In approving any payment system's rules, we must have regard to the "...proper and orderly regulation of the payment system concerned and of competition between payment systems...". In assessing the soundness of these domestic payment systems, we use as reference the internationally recognised principles developed by the Committee on Payment and Settlement Systems of the central banks of the G10 countries.
In addition to these direct arrangements, the Central Bank is involved in a number of co-operative oversight roles. Thus, in relation to the TARGET system, which interlinks all EU euro-denominated real time gross settlement systems, we participate in the Eurosystem's oversight arrangements.