By financial robustness, I mean that any losses which do occur can be absorbed without strain by those bearing the losses. These remain our goals. Much has been achieved over the last 15 years. The moves to real-time gross settlement and the entry of the NZ dollar to CLS were both landmarks in stripping large risks out of the system.
They have been supported by some legislative changes that have underpinned them, and which provide a high level of certainty. A New Zealand Bankers' Association project to review the failure-to-settle rules for retail transactions has led to significant improvements and greater clarity.