FRANKFURT (MNI) – The following is the text of a European Central
Bank press release, announcing the publication of the Eurosystem’s
final version of the “Oversight Framework for Credit Transfer Schemes”
and the “Oversight Framework for Direct Debit Schemes”.

The press release, the oversight frameworks for both
credit transfers and debt schemes, and the outcome following the
public consultations on both oversight frameworks are available
on the ECB’s website at http://www.ecb.int/home/html/index.en.html

EUROSYSTEM PUBLISHES OVERSIGHT FRAMEWORKS FOR CREDIT
TRANSFER AND DIRECT DEBIT SCHEMES

The Eurosystem, which comprises the European Central Bank (ECB) and
the 16 national central banks of the euro area (NCBs), has today
published the final versions of the Oversight Framework for Credit
Transfer Schemes and the Oversight Framework for Direct Debit
Schemes. The new frameworks will help strengthen the soundness and
efficiency of credit transfers and direct debits schemes by highlighting
risks that could have an overall impact on the confidence of users of
the instrument. In this way, they will ultimately contribute to
maintaining confidence in the currency and promoting an efficient
economy.

The publication of the frameworks follows a public consultation,
which took place between 10 August and 10 November 2009, and was
intended to gather comments from interested parties on the draft
requirements proposed in July 2009. All the comments received, as well
as a summary of the most relevant ones, together with the respective
Eurosystem responses, are available on the ECBs website.

The Eurosystem has thoroughly considered all remarks, and has
reflected them in the final versions of both oversight frameworks.

The two frameworks build on the Eurosystem “Harmonised Oversight
Approach and Oversight Standards for Payment Instruments,” while
accommodating the specificities of the payment instruments in question.
The Eurosystem will apply these frameworks to the SEPA credit transfer
scheme and the SEPA direct debit scheme. Individual NCBs may also decide
to apply these standards for the oversight of other national (non-SEPA)
payment instruments, if they deem this to be appropriate.

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