Norges Bank

Reporting requirements for licensed interbank systems and NBO

Norges Bank oversees interbank systems pursuant to the Payment Systems Act. Section 2-9, first paragraph of the Act states that "Norges Bank may require the operator to provide information that Norges Bank deems necessary to ensure that the system is organised and operated in accordance with the provisions set out in or pursuant to this Act."

Norges Bank has developed requirements for periodic and event-based reporting for licensed systems, and supervisory meetings are held with the responsible operator at least twice a year. The Payment Systems Act does not apply to Norges Bank's own settlement system, NBO. However, Norges Bank has assumed that NBO will be subject to the same supervisory criteria as licensed interbank systems. The internal oversight function is organisationally separate from the operational responsibility for NBO.

The following reporting requirements and supervisory procedures have been established:

  Licensed interbank systems Norges Bank's settlement system
Participation, turnover, exposure, liquidity Annual Semi-annual
Interrupted operations Quarterly basis Quarterly basis
Risk analyses, procedures for change and error management Annual Annual
Testing of contingency plans Annual Semi-annual
Immediate reporting of disruptions Disruptions classified as "critical" Disruptions classified as "serious"
Notification requirement for significant changes Yes Yes

Annual reporting requirements for licensed interbank systems

Published 21 June 2006 14:09
Edited 13 September 2011 13:20