PAYMENTS SYSTEM BOARD ANNUAL REPORT – 2007

Contents

Functions and Objective of the Payments System Board

Governance

Payments System Board

Developments in the Payments System

Review of the Payments System Reforms

Card Payment Systems

Risk in the Payments System

Ongoing Regulatory Responsibilities

Engagement with Industry

The Board's Decisions and Reserve Bank Reports

List of graphs

List of tables

List of figures

It is the duty of the Payments System Board to ensure, within the limits of its powers, that:

• the Bank’s payments system policy is directed to the greatest advantage of the people of Australia;
• the powers of the Bank which deal with the payments system, set out in the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998, are exercised in a way that, in the Board’s opinion, will best contribute to controlling risk in the financial system; promoting the efficiency of the payments system; and promoting competition in the market for payment services, consistent with the overall stability of the financial system; and
• the powers of the Bank which deal with clearing and settlement facilities, set out in Part 7.3 of the Corporations Act 2001, are exercised in a way that, in the Board’s opinion, will best contribute to the overall stability of the financial system.

© Reserve Bank of Australia 2007. All rights reserved. The contents of this publication shall not be reproduced, sold or distributed without the prior consent of the Reserve Bank of Australia.

ISSN 1442-939X (Print)
ISSN 1448-523X (Online)