Timing characteristics of overnight unsecured interbank transactions in VIBER
László Bodnár,
Miklós Luspay and
Cecília Pintér ()
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Cecília Pintér: Magyar Nemzeti Bank
Financial and Economic Review, 2015, vol. 14, issue 4, 126–154
Abstract:
The article examines the timing, duration and underlying factors affecting the properties of overnight loans settled in the Hungarian large-value payment system (VIBER1) operated by the MNB (Magyar Nemzeti Bank), from a payments perspective. The authors primarily focus on questions such as what sort of patterns or trends exist in regard to the settlement times of unsecured overnight loans completed in VIBER, what factors affect these times and what does the maturity of an O/N transaction depend on, in general. The paper finds that in the case of money market shocks, system participants tend to react similarly in relation to the timing of their O/N transactions. The maturity of overnight transactions is more affected by the timing of O/N loan repayments rather than the borrowing times.
Keywords: payment system; VIBER (RTGS); ICS; payments; liquidity; liquidity management; overnight unsecured interbank market; timing of transactions; maturity (search for similar items in EconPapers)
JEL-codes: E42 E44 G21 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:mnb:finrev:v:14:y:2015:i:4:p:126-154
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