" According to the Financial Times of 27 July, "Much of the money would presumably be spent on clearing up delayed payments to Italian companies.

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The Payments Council said the cheque clearing system would only be closed once acceptable alternatives had been devised - and more consultation is expected in the future.

BBC: Cheque replacement views sought

It has plans to modernise the undercapitalised banking system, which currently has no facilities for electronic payments and only a rudimentary process for cheque-clearing.

ECONOMIST: Struggling to pick up the pieces | The