Adherence of the central banks of the new Member States, Bulgaria and Romania, to the Memorandum of Understanding on high-level principles of co-operation in crisis management situations and the memorandum of understanding on cooperation between payment systems overseers and banking supervisors
In accordance to the procedure already applied on the occasion of the enlargement of the European Union (EU) in 2004 (see press release of 21 July 2004), the central banks of the Member States which joined the EU in 2007, Bulgaria and Romania, have agreed to adhere to (i) the Memorandum of Understanding on high-level principles of co-operation in crisis management situations, in force since 1 March 2003, and (ii) the Memorandum of Understanding on co-operation between payment systems overseers and banking supervisors in Stage Three of Economic and Monetary Union, in force since 1 January 2001. The full list of the authorities which are now parties to these Memoranda of Understanding (MoUs) is included in Annex 1 to this press release. The provisions of the MoUs pertaining to the central banks and banking supervisors of the new Member States entered into effect on 1 August 2007.
The Memorandum of Understanding on high-level principles of co-operation in crisis management situations between the banking supervisors and central banks of the EU consists of a set of principles and procedures for cross-border co-operation between banking supervisors and central banks in crisis situations. These principles and procedures deal specifically with the identification of the authorities responsible for crisis management, the required flows of information between all the involved authorities and the practical conditions for sharing information at the cross-border level. The MoU also provides for the establishment of a logistical infrastructure to support the enhanced cross-border co-operation between authorities.
The framework defined in the MoU will apply in crisis situations with a possible cross-border impact involving individual credit institutions or banking groups, or relating to disturbances in money and financial markets and/or market infrastructures (including payments infrastructures) with potential common implications for Member States. Co-operation will take the form required by the specific features of the crisis and with regard to all the relevant supervisory and central banking tasks and functions, and will be consistent with the necessary flexibility of action of each of the authorities involved. Further information is available in the press release of 10 March 2003.
The Memorandum of Understanding on co-operation between payment systems overseers and banking supervisors in Stage Three of Economic and Monetary Union is aimed primarily at promoting co-operation in relation to large-value payment systems, but it also deals with co-operation regarding retail payment systems. The updated list of payment systems within its scope is included as Annex 2 to this press release. The overall framework provided by the MoU is defined with a view to ensuring the soundness and stability of the payment systems and of the participating credit institutions. Investment firms participating in payment systems also fall within the scope of the MoU to the extent that their home supervisors have agreed to include them in the agreement. Co-operation and information sharing are specifically foreseen: (i) in the case of an application to join an existing payment system or when a new system is established, (ii) on an ongoing basis, and (iii) in crisis management situations. Further information is available in the press release of 2 April 2001.
ANNEX 1 - Parties to the Memoranda of Understanding
Commission bancaire et financière/Commissie voor het Bank- en Financiewezen, Belgium
Nationale Bank van België/Banque Nationale de Belgique
Българска народна банка (Bulgarian National Bank)
Česká národní banka
Danmarks Nationalbank
Finanstilsynet, Denmark
Bundesanstalt für Finanzdienstleistungsaufsicht, Germany
Deutsche Bundesbank
Eesti Pank
Finantsinspektsioon, Estonia
Bank of Greece
Banco de España
Banque de France
Commission Bancaire, France
Central Bank & Financial Services Authority of Ireland
Banca d’Italia
Central Bank of Cyprus
Latvijas Banka
Finanšu un Kapitāla Tirgus Komisija, Latvia
Lietuvos bankas
Banque centrale du Luxembourg
Commission de Surveillance du Secteur Financier, Luxembourg
Magyar Nemzeti Bank
Pénzügyi Szervezetek Állami Felügyelete, Hungary
Central Bank of Malta
Malta Financial Services Authority
De Nederlandsche Bank
Finanzmarktaufsicht, Austria
Oesterreichische Nationalbank
Narodowy Bank Polski
Komisja Nadzoru Bankowego, Poland
Banco de Portugal
Banca Naţională a României
Banka Slovenije
Národná banka Slovenska
Rahoitustarkastus, Finland
Suomen Pankki – Finlands Bank
Finansinspektionen, Sweden
Sveriges Riksbank
Bank of England
Financial Services Authority, United Kingdom
European Central Bank
ANNEX 2 - List of systems and respective overseers for the purposes of the MoU between payment systems overseers and banking supervisors in Stage Three of EMU
LARGE-VALUE PAYMENT SYSTEMS | OVERSEERS |
TARGET as a whole | ECB/Eurosystem |
National components of TARGET | |
ELLIPS | Nationale Bank van België/ Banque Nationale de Belgique |
RTGS plus | Deutsche Bundesbank |
HERMES | Bank of Greece |
SLBE | Banco de España |
TBF | Banque de France |
IRIS | Central Bank & Financial Services Authority of Ireland |
BI-REL | Banca d’Italia |
LIPS-Gross | Banque centrale du Luxembourg |
TOP | De Nederlandsche Bank |
ARTIS | Oesterreichische Nationalbank |
SPGT | Banco de Portugal |
BOF-RTGS | Suomen Pankki – Finlands Bank |
EPM | ECB |
KRONOS Euro | Danmarks Nationalbank |
EP RTGS | Eesti Pank |
SORBNET-EURO | Narodowy Bank Polski |
CHAPS Euro | Bank of England |
Euro System of the EBA Clearing Company (EURO 1) | ECB |
Paris Net Settlement (PNS) | Banque de France |
Servicio de Pagos Interbancarios (SPI) | Banco de España |
Pankkien On-line Pikasiirrot ja Sekit-järjestelmä (POPS) | Suomen Pankki – Finlands Bank |
Clearing House Automated Payment Systems (CHAPS) | Bank of England |
SIBPS real-time gross settlement system | Banka Slovenije |
Large-Value Credit Transfer System | Central Bank of Cyprus |
MaRIS | Central Bank of Malta |
CERTIS | Česká národní banka |
KRONOS (Danish kroner) | Danmarks Nationalbank |
Estonian RTGS system | Eesti Pank |
Estonian DNS system | Eesti Pank |
Starpbanku Automatizētā Maksājumu Sistēma (SAMS) | Latvijas Banka |
LITAS | Lietuvos bankas |
VIBER | Magyar Nemzeti Bank |
SIPS | Národná banka Slovenska |
SORBNET | Narodowy Bank Polski |
RIX-systemet | Sveriges Riksbank |
Continuous Linked Settlement Bank International (CLS Bank) | ECB (in respect of euro operations), Danmarks Nationalbank (in respect of the inclusion of, and settlement procedures for, the Danish kroner), Bank of England (in respect of pound sterling operations and as designating authority under the Settlement Finality Directive), and US Federal Reserve (as lead overseer of the system). |
RINGS (Real time Interbank Gross Settlement System | Българска народна банка (Bulgarian National Bank) |
ReGIS (Real-time Gross Settlement System) | Banca Naţională a României |
RETAIL PAYMENT SYSTEMS | OVERSEERS |
Système Interbancaire de Télécompensation (SIT) | Banque de France |
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