  We develop a dynamic multi-agent model of an interbank payment system where
banks choose their level of available funds on the basis of private payoff
maximisation. The model consists of the repetition of a simultaneous move stage
game with incomplete information, incomplete monitoring, and stochastic
payoffs. Adaptation takes place with bayesian updating, with banks maximizing
immediate payoffs. We carry out numerical simulations to solve the model and
investigate two special scenarios: an operational incident and exogenous
throughput guidelines for payment submission. We find that the demand for
intraday credit is an S-shaped function of the cost ratio between intraday
credit costs and the costs associated with delaying payments. We also find that
the demand for liquidity is increased both under operational incidents and in
the presence of effective throughput guidelines.
