Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The functions of the Payments System Board are:
(a) to determine the payments system policy of the Bank in a way that, in the Board's opinion, is directed to the greatest advantage of the people of Australia; and
(b) to promote the proper, efficient and effective implementation by the Bank of that policy; and
(c) to ensure the Bank's functions and powers under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998 are performed and exercised in a way that, in the Board's opinion, best contributes to:
(i) controlling risk in the financial system; and
(ii) promoting the efficiency of the payments system; and
(iii) promoting competition in the market for payment services, consistent with the overall stability of the financial system; and
(d) to ensure the Bank's functions and powers under Parts 7.3 and 7.3B of the Corporations Act 2001 are performed and exercised in a way that, in the Board's opinion, best contributes to the overall stability of the financial system; and
(e) any other functions conferred on the Board by this Act; and
(f) to do anything incidental or conducive to the performance of any of the above functions.
Note: One way the Payments System Board contributes to the achievement of the Bank's overarching objective is by determining the Bank's payments system policy.
(2) The Payments System Board has the power to do all things necessary or convenient to be done for or in connection with the performance of its functions.
(3) However, the Payments System Board must perform its functions and exercise its powers having regard to the duties of the Governance Board as the accountable authority of the Bank for the purposes of the Public Governance, Performance and Accountability Act 2013 .
(4) Without limiting section 87 (about the validity of acts of the Bank), any failure by the Payments System Board to comply with subsection (3) of this section does not:
(a) affect the validity of the Board's performance of its functions or the exercise of its powers; or
(b) give rise to an action or other proceeding for damages.