and board of directors.
And some of the operations at each Reserve Bank are being performed for the other Banks. To address these complications, the Reserve Banks have put into place procedures designed to ensure accountability by those Banks that provide services to, or conduct functions for, other Banks on a centralized basis.