ECB: EURO1 complies with CPSS core principles

14 November 2011

The report, entitled EURO1 Oversight Assessment Report, was produced by the central banks of the euro area and was coordinated by the ECB, as part of their joint oversight mandate.

The European Central Bank (ECB) published today an assessment of the euro system of EBA CLEARING Company (EURO1) against the core principles for systemically important payment systems, as defined by the Committee on Payment and Settlement Systems (CPSS).

The report outlines the overall results of the assessment exercise and concludes that the euro system of EBA CLEARING Company (EURO1) complies with CPSS Core Principles I to IX and, due to the absence of a dedicated Risk Management function within the company, broadly complies with Core Principle X (on governance). In addition, the report makes recommendations to the operator for improvements in some areas, highlighting that none of the aspects to improve poses a significant risk to the effective functioning of EURO1.

Press release

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