being accumulated, page-4

Hi all
I think that there must be a bit of butt kicking and finger pointing going on in ITE regarding the way various aspects of these contracts and other communications have been handled. IMHO it doesn't stem from incompetencies but rather different agendas within the company. Was doing a bit of googeling (amongst other things) and thought I'd post this from the Bank of Canada's web site.
This act was proclaimed by Parliament in July 1996. It gives the Bank of Canada responsibility for the oversight of payments and other clearing and settlement systems in Canada, for the purpose of controlling systemic risk. (Systemic risk refers to domino or spillover effects where the inability of one financial institution to fulfil its payment obligations results in the inability of other financial institutions to fulfil theirs, or in the failure of a clearing house.)

The PCSA is the government's recognition of the essential role of the major clearing and settlement systems in the Canadian economy, and of the importance of regulatory oversight of these systems. Canada was the first G-10 country to adopt legislation that specifically requires the central bank to oversee the control of systemic risk in major payment and other clearing and settlement systems.

They've obviously been at the forefront of risk management, wonder if they're about to update?? You'd have to suspect that such a contract with a central bank would be a very valuable and prestigious win;)

cloaka in Noddy Land