It is certainly clear from the record that there have been significant weaknesses in some countries’ banking systems, and that 1  2  Speaking at the Conference on Bank Structure and Competition hosted by the Federal Reserve Bank of Chicago, 1 May 1997. Speaking at the American Bankers Association conference in Phoenix, Arizona, 11 October 1999.
As part of this, we are keen to see the implementation of a new licensing framework for stored-value facilities, based on the model proposed by the Council of Financial Regulators a few years ago. We are also pleased to see the government's support for reviewing the Payment Systems  (Regulation) Act 1998 to make sure it is fit for purpose.