(37)Below an appropriate threshold, CSDs that are not authorised to provide banking-type ancillary services should be able to settle the cash payments through accounts opened with CSDs authorised to provide banking-type ancillary services in accordance with Regulation (EU) No 909/2014 and through accounts opened with any credit institution, in any currency. That threshold should consist of a maximum aggregate amount for such settlement of cash payments. In addition, the threshold should be calibrated in a way that promotes efficiency of settlement and allows CSDs to reach a level of cash settlement beyond which requiring a banking authorisation under Directive 2013/36/EU or connecting to a central bank of issue becomes relevant, while ensuring financial stability and limiting risk implications that result from the derogations applicable under that threshold. The calibration of the threshold should take into account the need for a CSD to be able to settle payments in different currencies, especially for the most liquid currencies, while setting an appropriate limit that would be applicable to the CSD as a whole. The calibration of the threshold should also take into account the need to avoid an unintended shift away from settlement in central bank money.