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. back to top

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. back to top

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. back to top

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. back to top

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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