During the past two decades, Large Value Payment Systems (LVPSs) in many countries have been redesigned so that the payments they process are settled on a ‘Real-Time Gross Settlement' (RTGS) basis. Such systems eliminate interbank credit risk in the payment system - which, from the perspective...

The Bank of England introduced the Special Liquidity Scheme (SLS) in April 2008 to improve the liquidity position of the UK banking system. It did so by helping banks finance assets that had got stuck on their balance sheets following the closure of some asset-backed securities markets from 2007...

This paper presents the analysis underpinning the ESRB Recommendation on guidance on setting countercyclical buffer rates (ESRB 2014/1). The Recommendation is designed to help authorities tasked with setting the countercyclical capital buffer (CCB) to operationalise this new macroprudential...