Pacific Banking Guarantee Bill 2025

Senator CHISHOLM (Queensland—Assistant Minister for Regional Development, Assistant Minister for Agriculture, Fisheries and Forestry, Assistant Minister for Resources and Deputy Manager of Government Business in the Senate) (13:12): Phase 1 of the World Bank project will establish a correspondent banking relationship provider of last resorts, which countries can call upon should they lose their financial correspondent banking relationship in a particular currency.

It is intended to be a fallback for when there is no other commercially viable option.