2005 Self-assessment of the Reserve Bank Information and Transfer System Responsibility C

The central bank should oversee compliance with the Core Principles by systems it does not operate and it should have the ability to carry out this oversight.

C.1 Assessment of Compliance

The Reserve Bank complies with this principle.

The Payments System Board's mandate to oversee the payments system is set out in the amended Reserve Bank Act. The Reserve Bank has extensive regulatory powers under the Payment Systems (Regulation) Act. This Act allows the Reserve Bank to obtain information from payment system participants and to set access regimes and determine risk control and efficiency standards for designated payment systems.

RITS, which is owned and operated by the Reserve Bank, is currently the sole systemically important payment system. RITS is Australia's RTGS system and settles RITS payments instructions as well as payments instructions from feeder systems. The Reserve Bank oversees those feeder systems and ensures that their operation does not have implications for the compliance of RITS with the Core Principles.