Systems subject to oversight by the NBS

The role of National Bank of Slovakia is determined by the provisions of the Act of the National Council of the Slovak Republic No. 566/1992 Coll. On The National Bank of Slovakia, whereby Article 2 (1) states that the primary objective of the National Bank of Slovakia shall be to maintain price stability. To this end, the National Bank of Slovakia shall promote the smooth and efficient functioning of payment systems, control, coordinate and ensure the circulation of money within the scope established by this Act and a separate Act.

Objective of the central bank´s function in the field of oversight is to promote safety and efficiency of payment and settlement systems by monitoring existing and the future licensed systems, assessing them against these objectives, common standards and principles and where necessary, inducing change.

The Act of the National Council of the Slovak Republic No 492/2009 Coll. On payment services in Article 45 (8) lays down the oversight requirements for the operator or a payment system, the central securities depository and the payment service provider. They are required to submit to National Bank of Slovakia any information, derived from records kept by them, in the official state language, as National Bank of Slovakia may request for the purposes of assessing the payment system, the financial instruments settlement system, payment services, including without limitation credit transfers, direct debits, payment cards and electronic money. Such assessment shall be carried out in accordance with the standards and policies issued by the European Central Bank, the National Bank of Slovakia, the European System of Central Banks or Eurosystem, including the Eurosystem policy principles on the location and operation of infrastructures settling euro-denominated payment transactions. For the above purposes, National Bank of Slovakia may, in cooperation with the European Central Bank, central banks in the European System of Central Banks or competent authorities of other Member States designated according to their respective national laws, carry out such assessment across borders.

The National Bank of Slovakia exercises oversight over these categories of systems:

  •   Payment systems operated by National Bank of Slovakia

     a) Large-value payment system TARGET2-SK that processes real-time gross settlement as part of the Eurosystem TARGET2 oversight.

     b) Retail payment system - EURO SIPS operated by National Bank of Slovakia. On the basis of the oversight framework for retail payment system operating in euro, EURO SIPS is classified as prominently important retail system (PIRPS).

  •   Payment systems operated by other person under licence of National Bank of Slovakia
  •   Securities settlement system in Slovak Republic is established as CDCP  (Centrálny depozitár cenných papierov SR a. s.)
  •   Non-cash payment instruments, as an integral and implicit part of the oversight of systems, such as payment cards, credit transfers, direct debits and other means which are used by end consumers.