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All articles by Stanley Epstein -
Just a decade ago the concept of bank liquidity was for all
intents and purposes only one for the Bank Regulator to really
concern himself with. Certainly, a bank had to remain liquid – a
critical factor if it were to continue to enjoy the confidence of
its depositors – but this criticality was more an "after the event"
issue than a live drama that unfolds in real time.
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The Bank for International Settlements definition of a payment
system states; "A payment system consists of a set of instruments,
banking procedures and, typically, interbank funds transfer systems
that ensure the circulation of money" ("A glossary of terms used in
payments and settlement systems", Committee on Payment &
Settlement Systems. BIS, Basel. March 2003).
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