FRANKFURT (MNI) – The European Central Bank published Thursday its
Eurosystem Oversight Report 2011 outlining oversight policies and the
main activities undertaken since the previous report published in
late 2009. Following is the text of the ECB’s press release:
The European Central Bank (ECB) has today published the Eurosystem
Oversight Report 2011, which provides information on the Eurosystems
oversight policies and main oversight activities between the late summer
of 2009 and the late summer of 2011. The previous and first Eurosystem
Oversight Report was published in November 2009.
The report comprises four chapters and three annexes. Chapter 1
provides an update on the Eurosystems oversight policies and reports on
EU legal initiatives that are relevant for the Eurosystem’s oversight
function. It also summarises developments in oversight standards, and
reports on existing and new cooperative oversight arrangements as well
as on the activities performed within these arrangements. Chapter 2
presents the Eurosystems main oversight activities. Chapter 3 gives an
outlook for future activities, which will include, in particular, a
review of the Eurosystem’s oversight policies once the new principles
for financial market infrastructures being developed by the Committee on
Payment and Settlement Systems (CPSS) and the International Organization
of Securities Commissions (IOSCO) have been finalised. Finally, Chapter
4 contains three articles, entitled “Progress in OTC derivatives market
reform: a Eurosystem perspective”, “TARGET2 transactions: data and
analysis” and “A survey on the role of technological service providers
in retail payments in Italy and in Greece”. Annexes to the report
provide details of oversight policy documents and links to Eurosystem
central banks websites, where more information on overseen
infrastructures and arrangements can be found.
The Eurosystem Oversight Report 2011 is produced as part of the
oversight function of the Eurosystem, the objective of which is to
promote the smooth operation of payment systems.
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