2012年-IMF国际货币组织全球_Israel_Detailed_Assessment_of_Observance_of_Basel_Committee_on_Payments_and_Settlement_Systems_Core_Principles_for_Systemically_Important_Payment_Systems_41页_1mb

Summary of the Detailed Assessment of Observance of Basel Committee on Payments and Settlement Systems Core Principles for Systemically Important Payment Systems in Israel

Core Content and Key Findings

This report, prepared in March 2012, assesses the observance of the Core Principles for Systemically Important Payment Systems (CPSIPS) by Israel's payment systems, focusing primarily on the Zahav system, a real-time gross settlement (RTGS) system owned and operated by the Bank of Israel (BOI). The assessment is part of the Financial Sector Assessment Program (FSAP) Update mission conducted in November 2011.

Key Findings

• Improvement in Payment Systems: A significant improvement in the payments landscape has been noted, with the Zahav system now meeting most international standards. The system is stable and meets participants' needs.
• Legal Framework: The Payment Systems Law (2008) and the BOI Law (2010) provide the legal basis for the oversight of payment systems in Israel. However, the legal framework for Zahav is still under development and needs further enhancement.
• Central Bank Oversight: The BOI is responsible for payment system oversight, and a dedicated payment systems oversight function is being developed as part of a project expected to be completed in 2013. The ISA (Israeli Securities Authority) oversees the Stock Exchange Clearing Houses (TASE-CH), and a Memorandum of Understanding (MOU) exists between the BOI and the ISA to coordinate oversight.
• System Structure and Participants: Zahav is the only RTGS system in Israel and serves as the final settlement system for various payment systems, including CLS (Foreign Currency Settlement System), Masav (ACH), and BCH (Paper-Based Clearing House). The BOI, along with CLS Banks and the Postal Company, are the main participants, with 15 commercial banks also participating directly.
• Concentration of Activity: Inter-bank activity in Zahav accounts for about 57% of the total payment volume, with the top five participants contributing 78% of the total inter-bank value. The BOI accounts for 87% of the total value of transactions due to its high-value operations.
• Operational Improvements: The BOI has implemented several improvements to align the payment systems with international standards, including:
  • Cancellation of retroactive recording of transactions
  • Extended business hours for Zahav
  • Creation of an interbank arrangement to handle participant failures
  • Enhancements to check clearance and ACH processes
  • Implementation of a Transaction Types Codes (TTC) system
  • Introduction of a General Ledger as a contingency tool
• Challenges and Recommendations: While the system is stable, the legal framework for payment systems requires strengthening, particularly in the area of special resolution frameworks for failing banks. The General Ledger and ACH systems are not yet fully protected under the Payment Systems Law. There is a need to clarify their status and ensure they are either declared designated controlled systems or controlled systems to benefit from the protections afforded to Zahav.

Main Recommendations

1. Strengthen the Legal Framework: Develop a more comprehensive legal structure to support the oversight of payment systems, especially for the General Ledger and ACH systems.
2. Clarify Status of Contingency Systems: Determine whether the General Ledger and ACH should be classified as designated controlled systems to benefit from the protections under the Payment Systems Law.
3. Accelerate Oversight Function Development: The BOI should continue working on establishing a dedicated payment systems oversight function, as it is still in progress.
4. Ensure Finality and Irrevocability: Improve the finality and irrevocability of payment systems, particularly for returns and recourse mechanisms between banks and customers.
5. Enhance Risk Management and Contingency Arrangements: Strengthen the risk management and contingency plans for all payment systems to ensure resilience in case of operational failures or liquidity issues.

Authorities' Response

• The BOI has acknowledged the findings and is actively working on the development of the payment systems oversight function, with a target completion date of 2013.
• The ISA has taken on responsibility for the Stock Exchange Clearing House (TASE-CH) under the Payment Systems Law, through an indirect amendment to the Securities Law.
• The Zahav system has been declared a designated controlled system, and the BOI has the authority to enforce its rules and impose sanctions on participants.
• Discussions are ongoing regarding the classification of the Masav and BCH systems, with a focus on their final settlement and returns mechanisms.

Conclusion

The report concludes that while Israel's payment systems, particularly Zahav, have made significant progress in meeting international standards and are generally stable and efficient, the legal and institutional framework for payment system oversight still requires development. The BOI has taken steps to improve the system, but further action is needed to ensure the resilience, security, and reliability of the entire payment infrastructure, especially in the face of potential systemic risks.