1.

Which of the following statements is NOT correct? An exchange settlement account (ESA) is:

Select one:

a.

used to transfer funds to and from in order to settle transactions in the payments system.

b.

an account held by deposit-taking institutions at the Reserve Bank of Australia (RBA).

c.

the account used by the Commonwealth government for its spending and its income.

d.

an account whose balance represents bank reserves.