sk sk

Systems

At the national level in Slovakia, Národná banka Slovenska has primary oversight responsibility for the following:

  • the NBS-operated Slovak Interbank Payment System (SIPS);
  • the SIA payment system operated under NBS authorisation;
  • the securities settlement system (SSS) operated by Centrálny depozitár cenných papierov SR (CDCP)
  • payment instruments (credit transfers, direct debits, payment cards, e- money).

In its capacity as a Eurosystem member, NBS has oversight responsibilities for the TARGET2 (T2) payment system, which is overseen in accordance with an internal Eurosystem document entitled Oversight Guide for Systemically Important Payment Systems. The European Central Bank has primary oversight responsibility for TARGET2, while NBS, as a Eurosystem member, participates in TARGET2 oversight on a voluntary basis. NBS has sole oversight responsibility for the TARGET2 component system in Slovakia, known as TARGET2-SK (T2-SK). Since TARGET2 is classified by the Eurosystem as a systemically important payment system (SIPS), it is overseen in accordance with Regulation of the European Central Bank (EU) No 795/2014 (the SIPS Regulation).

The TARGET2 oversight function at the national level also encompasses the assessment of domestic T2-SK ancillary systems, in order to identify any potential problems they could cause to the functioning of TARGET2 as a whole.
T2-SK currently has four ancillary systems:

a) the Slovak Interbank Payment System (SIPS) – a retail payment system used for the processing and clearing of payments in euro and classified by the Eurosystem as a prominently important retail payment system (PIRPS); NBS oversees this payment system in accordance with the ECB’s Revised oversight framework for retail payment systems;

b) SIA Slovakia – a retail payment system operating under NBS authorisation and providing electronic money management and issuance services and transaction settlement services; SIA falls under the Eurosystem category entitled other retail payment systems (ORPS) and, like the Slovak Interbank Payment System, it is overseen in accordance with the ECB’s Revised oversight framework for retail payment systems.

c) CDCP – central securities depository (CSD) which NBS assesses against the BIS-IOSCO Principles for financial market infrastructures as part of the Eurosystem’s comprehensive assessment of CSDs (this includes assessing the eligibility of CSD-operated securities settlement systems for use in Eurosystem credit operations).