Since 2009, the Eurosystem (the European Central Bank (ECB) and the national central banks of Member States that have adopted the euro) has been regularly publishing the Eurosystem Oversight Report. The main objective of the report is to inform the public about the activities of the Eurosystem’s oversight function and in particular the Eurosystem’s assessment of the safety and soundness of euro area securities settlement systems, central counterparties and trade repositories, payment systems/instruments/schemes, correspondent banking and critical service providers.

There has now been published the Eurosystem Oversight Report 2014. The report reviews the oversight activities that the Eurosystem performed from 2011 (the completion of the previous Eurosystem oversight report) to mid-2014. The report notes that this period was marked by significant changes to the regulatory environment made in response to the financial crisis.

Going forward the oversight priorities of the Eurosystem in the near future will still be driven by the implementation measures of the regulatory reform process and the objective of avoiding the emergence of systemic risks in the euro area. The Eurosystem will also conduct oversight assessments of the four systemically important payment systems of the euro area against the ECB Regulation on oversight requirements for systemically important payment systems and will help usher the respective operators towards full compliance. The Eurosystem will also conduct assessments of the design and operation of T2S, the securities settlement platform operated by the Eurosystem that is set to go live in June 2015. It will also continue to conduct regular analysis of correspondent banking activities and is currently reviewing its assessment guides for cards, direct debits and credit transfers, taking into account the SecuRe Pay recommendations. It will also assess the Single Euro Payments Area direct debit schemes.

View Eurosystem oversight report 2014, 27 February 2015