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- Title
The relationship between the overnight interbank unsecured loan market and the CHAPS Sterling system.
- Authors
Millard, Stephen; Polenghi, Macro
- Abstract
This article uses data on CHAPS Sterling transactions to describe the segment of the unsecured overnight loan market that settles within CHAPS. It assesses the size, timing and importance of these transactions for the underlying payments infrastructure. Advances and repayments of overnight loans are estimated to have accounted for around 20% of CHAPS Sterling activity by value over our sample period; four CHAPS Sterling members send and receive virtually all payments corresponding to these loans; and, finally, the value of CHAPS Sterling payments associated with this market rises towards the end of the CHAPS day.
- Subjects
UNITED Kingdom; POUND sterling; LOANS; CLEARINGHOUSES (Banking); BANKING industry; PAYMENT
- Publication
Bank of England Quarterly Bulletin, 2004, Vol 44, Issue 1, p42
- ISSN
0005-5166
- Publication type
Article