Economic Bulletin

The length of the period allowed for settlement before the line becomes operational (t 0 ) has a major effect on settlement development during the first few years of operation.

In line with the BIS recommendations, Norges Bank, by virtue of its role as the ultimate settlement bank, con- tributes to ensuring the execution of payment settle- ments:

• Norges Bank wants to be a driving force for change that enhances the efficiency and safety of the payment system. • Central bank

In the long term, it also appears that banks will increasingly go over to crediting after settle- ment for large customer payments as well (payments sent in the SWIFT format) and

Although Norges Bank’s role as supreme settle- ment bank in the Norwegian payment system constitutes a core activity, Norges Bank can discharge this respon- sibility without

31 Real-time retail payments are typically settled in a system that is separate from the main settlement system (in Norway called NBO, Norges Banks oppgjørssystem [Norges

norges Bank supervises systems for clearing and settlement of interbank payment transfers, in accordance with the Payment systems Act, and the Bank oversees the payment system

There had been an innovative report prepared by Lord Dawson in 1920 for the Minister of Health’s Consultative Council on Medical and Allied Services, in which he used his