Adherence of the central banks and banking supervisors of the new Member States to the Memoranda of Understanding on high-level principles of co-operation in crisis management situations and between payment systems overseers and banking supervisors

The banking supervisory authorities and the central banks of the new Member States of the European Union (EU) have agreed to adhere to (i) the Memorandum of Understanding on high-level principles of co-operation in crisis management situations, in force since 1 March 2003, and (ii) the Memorandum of Understanding on co-operation between payment systems overseers and banking supervisors in Stage Three of Economic and Monetary Union, in force since 1 January 2001. The full list of the authorities which are now parties to these Memoranda of Understanding (MoUs) is included in Annex 1 to this press release. The adherence of the central banks and banking supervisors of the new Member States to the MoUs entered into effect on 17 June 2004.

The Memorandum of Understanding on high-level principles of co-operation in crisis management situations between the banking supervisors and central banks of the EU consists of a set of principles and procedures for cross-border co-operation between banking supervisors and central banks in crisis situations. These principles and procedures deal specifically with the identification of the authorities responsible for crisis management, the required flows of information between all the involved authorities and the practical conditions for sharing information at the cross-border level. The MoU also provides for the setting-up of a logistical infrastructure to support the enhanced cross-border co-operation between authorities.

The framework defined in the MoU will apply in crisis situations with a possible cross-border impact involving individual credit institutions or banking groups, or relating to disturbances in money and financial markets and/or market infrastructures (including payments infrastructures) with potential common implications for Member States. Co-operation will take the form required by the specific features of the crisis and with regard to all the relevant supervisory and central banking tasks and functions, and will be consistent with the necessary flexibility of action of each of the authorities involved. Further information is available in the press release of 10 March 2003.

The Memorandum of Understanding on co-operation between payment systems overseers and banking supervisors in Stage Three of Economic and Monetary Union is aimed primarily at promoting co-operation in relation to large-value payment systems. The updated list of payment systems within its scope is included as Annex 2 to this press release. Additionally, the MoU may serve as a starting point for co-operation regarding retail payment systems, including e-money schemes. The overall framework provided by the MoU is defined with a view to ensuring the soundness and stability of the payment systems and of the participating credit institutions. Investment firms participating in payment systems also fall within the scope of the MoU to the extent that their home supervisors have agreed to include them in the agreement. Co-operation and information sharing are specifically foreseen: (i) in the case of an application to join an existing payment system or when a new system is established, (ii) on an ongoing basis, and (iii) in crisis management situations. Further information is available in the press release of 2 April 2001.

Commission bancaire et financière/Commissie voor het Bank- en Financiewezen, Belgium

Nationale Bank van België/Banque Nationale de Belgique

Česká národní banka

Danmarks Nationalbank

Finanstilsynet, Denmark

Bundesanstalt für Finanzdienstleistungsaufsicht, Germany

Deutsche Bundesbank

Eesti Pank

Finantsinspektsioon, Estonia

Bank of Greece

Banco de España

Banque de France

Commission Bancaire, France

Central Bank & Financial Services Authority of Ireland

Banca d’Italia

Central Bank of Cyprus

Latvijas Banka

Finanšu un Kapitāla Tirgus Komisija, Latvia

Lietuvos bankas

Banque centrale du Luxembourg

Commission de Surveillance du Secteur Financier, Luxembourg

Magyar Nemzeti Bank

Pénzügyi Szervezetek Állami Felügyelete, Hungary

Central Bank of Malta

Malta Financial Services Authority

De Nederlandsche Bank

Finanzmarktaufsicht, Austria

Oesterreichische Nationalbank

Narodowy Bank Polski

Komisja Nadzoru Bankowego, Poland

Banco de Portugal

Banka Slovenije

Národná banka Slovenska

Rahoitustarkastus, Finland

Suomen Pankki – Finlands Bank

Finansinspektionen, Sweden

Sveriges Riksbank

Bank of England

Financial Services Authority, United Kingdom

European Central Bank