2004年-ECB欧洲央行_Assessment_of_euro_large-value_payment_systems_against_the_Core_Principles_20页_615kb

报告摘要

Summary of Assessment of Euro Large-Value Payment Systems Against the Core Principles

Core Content Overview

This report, published in May 2004, presents the findings of an assessment of nineteen euro large-value payment systems (LVPSSs) against the Core Principles for Systemically Important Payment Systems adopted by the European Central Bank (ECB) on 25 January 2001. The assessment was conducted by the national central banks (NCBs) and the ECB, using a common methodology, and the results were coordinated by the Payment and Settlement Systems Committee (PSSC) of the European System of Central Banks (ESCB). The goal of the assessment was to ensure that all euro LVPSs comply with the Core Principles and to provide transparency to the public.

The report concludes that all systems have achieved a high degree of compliance, with some achieving full compliance. The EURO 1 system, operated by the Clearing Company of the Euro Banking Association (EBA), was already assessed in 2001 and found to fully observe all ten Core Principles.

Main Findings

Overall Assessment Results

19 euro LVPSs were assessed, including all TARGET components and non-TARGET systems.
All TARGET components and non-TARGET euro LVPSs have achieved a high degree of compliance.
Core Principle V (multilateral netting) is not applicable to RTGS systems, hence TARGET components are assessed against nine Core Principles instead of ten.
Compliance gaps were identified, especially in Core Principles VII (security and operational reliability) and VIII (practicality and efficiency). These are expected to be addressed with the implementation of TARGET 2 in 2007.
Governance of TARGET components was found to be fully in line with Core Principle X.

Compliance by Core Principle

Core Principle I (Legal Basis)

All systems observed this principle.
Legal frameworks were enforceable, with clear rules on irrevocability, finality, and collateral.
All systems were designated under the Settlement Finality Directive.
No court proceedings were reported.

Core Principle II (Understanding of Financial Risks)

15 TARGET components fully observed this principle.
1 TARGET component (FR) broadly observed it due to the need for documentation updates.
2 non-TARGET systems fully observed it, and 1 (PNS) broadly observed it due to outdated rules.
Rules and procedures were generally clear, and participants were monitored for risk understanding.

Core Principle III (Credit and Liquidity Risk Management)

All systems observed this principle.
Credit risks were mitigated through collateralisation and bilateral limits in some systems.
Liquidity risk was managed via queuing facilities, gridlock resolution mechanisms, and monitoring tools.
One TARGET component (SE) and one non-TARGET system (GR) had online and real-time monitoring facilities for settlements and queues.

Core Principle IV (Prompt Final Settlement)

All systems observed this principle.
16 TARGET components and 2 non-TARGET systems (PNS, POPS) provided continuous settlement during the business day.
One non-TARGET system (SPI) provided final settlement only at the end of the business day.

Core Principle V (Multilateral Netting)

Not applicable to RTGS systems, hence not assessed for TARGET components.
POPS (based on bilateral netting) was found to fully observe this principle.
PNS (hybrid system) was also found to fully observe it, with collateral and liquid assets available for settlement in case of failure.

Core Principle VI (Settlement Assets)

All systems observed this principle.
Settlement occurred in central bank money, eliminating credit and liquidity risks.

Core Principle VII (Security and Operational Reliability)

8 TARGET components fully observed this principle.
8 TARGET components broadly observed it, with hot standby sites located less than one kilometre from the primary site.
One TARGET component (FR) did not fully observe it due to the need for simplification and backup procedures.
All non-TARGET euro LVPSs fully observed this principle.
Security policies were in place, with TARGET components using ISO 17799 standards or national methodologies.

Core Principle VIII (Practicality and Efficiency)

Compliance was generally high, but some systems (especially DE, FI, IT, LU, UK) were found to broadly observe this principle.
One TARGET component (ES) and one ECB system fully observed it.
One TARGET component (ECB) partly observed it.
The cost recovery methodology was updated in November 2003 to allow for more accurate and comparable assessments.

Core Principle IX (Access and Transparency)

All systems observed this principle.
System rules were available to participants and, in many cases, to the general public.
Regular meetings and training programs were offered to participants to enhance understanding.

Core Principle X (Governance)

All TARGET components were found to fully observe this principle.
Governance structures were in line with the requirements of the Core Principles.

Conclusion

The assessment of euro large-value payment systems against the Core Principles concluded that compliance is generally high, with most systems achieving full or broad compliance. TARGET 2 is expected to address the remaining compliance gaps, particularly in Core Principles VII and VIII. The report also highlights the importance of consistent methodologies, peer reviews, and transparency in ensuring the reliability and efficiency of payment systems across the euro area.