Interbank settlements: the cash must flow
The cash must flow
The market panic that peaked in late 2008 was mirrored by a surge in the volumes of payments passing over the various interbank payment infrastructures. The UK’s Clearing House Automated Payments System (Chaps) and Crest securities settlement systems broke records again and again after the collapse of Lehman Brothers – a pre-crisis record of £450 billion a day gave way to a new peak in January 2009 of £629 billion. (The eurozone’s Target2 interbank payment system peaked slightly earlier, hitting
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