Contents

List of Abbreviations

Executive Summary

1. Introduction
   
   
2. Payment Systems and Oversight Approaches
   1. Payment Systems, Monetary Policy, and Financial Stability
      
   2. The Main Elements of a Stable, Secure and Efficient Payment System
      
                 The legal environment
                 The national infrastructure
                 Economic efficiency and the payment system
   
   3. Payment Systems and Emerging Cross-Sectoral Links
      
                 Securities settlement systems
                 Settlement of foreign exchange transactions
                 Resolution of problem banks
   
   4. The Role of the Central Bank in the Oversight of Payment Systems
      
      
3. Core Principles for Systemically Important Payment Systems
   1. The Core Principles
      
                 The responsibilities of the central bank in applying the CPSIPS
   2. The Use of the CPSIPS by the Bank and the Fund
      
      
4. The Assessment Process and the Main Findings
   1. The Assessment Process
      
   2. The Assessment of the CPSIPS
                 Main findings
                 Developing countries
                 Countries in transition
                 Advanced economies
   
   
5. Assessment Recommendations and Post-Assessment Follow-Up
   1. Assessment Recommendations
      
                 Stability and soundness issues
                 Issues relating to the future development of the financial sector
                 Prioritization of recommendations
   
   2. The Authorities' Responses
      
   3. Follow-up and Technical Assistance
      
      
6. Enhancing the Assessment Process
   1. Improving Assessment Modalities
      
   2. The Efficacy of the CPSIPS
      
      
7. Concluding Observations

Text Tables

Table 1. Number of Experts and Cooperating Official Institutions
Table 2. Aggregate Level of Observance for All SIPS
Table 3. Aggregate Level of Observance for SIPS in Developing Countries
Table 4. Aggregate Level of Observance for SIPS in Countries in Transition
Table 5. Aggregate Level of Observance for SIPS in Advanced Economies

Boxes

Box 1. Payment Systems, Monetary Policy, and Financial Stability
Box 2. Influences on Payment Systems
Box 3. The Unwinding Procedure for a Multilateral Net Settlement System
Box 4. Continuous Linked Settlement Bank
Box 5. The CPSIPS and Central Bank Responsibilities
Box 6. Payment System Oversight and the IMF's Code on Transparency in Monetary and Financial Policies
Box 7. CPSIPS Self-Assessments