If the banking industry is also able to agree on an adequate loss-sharing agreement, we assume that the remaining danger of systemic risk in this part of the payment system. Gross settlements in NBO Turnover through gross settlements in NBO fluctuates between NOK 100bn and NOK 200bn per day, which is by far the largest portion of the settlement. Since it is a gross settlement, risk would be expected to be minimal or non-existent. Such is not the case, however. Liquidity problems can arise as a result of such factors as technical failure at one or several banks – i.e. operational risk. We have already experienced such situations and seen that they can quickly bring considerable liquidity strains upon other NBO participants. Norges Bank is actively analysing and improving routines associated with such situations in connection with preparations for the year 2000. This work will enable us to be well prepared if such unforeseen situations should arise after the turn of the century. Another risk-creating factor in connection with gross settlement is the extended use of early crediting. Relevant information is lacking, but is our impression that this practice is fairly widespread. The possibility of early crediting is, as is well known, connected to the information exchange model used in the Norwegian payment system (see my previous comments on so-called “T-copying”). This practice - which, by the way, is not in accordance with international recommendations - can result in the payee bank coming into a position of non-controlled exposure in relation to the payer bank.
The new syllabus was approved, by the FSTEP Steering Committee on June 28, 2010. Under the revised syllabus, the programme design and delivery will be more balanced between classroom-lectures and experiential learning in the form of case studies, role plays and simulations. This methodology is better suited for adult learning and shift somewhat the responsibility of learning to the trainees. With this in mind, the content and details of the programme will be regularly updated and align with the progressive development of the financial industry. It will keep participants abreast with market needs in this age of advance technology and knowledge. As the financial services industry matures and the lines between businesses become even more blur, the  BIS Review 100/2010  1  skills and talents needed to navigate the industry becomes even more diverse and demanding. The change in syllabus and other enhancements will differentiate FSTEP from other training programmes offered by the financial institutions and training institutes. So I don’t expect FSTEP syllabus to converge with the training programmes offered by individual financial institution. In order to ensure FSTEP secures a constant flow of quality graduates from both local and foreign institutes of higher learning to its training programme, initiatives have been mooted by FSTEP to sign a Memorandum of Understanding (MOU) with all public universities and a few reputable private universities in Malaysia to instill the way for greater cooperation and collaboration in matters of mutual interest and benefit.