Large-value payment systems
Core Principles as standard
In January 2001 the Governing Council of the ECB adopted the "Core Principles for systemically
important payment systems" as minimum standards for its oversight of large-value payment
systems operating in euro. All large-value payment systems operating in euro have to fulfil
the entire set of Core Principles. Their enforcement is, as a rule, entrusted to the national
central bank of the country where the system is legally incorporated.
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PNS, SPI, POPS
These systems have a strong historical anchorage in a specific country. Therefore, PNS is
overseen by the Banque de France, SPI by the Banco de España and POPS by Suomen
Pankki/Finlands Bank.
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EURO 1
EURO 1 is a system without clear national anchorage. The owner and manager of
the system, the EBA Clearing company, is incorporated in France and maintains
an office in Belgium.
The EURO 1 system is established under German law. Participating banks can be
located anywhere in the OECD but need a branch or subsidiary in the EU through
which to access EURO 1.
This
lack
of
national
anchorage
led
the
Governing
Council of the ECB
to allocate the oversight function to the ECB.
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TARGET
The TARGET system is run by the Eurosystem. For reasons of consistency with other payment
systems, and in order to comply with Responsibility B of the Core Principles for systemically
important payment systems, the Eurosystem has decided to perform oversight over TARGET.
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CLS
The oversight of CLS is carried out by the Federal Reserve System
as the lead overseer. The ECB oversees CLS as far as euro settlement is concerned.
Like all other central banks of CLS eligible currencies, the ECB has assessed the risks of
including the euro in CLS. It approved its inclusion in July 2002. The ECB also published
recommendations for banks making payments in euro in CLS.
For details, see:
-
Recommendations for CLS payments in euro,
February 2001,
20 kB,
en
-
Explanatory memorandum on the recommendations concerning CLS payments in euro,
February 2001,
34 kB,
en
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