Central Banking

BoE urges expansion of Chaps membership

bank-of-england-head-on

Chris Salmon, the executive director of banking services at the Bank of England, on Tuesday said membership to the payments system in the UK should be expanded to reduce the risks associated with intra-day credit.

At a breakfast hosted by the Yorkshire and Humberside Network of the School of Finance, Salmon said currently direct membership of the UK's large-value payments system structure, known as Chaps, was "rather limited" with only 18 banks, and that there was a clear case for the number of

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