EUROJ»EAN CENTRAl. BANK

21 July 2004

PRESS RELEASE

ADHERENCE OF THE CENTRAL BANKS AND BANKING SUPERVISORS

01= IHE NEW MEMBER STATES TO THE MEMORANDA OF

UNDERSTANDING

ON 'HIGH-LEVEL P~INCIPLES OF CO-OPERATION IN CRISIS

MANAGEMENT SITUATIONS AND

BETWEEN PAYMENT SYSTEMS OVERSEERS AND BANKING

SUPERVISORS

The banking 'supervisory authorities and the central banks of the new Member States of the

European Union (EU) have agreed to adhere to (i) the Memorandum of Understanding on high-

level principles of co-operation in crisis management situations. in force since 1 March 2003.

and (ii) the Memorandum of UnderStanding .on co-operation between payment systems

overseers and banking supervisors in Stage Three of Economic and Monetary Union, in force

since I January 200 I. The full list of the authorities which are now parties '(0 these Memoranda

of Understanding (MoUs) is included in Annex I to this press release. The adherence of the

central banks and banking supervisors of the new Member States to the MoUs entered into

effect on 17 June 2004.

The Memor~ndum of Understanding on high-level principles of co-operation in crisis

management ~ituations between the banking supervisors and central banks of the EU consists ofI

a set of prin~iples and procedures for cross-border co-operation betWeen banking supervisors

and central b~nks in crisis situations. These principles and procedures deal specifically with theI

identification;! of the authorities responsible for crisis management, the required flows ofII

information ~etween all the involved authorities and the practical conditions for sharingI

information a:t the cross-border level. The MoU also provides for the setting-up of a logistical

infrastructure to support the enhan~ed cross-border co-operation between au'thorities.

2iIIi

The framew?rk defined in the MoU will apply in crisis situations with a possible cross-borderI

impact involving individual credit institutions or banking groups, or relating to disturbances in,I

money and ~nancial markets and/or market infrastructures (including payments infrastructures)

with potential common implications for Member States. Co-operation will take the form

required by the specific features of the crisis and with regard to all the relevant supervisory and

central banking tasks and functions. and will be consistent with the necessary flexibility of action

of each of the ~uthorities involved. Further information is available in the press release of 10

March

The Memorandum of Understanding on co-operation betWeen payment sYStems overseers and

banking suPe;rvisors in Stage Three of Economic and Monetary Union is aimed primarily at

promoting co.operation in relation to large-value payment systems. The updated list of

payment systems within its scope is included as Annex 2 to this press release. Additionally, the

MoU may serve as a starting point for co-operation regarding retail payment systems, including

e-money schemes. The overall framework provided by the MoU is defined with a view to

ensuring the, soundness and stability of the payment systems and of the participating credit

institutions. l:nvestment firms participating in payment systems also fall wiiliin the scope of the

MoU to the eXtent that their home supervisors have agreed to include them in the agreement.

Co-operation and information sharing are specifically foreseen: (i) in the case of an application

to join an eXisting payment system or when a new system is established, (ii) on an ongoingI

basis, and (iii) in crisis management situations. Further Information is available in the press

release of 2 ~pril 200 I

3

ANNEX I.-

I

Parties t~ the Memoranda of UnderstandingI

Commission 'bancaire et financiere/Commissie voor het Bank- en Financiewezen, Belgium

NationaJe Bank van BeIgielBanque Nationale de Belgique

Ceski narod~r banka"" banmarkS "Nationalbank

Finanstilsyne~ Denmark

Bundesanstalt fur Finanzdienstleistungsaufsich4 Germany

Deutsche BundesbankI

Eesti Pank i

Firiantsinspektsioon, Estonia

Bank Qf Greece

BancQ de Espana

Banque de FranceI

Commission !Bancaire, France

Central Bank & Financial Services Authority of Ireland

Ban~ d'italia:

Central BanI<: of Cyprus

LatVijas Banka

Finansu un Krpitala Tirgus Komisija, Latvia

Lietuvos ban~s

BC1,nque cent~ale du Luxembourgf

Commission 'de Sur"'leillance du Secteur Financier, Luxembourg

Magyar Nemzeti Bank

Penzugyi Szervezetek Allami Feliigyelete, Hungary

Central Bank of Malta

Malta Financial Services Authority

De Nederlandsche Bank

Finanzmar~ufsicht, Austria.

Oesterreichische Nationalbank

Narodowy B;ank Polski

Komisja Nad:zoru Bankowego, Poland

Banco de Po~ugal

Banka Sloven~je

Narodna ban~ Slovenska

Rahoitustar~stus, Finland

Suomen Pa.n~ -Finlands Bank

Finansinspektionen, Swedenil

$veriges, R.i~pankBank of Engl~nd

Financial Se~ices Authorityl United Kingdom

European Central Bank

4

ANNEX 2List of systems and respective overseers (or the purposes of the MoU

betJeen payment systems overseers and banking supervisors

kC: ~--- in Sta~~~~ee of EMU

LARGE-VALUE PAYMENTSYSTEMS

OVERSEERS

TARGET as a whore EC B/Euro~~~National ~~~ponents of TARGET

ELLIPS Nationale Bank "Van BelgieJ~~ue

Nationale de BelgiqueRTGS pllli

HERMESSLBETBFIRIS

Deutsche Bundesbank

Bank of Greece

~a~~Espaiia

Banque d~func:eCentral ~ank & Financial Services Authority of

Ireland

Banc:a ~'Italia

Banque centrale~u Lux_e~_~?~rgDe Nederlandsche Bank

Oesterteichische Nationafbank

Banco d~u~rSuomen Pankki -Finlands Bank

ECB

Danmarks Nationalbank

BI-REL

LlPS~Gross

TOP.

ARTIS

SPGTBOF-RTGS

EPM

KRONOS EuroEuro RIX

CHAPS EuroSveriges Riksban~Bank of England

Euro Sy~em of the EBA Clearing Company

tE~~~1 L -~- ~---~- --

ECB

B~~.CI~- d~£~Banco de Esp~

Suo men Pankki -Finlands Bank

Bank of England

Banka Siovenije

Central Bank of Cyprus

I Pankkien On-line Pikasiirrot ja Sekit-jarjestelma

(POPS) .I Clearing House Automated Payment Systems

(CHAPS)SIBPS real-time gross settlement system

_Larg_e-Value ~redit Transfer System

Central Bank of MaltaMaRIS

CERTIS

Danmarks NationalbankKRONOS (Danish kroner)

ES'tonian RTG_~~~ Eesti rank

~nian DNS sYSt~~-

5

Starpbanku ..r-.utomatizeta Maksajumu Sistema

(SAMS) -~-

Latvijas Banka

LlTAS Lietuyos bankas

YIBER ~~~Nemzeti Bank

Narodna banka SiovenskaSIPS:

SORBNET ;

RIX-sys"(em~;

Narodo~ Bank Pols~

Sveriges R.iksb~~Conr.inuous Linked Settlement Bank International

(CLS Bank)

ECB (in respect of euro operations),

Danmarks Nationalbank (in respect of the

inclusion of, and settlement procedures for,the Danish kroner), Bank of England (in

respect of pound sterling operations and asdesignating authority under the Settlement

Finality Directive), and US Federal Reserve

J~~~rseer of the syrtem)._-

RETAIL PAYMENT SYSTEMS OVERSEERSSysteme Incerbancaire de Telecompensation (511) Banque de France