Payment flows from banks may be getting a new priority order, as the Reserve Bank of Australia's "committed liquidity facility" marches into view. The CLF fee for a calendar month of 15 basis points must be paid to the Reserve Bank by no later than 4pm on the last settlement day of the immediately preceding month, the RBA instructed banks yesterday. "If the CLF fee has not been paid when due, the Reserve Bank will not be obliged to enter into an RBA Repo with the ADI," it stated. "A failure to pay the CLF fee will also entitle the Reserve Bank to cancel its commitment to the ADI." Banks will be paying for an "open-ended … commitment between an ADI and the Reserve Bank," the latter assured. Banks will, however, need to hold assets to discount with the RBA, at the common 25 bps level. The Reserve Bank will consider a request from an ADI to enter into a CLF where APRA agrees that part of the ADI's liquidity requirement may be met by the use of the facility.