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RBA Glossary definition for settlement

settlement – The discharge of obligations arising from fund transfers between two or more parties.

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The Implementation of Monetary Policy in Australia

1 Jul 1997 RDP 9703
Ric Battellino, John Broadbent and Philip Lowe
This paper was prepared for the Autumn Meeting of Central Bank Economists at the Bank for International Settlements, Basle, in October 1996.
https://www.rba.gov.au/publications/rdp/1997/9703/

The Australian Framework for Implementing Monetary Policy

1 Jul 1997 RDP 9703
Ric Battellino, John Broadbent and Philip Lowe
Interest is paid on settlement balances at a rate 10 basis points below the Bank's target for the cash rate. ... Australia is scheduled to move to a real-time gross settlement payments system over the next year.
https://www.rba.gov.au/publications/rdp/1997/9703/australian-framework-implementing-monetary.html

The Impact on Financial Markets

1 Jul 1997 RDP 9703
Ric Battellino, John Broadbent and Philip Lowe
settlement balances tends to be very elastic around the announced rate. ... Indeed, the opposite is the case. In the pre-announcement period, around one in five daily market operations were more than one-quarter of the size of banks' settlement balances.
https://www.rba.gov.au/publications/rdp/1997/9703/impact-financial-markets.html