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Oversight of settlement systemsPursuant to Eesti Pank's framework on the oversight of payment and settlement systems (read more: Oversight framework of payment and settlement systems)
differentiates between systemically important and important settlement systems on the settlement systems market; establishes the international standards applicable to settlement systems available in Estonia and assesses their compliance with these standards; establishes or approves the principles and rules of settlement systems; identifies potential risks that may emerge in the settlement systems; participates in the facilitation of the development of settlement systems and in the design and implementation of the policy and legal framework in accordance with the oversight principles, independently of Eesti Pank's role as the operator, and with regard to the needs of the market; as a member of the European System of Central Banks, participates in the oversight of international settlement systems. To this end, a Memorandum of Understanding was concluded among the European Union's central banks and banking supervisors in 2001, which was amended in 2004.The settlement system important for the sustainable operation of the Estonian financial system - the systemically important settlement system - is TARGET2-Eesti. Other important settlement systems are the Settlement System of Ordinary Payments, ESTA, managed by Eesti Pank and the securities settlement system managed by AS Eesti Väärtpaberikeskus. In overseeing the securities settlement system Eesti Pank is cooperating with the Financial Supervision Authority pursuant to the cooperation agreement concluded in 2011. One of the key elements to ensuring the stability of the financial system is securing the business continuity of the financial system infrastructures - settlement systems. The oversight results of settlement systems are published in Eesti Pank's publications. Read more: Financial Stability Review. |