RESERVE BANK ACT 1959 - SECT 10B Functions of Payments System Board

RESERVE BANK ACT 1959 - SECT 10B

  (1)   The Payments System Board has power to determine the Bank's payments system policy.

  (2)   The Payments System Board has power to take whatever action is necessary to ensure that the Bank gives effect to the policy it determines.

  (3)   It is the duty of the Payments System Board to ensure, within the limits of its powers, that:

  (a)   the Bank's payments system policy is directed to the greatest advantage of the people of Australia ; and

  (b)   the powers of the Bank under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998 are exercised in a way that, in the Board's opinion, will best contribute to:

  (i)   controlling risk in the financial system; and

  (ii)   promoting the efficiency of the payments system; and

  (iii)   promoting competition in the market for payment services, consistent with the overall stability of the financial system; and

  (c)   the powers and functions of the Bank under Part   7.3 of the Corporations Act 2001 are exercised in a way that, in the Board's opinion, will best contribute to the overall stability of the financial system.