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Eurosystem Oversight Policy Framework Summary

1. Introduction

The Eurosystem plays a crucial role in ensuring the smooth operation, safety, and efficiency of payment and settlement systems in the euro area. These systems are vital for the financial sector's stability and the broader economy, with the daily average value of payments in large-value systems reaching €2,713 billion in 2007, equivalent to 30.5% of the euro area's GDP. The Eurosystem employs three complementary approaches to achieve this: operational role, oversight activities, and catalyst function.

The framework replaces the Eurosystem's 2000 policy statement and follows the structure of the G10 report from 2005. It defines oversight as a central bank function aimed at promoting safety and efficiency by monitoring and assessing payment and settlement systems, and inducing necessary changes. Payment instruments are also included in this oversight definition. The document uses the term "payment, clearing and settlement systems" as a generic label for these components.

Transparency is emphasized as a key goal of the framework, enabling operators and participants to understand policy requirements and demonstrating consistency and accountability in oversight practices.

2. The Need to Promote Smooth Functioning

The Eurosystem's involvement in payment systems is rooted in Article 127 (2) of the Treaty on the Functioning of the European Union and Article 3.1 of the Statute, which mandate the promotion of smooth payment system operation. This is essential for financial stability, effective monetary policy implementation, and public confidence in the euro.

Payment and securities systems face various risks such as legal, credit, liquidity, and operational risks, which may become systemic. These risks can lead to cascading effects and cost externalisations, especially if participants or operators believe they are "too big to fail". To mitigate these risks, the Eurosystem believes public involvement is necessary to ensure proper incentives for prudent behavior.

Additionally, fragmentation in the euro area's payment and settlement systems leads to inefficiencies, particularly in cross-border transactions. The Eurosystem's role includes promoting integration and interoperability.

3. Oversight Responsibilities

Legal Basis

The Eurosystem's oversight responsibilities are derived from the Treaty and the Statute, which assign the task of promoting the smooth operation of payment systems. The ECB and NCBs have regulatory powers to ensure the efficiency and soundness of these systems within the euro area. Some NCBs also have oversight competencies based on national laws.

The Maastricht Treaty did not explicitly mention "oversight", but the Eurosystem has developed a clear competence over clearing and payment systems. National laws have since evolved to include explicit oversight roles for NCBs, often in collaboration with securities regulators.

Oversight Objectives and Standards

The Eurosystem focuses on safety and efficiency in its oversight policies. It does not pursue other public policy objectives like anti-money laundering or consumer protection unless acting as a catalyst. It adopts international standards from the Committee of Payment and Settlement Systems (CPSS) and develops non-binding recommendations in collaboration with the Committee of European Securities Regulators (CESR).

The Eurosystem ensures consistency and convergence with international best practices while adapting them to the specificities of the euro area.

4. Scope of Oversight

The Eurosystem's oversight covers payment systems, securities settlement systems, central counterparties (CCPs), trade repositories (TRs), payment instruments, correspondent and custodian banks, and third-party service providers.

Payment Systems

• Large-value systems are governed by Core Principles for Systemically Important Systems and Business continuity expectations.
• Retail systems, especially under the Single Euro Payments Area (SEPA), are subject to common oversight standards.
• A common methodology ensures consistent application of these standards across NCBs and the ECB.

Securities Settlement Systems and CCPs

• These systems are critical for the financial system and are subject to national oversight by NCBs.
• The Eurosystem promotes consistency through cooperation with CESR and has developed ESCB/CESR recommendations.
• It has also set user standards for securities settlement systems used in its credit operations.

Trade Repositories

• TRs are important for OTC derivatives markets and provide centralised transaction data.
• The Eurosystem supports cooperative oversight arrangements for global TRs and collaborates with relevant authorities.

Payment Instruments

• Non-cash instruments like payment cards, credit transfers, and direct debits are essential for the functioning of payment systems.
• The Eurosystem has developed minimum common standards for SEPA instruments and more detailed frameworks for specific types.
• Oversight of national payment instruments is considered only if they are not phased out under SEPA deadlines.

Correspondent and Custodian Banks

• These banks are key to payment and settlement flows and may pose systemic risks.
• The Eurosystem works with banking supervisors to assess risks rather than applying direct oversight standards.

Third-Party Service Providers

• These providers are vital for system operations and are subject to systemic oversight.
• The Eurosystem ensures that the overseen entities retain responsibility for compliance with oversight policies.

Non-Banks

• Non-banks play a significant role in payment systems and are monitored for their impact on safety and efficiency.
• Oversight of non-banks is either through payment instruments or third-party services.
• The Eurosystem advocates for cooperation with banking supervisors to ensure level playing field and effective risk management.

5. Oversight Activities

Methods

The Eurosystem follows a three-step process for oversight:

1. Collecting information through bilateral contacts, reporting, and documentation.
2. Assessing the information against its standards and recommendations.
3. Inducing change through tools like moral suasion, public statements, and direct regulations.

It uses a risk-based approach to prioritise oversight efforts and ensure harmonised and systematic monitoring.

Allocation of Roles

• Oversight responsibilities are decentralised, with the ECB and NCBs sharing them.
• The lead central bank for a system is determined based on national anchor or legal incorporation.
• For systems with no domestic anchor, the NCB of the country of legal incorporation is typically responsible.
• The ECB has primary oversight for systems like TARGET2 and CLS, while NCBs have primary roles for others.
• Each central bank reports to the Governing Council of the ECB, ensuring transparency and consistency in oversight across the euro area.