Contingency plans for the payment system
Each financial sector participant has an independent responsibility for reducing the risk in its own operations. This responsibility includes developing stable operating solutions, proper backup and preparedness procedures and systems and a robust financial infrastructure.
Norges Bank’s payment system preparedness work is closely tied to its responsibility for promoting an efficient payment system and ensuring financial stability. This applies internally to the central bank’s own systems, including Norges Bank’s settlement system (NBO), as well as externally to financial sector infrastructure, including the power to authorise and oversee interbank systems.
Contingency Committee for Financial Infrastructure (BFI)
To ensure optimal coordination of preparedness efforts among financial infrastructure participants, the Contingency Committee for Financial Infrastructure (BFI) was established in October 2000. Norges Bank sits on the committee along with Finanstilsynet, Finance Norway (FNO), Nets, EDB Business Partner ASA, Verdipapirsentralen ASA and others.
The committee’s primary tasks:
- Arriving at and coordinating actions to prevent and resolve crises that can seriously disrupt financial infrastructure.
- Overseeing necessary coordination of financial sector preparedness matters, including within the civil defence system