2013年-ECB欧洲央行_Eighth_survey_on_correspondent_banking_in_euro_30页_1mb

Summary of the Eighth Survey on Correspondent Banking in Euro

Core Content

The Eighth Survey on Correspondent Banking in Euro, conducted by the Eurosystem in March 2012, provides a detailed analysis of the role, volume, and value of correspondent banking transactions in the euro area. The survey focuses on the processing of euro payments through correspondent banking relationships, which serve as a critical link in the payment chain by enabling indirect access to payment systems and cross-border transactions.

The Eurosystem has been conducting these surveys since 1999, with the goal of monitoring the importance, size, and development of correspondent banking. The eighth survey introduced a new threshold for participation, requiring banks to have a daily turnover of at least €1 billion on their loro accounts. This resulted in 24 banks from nine euro area countries participating, with 10 of them also responding to the additional questionnaire.

The survey confirmed that correspondent banking remains a key channel for euro payments, although its role has been diminished in some areas due to the rise of payment systems and PvP systems. The majority of payments are settled through payment systems, with only 11% of the total value and 1.1% of the total volume processed solely through correspondent banking arrangements.

Main Points

• Correspondent banking ensures the flow of payments between credit institutions and provides indirect access to payment systems.
• The Eurosystem has been monitoring the sector since 1999, with voluntary participation by the largest banks.
• The eighth survey focused on banks with daily turnover of at least €1 billion on their loro accounts, leading to a more targeted and efficient data collection process.
• The total daily average value of euro transactions processed through correspondent banking arrangements was over €1.1 trillion in 2012.
• Loro transactions (those where the bank acts as the service-provider) accounted for ~90% of the total turnover, while nostro transactions (those where the bank is the customer) were much smaller, at ~14%.
• Retail correspondent banking is smaller in value but dominates in volume, with ~94% of transactions on loro accounts being retail in nature.
• The wholesale segment is more significant in terms of value and is the primary driver of growth in the correspondent banking sector.
• The retail segment has been shifting towards payment systems, as evidenced by the decline in transaction volume and the continuous decrease in the number of retail banks participating in the survey.
• The average transaction size on loro accounts increased by ~62% in 2012 compared to 2010, while nostro transactions continued to decline.

Key Information

• Survey Methodology:
  • The survey was based on two questionnaires: a general questionnaire and an additional questionnaire for very active banks.
  • The data was anonymised to protect the privacy of participating banks.
  • The survey was conducted in March instead of September starting from 2008.
• Data Scope:
  • The survey included euro area banks only.
  • No banks from non-euro area countries participated in the eighth survey.
  • Data was based on turnover and transaction figures as of 31 March 2012.
• Trends Observed:
  • Loro turnover peaked in 2012 at €1.1 trillion.
  • Nosto turnover decreased over the years, reaching €159 billion in 2012.
  • Transaction volume on loro accounts decreased significantly in 2012, from 22 million to 15 million.
  • Retail payments have been moving outward towards payment systems.
• Concentration and Risks:
  • Correspondent banking is highly concentrated among the largest banks.
  • Operational, liquidity, and credit risks are significant, especially for large, interconnected institutions.
  • Intraday and overnight credit exposures are uncollateralised in most cases.
  • The concentration of correspondent banking business raises concerns about systemic risk and spillover effects in case of a default.

Conclusion

The eighth survey underscores the continued importance of correspondent banking in the euro area, particularly in the wholesale segment, while highlighting the decline in retail activity due to the increased use of payment systems. The Eurosystem continues to monitor this sector through cooperation with national and international supervisors, aiming to ensure consistent and uniform oversight across the euro area. The results are shared publicly to enhance transparency and inform policy considerations related to payment and settlement systems.