Front Matter Page
© 2004 International Monetary Fund
May 2004
IMF Country Report No. 04/132
Italy: Detailed Assessment of Compliance with the Committee for Payment and Settlement Systems (CPSS) Core Principles for Systemically Important Payment Systems
This Detailed Assessment of Compliance with the CPSS Core Principles for Systemically Important Payment Systems for Italy was prepared by a staff team of the International Monetary Fund. It is based on consultations with the authorities and other information available at the time it was completed on June 2003. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Italy or the Executive Board of the IMF.
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Front Matter Page
Italy
Detailed Assessment of Compliance with the CPSS Core Principles for Systemically Important Payment Systems
March 2004
International Monetary Fund
Monetary and Financial Systems Department
Contents
Glossary
I. CPSS Core Principles for Systemically Important Payment Systems
A. General
Information and methodology used for the assessment
Institutional and market structure—overview
Payment systems infrastructure
Transparency of payment system oversight
B. Detailed Assessment of Observance of the CPSS CPSIPS and Central Bank Responsibilities
II. Recommended Actions and Authorities’ Response to the Assessment
A. Recommended Actions
B. Authorities’ Response
Legal foundation
Understanding and management of risks
Security and operational reliability, and contingency arrangements
Criteria for participation (CP IX)
Text Tables
1. BIREL Payment Flows and Sources of Intraday Liquidity
2. Detailed Assessment of Observance of CPSS CPSIPS and Central Bank Responsibilities in Applying the CPSIPS—BIREL
3. Recommended Actions to Improve Observance of CPSS Core Principles and Central Bank Responsibilities in Applying the CPSIPS—BIREL
4. Summary Observance of CPSS Core Principles and Central Bank Responsibilities in Applying the CPSIPS—BIREL
Figures
1. Payment System Flows, 1988–2002
2. BIREL Credit Line Available to Participants
3. Target Performance: Average Overall Availability
Glossary
| ABC |
Activity-Based Costing |
| ABI |
Italian Banking Association |
| ACH |
Automated Clearing House |
| BCP |
Basel Core Principles for Effective Banking Supervision |
| BI-COMP |
Banca d’Italia Clearing System for Domestic Retail Payments |
| BIREL |
Banca d’Italia RTGS System for Large-Value Payments |
| BIS |
Bank of International Settlements |
| BL |
1993 Banking Law |
| BI |
Banca d’Italia |
| BSD |
Banking Supervision Department |
| CBT |
Interlinking Communication Component |
| CCG |
Clearing House for Derivatives |
| CLFI |
1998 Consolidated Law on Financial Intermediation |
| CLS |
Continuous Linked Settlement |
| CSD |
Central Securities Depository |
| Co.Ca |
Correspondent Contingency Current Accounts |
| Consob |
Italian Companies and Stock Exchange Commission |
| CP |
Core Principle |
| CPSIPS |
Core Principles for Systemically Important Payment Systems |
| CPSS |
Committee for Payment and Settlement Systems |
| DvP |
Delivery-versus-Payment |
| ECB |
European Central Bank |
| EDP |
Electronic Data Processing |
| EEA |
European Economic Area |
| EMU |
European Monetary Union |
| ESCB |
European System of Central Banks |
| EU |
European Union |
| FAFO |
First-Available First-Out |
| FIFO |
First-In First-Out |
| ICCREA |
Central Credit Institution for Cooperative Banks |
| IMF |
International Monetary Fund |
| LDT |
Securities Net Settlement Procedure |
| MAC |
Message Authentication Codes |
| MFD |
Monetary and Financial Systems Department |
| MoE |
Ministry of the Economy and Finance |
| MoUs |
Memoranda of Understanding |
| NCBs |
National Central Banks |
| PSD |
Payment System Department |
| PSOO |
Payment System Oversight Office |
| PSSC |
Payment and Settlement Systems Committee |
| RNI |
National Interbank Network |
| RRG |
Automated Matching and Correction System |
| RTGS |
Real-Time Gross Settlement Payments System |
| SIA |
Interbank Company for Automation |
| SLA |
Service-Level Agreement |
| STP |
Straight–Through Processing |
| TARGET |
Trans-European Automated Real-time Gross Settlement Express Transfer System |
| TUG CASPER |
Committees for Cooperation between the BI and the Banking System (TARGET User Group and ABI’s Committee for Payment and Settlement Services) |
| UAE |
United Arab Emirates |