Core Principles for Systemically Important Payment Systems
(Consultative report. Please refer to CPSS Publication No.43, January 2001, for the final report)
This consultative report in two parts has been prepared by an international Task Force established by the Committee on Payment and Settlement Systems of the central banks of the G10 countries (CPSS). The Task Force consists of payment system experts from 23 central banks as well as the International Monetary Fund and the World Bank. In preparing the report, the Task Force consulted a number of other central bank experts, including many from emerging markets.
In December 1999, the Committee released the first part of this report for public consultation. This part set out 10 Core Principles for systemically important payment systems and four responsibilities of central banks in applying the Core Principles. The response to the consultation was very encouraging, and a number of useful comments were received. The report was widely welcomed and many respondents asked for further details in interpreting the principles and help in applying them. The comments received were carefully considered by the Task Force and a number of them have been addressed in the second part of the report. Several respondents asked for an opportunity to comment on the second part of the report as well.
The current report contains, in addition to a slightly revised first part, a second part which offers guidance on the interpretation of the Core Principles and gives examples of ways in which the issues raised by the Core Principles have been addressed in different economic and institutional contexts. The Task Force is now seeking comments on the second part of the report.
The consultation period will last until 8 September 2000, and interested parties are invited to comment on any aspects of the report. However, the CPSS would particularly welcome views and suggestions on the topics set out below, in order to assist it in finalising the report:
The Core Principles are explained in greater detail with examples describing their application in different countries. Are the explanations clear, appropriate, adequate and useful for the purpose of implementing the Core Principles? Are there any major issues which have not been covered?
Are the examples and illustrations clear and adequate? If not, please provide specific suggestions as to how they could be improved.
Please describe any particular issues or difficulties you expect to encounter as the Core Principles are implemented in your country. How quickly would it be reasonable to expect systems to be assessed and a plan produced for compliance with the Core Principles?
Does the discussion of central bank responsibilities adequately cover the role of the central bank in implementing the Core Principles in different circumstances?
Please indicate whether the section dealing with special situations in applying the Core Principles is clear and adequate. Does it address appropriately the relevant issues?