Payments and Securities Settlements

The Central Bank's key responsibilities in relation to payments and securities settlement systems include:

Eurosettlements and Collateral Management

• The operation of the Irish component of the Eurosystem's real time gross settlement system, TARGET2 (IE), and the processing and settlement of the Central Bank's high-value transactions for monetary policy operations, investment activity, and government payments.
• Daily valuation of collateral presented to the Central Bank in connection with the provision of liquidity (together with Financial Markets Division) to commercial banks via Eurosystem monetary policy operations, as well as intra-day and overnight facilities.

Oversight and Policy

• The promotion of safe and efficient payments and securities settlement systems operating in Ireland by assessing these systems against established oversight principles and standards as part of the Eurosystem.

Consultations

On 12 October 2020 the ECB launched a public consultation on a proposal for a digital euro.

This consultation was concluded on 12 January 2021.

Responses to the consultation were processed and reviewed in the following weeks and based on this analysis the Eurosystem prepared a report on the public consultation on a digital euro, which is now available on the ECB's website.

You can find more information on the consultation and important aspects of a digital euro on the ECB's website under Hub: a digital euro.

Documents

• Eurosystem oversight framework for electronic payment instruments, schemes and arrangements
• Eurosystem assessment methodology for electronic payment instruments, schemes and arrangements
• Exemption policy for the Eurosystem oversight framework for electronic payment instruments, schemes and arrangements.

If you have any specific queries on this or wish to discuss bilaterally then please email [email protected].

Deposit Guarantee Scheme

• Operation of the domestic Deposit Guarantee Scheme on behalf of the Minister for Finance.

Irish Government Bonds

• Maintaining the register for Irish Government Bonds.

The Payment and Securities Settlements Division also contributes to Eurosystem policy formulation on payments and securities settlements systems through the ECB's Market Infrastructure and Payments Committee and its working groups. The Division provides support to the Governor when relevant topics are discussed at the ECB Governing Council.