Central Banking

BoE paper on development of central banks' lender-of-last-resort function

Close up of Bank Of England facade with the statue of Duke of Wellington Statue created by Francis Chantrey City of London England

A Bank of England paper, published on Monday, shows the centralising of clearing and settlement functions played a role in the development of modern central banks as lenders of last resort.

Ben Norman, Rachel Shaw and George Speight, the paper's authors, examine the development of interbank settlement arrangements and central banking functions in the context of a number of diverse historical country case studies. The authors note that modern central banks have come to view payment systems as a

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