Intermediary between central bank and banking system, providing liquidity and ensuring the efficient operation of the money market. Does not exist in the U.S. but does exist in the U.K., France, South Africa, and Singapore. In the U.K, a discount house tends to be larger than a bill broker. In France, the OPM is the basic intermediary and may be either a discount house (maison de reescompte) or other financial institution who is closely involved in the interbank market.