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.


This paper gives an overview of the financial market infrastructures serving the Irish market reflecting on the technological and legislative changes that have taken place.  It also provides an insight into the Central Bank’s oversight mandate.

Payment and Securities Settlement Infrastructures | pdf 1798 KB


The ECB have launched a public consultation on the draft Eurosystem oversight framework for electronic payment instruments, schemes and arrangements. 

The deadline for response is 18:00 CET on 31 December 2020.


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

Deposit Guarantee Scheme

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.