Systems subject to oversight by the NBS

Národná banka Slovenska also performs the oversight activities that are its primary responsibility at the national level.

These activities specifically cover:

  •      the SIPS operated by NBS;
  •      the system operated by First Data;
  •      the securities clearing and settlement system operated by the central securities depository - Centrálny depozitár cenných papierov (CDCP);
  •      payment instruments (monitoring of credit transfers, direct debits, card payments) 

The oversight activities of Národná banka Slovenska include the following responsibilities: 

  •                    TARGET2 (T2) payment system - T2 oversight is conducted in accordance with the relevant internal document Oversight Guide for SIPSs. The primary responsibility for the T2 oversight lies with the ECB. Národná banka Slovenska, as a Eurosystem member, contributes to the conduct of T2 oversight on a voluntary basis. NBS has sole competence to perform activities related to the operation of the T2 national component (T2-SK), specifically the local features. T2 is seen by the Eurosystem as a systemically important payment system and therefore its assessment is governed by the ECB Regulation and is performed in compliance with the Assessment methodology for payment systems(6)

The function of T2 oversight at the local level also involves the assessment of domestic T2 ancillary systems, in order to ascertain whether these could cause problems in the functioning of T2 as a whole.

  •                    The T2-SK ancillary systems in Slovakia include:
  • a)                the low-value payment clearing system SIPS (Slovak Interbank Payment System), which according to the approved oversight classification is a Prominently Important Retail Payment System (PIRPS). The SIPS is assessed at NBS in compliance with the documents Revised oversight framework for retail payment systems (4) and Assessment methodology for payment systems(6)
  • b)                The First Data Slovakia payment system, operated under licence from NBS, which NBS assesses against relevant standards for payment schemes according to the Oversight framework for card payment schemes - standards(12)
  • c)                 the central securities depository (CDCP), a securities clearing and settlement system. NBS assesses CDCP against relevant CPSS - IOSCO PFMIs in compliance with the Eurosystem's assessment schedule for central securities depositories/securities settlement systems (CSDs/SSSs). The CDCP assessment is part of a comprehensive assessment approach by the Eurosystem/ESCB, which also assesses the appropriateness of using CDCP in Eurosystem's credit operations (what is known as user assessment). (15)