Reacting to the European Parliaments adoption of the Swift resolution the ECB pointed out that it does not share the recommendation to bring data protection within the oversight of SWIFT and within the scope of oversight of payment and settlement system in general. The ECB states that data protection is outside the competences of central banks, would create an overlapping of competences, and could raise questions on the oversight to encompass also other compulsory laws.
The ECB also noted, that in its capacity as policy maker in the field of payment systems, will make sure that payment systems owned and operated by the Eurosystem, including the future Target 2 system, are fully compliant with European data protection law.
Press release
© Graham Bishop
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