This process, to which we say goodbye this evening, has served us well and I would not wish to run it down. It was quite efficient and reliable in its own way – few cheques went astray. But, in these modern high-tech times, it was clearly wasteful, inefficient, and antiquated. It had clearly done its time and was ripe for overhaul.
If we look back to 2007, problems had started to crystallise and accelerated in 2008, particularly post Lehmans, as market participants retreated towards safe assets. This tendency was intensified by the complexity and lack of transparency in the financial system.