Monitor and promote efficient payment systems
According to Section 1 of the Norges Bank Act, Norges Bank shall "promote an efficient payment system domestically as well as vis-à-vis other countries". For a payment system to be efficient, payments must take place quickly, securely and at low cost. Information on developments in prices and the use of the various payment services is published in the Annual Report on Payment Systems.
Norges Bank places emphasis on the safety of systems for settlement of interbank payments. This is because serious problems on the part of one participant may spread to others and to the whole financial infrastructure. Norges Bank therefore monitors these systems to ensure that risk remains at a manageable level, and that the systems are organised in such a way that any problems experienced by one participant do not spread to others.
The Payment Systems Act, which entered into force in April 2000, introduced a requirement that interbank systems of significance for financial stability be authorised. Norges Bank is the authorising authority. Systems that have been authorised must report regularly to Norges Bank on turnover, exposures, deviations, contingency exercises etc. For further information, see Authorisation and supervision of payment systems.
Norges Bank continuously assesses the importance of securities settlements for financial stability. For further information, see the securities settlement system (VPO).
For further information, see: