We investigate the reliability of the 'Furfine filter' often used to identify interbank loans and interest rates from interbank payments settled at central banks. To this end, we have been granted access to records of all unsecured overnight interbank loans during a month from the banks that...

Central bank settlement systems are vital for payment intermediation and have an important role in monetary policy and financial stability. Few analyses exist that explain the purpose behind the payments that are settled in these systems. In this paper we categorise payments that settle in...