The Board of Governors of the Central Bank of
Iceland has issued new rules on payment systems: Rules on Activities of
Netting Systems and Rules on the Central Bank of Iceland Real-Time Gross Settlement
System. These Rules replace Rules No. 951 from December 29, 2000, on Access
to Settlement Accounts in the Central Bank of Iceland, and enter into force on
November 1, 2003.
The new Rules are intended to create a more solid framework for safe and efficient activities of payment systems in Iceland in order to fulfil internationally accepted principles in this respect. The Rules were drawn up in cooperation with the board of the Fjölgreiðslumiðlun hf. netting service provider.
Attention is drawn to the following changes made to payment amount limits and operating times of the RTGS system:
Changes to payment amount limits
The minimum amount of a payment
handled in the Central Bank's RTGS system will be lowered from 25 m.kr to 10
m.kr. Payment orders amounting to 10 m.kr. or more will therefore be handled in
the RTGS system. Payment orders for amounts up to 10 m.kr. will be handled in
the netting system. However, all payment orders in connection with settlements
in a netting system and securities settlement system are handled in the RTGS
system irrespective of their amount.
This change enters into force on
November 1, 2003.
Changes to RTGS system operating times
The regular operating time
of the RTGS system, which has been from 08.45 to 18.00 on regular banking days,
will be shortened and be from 09.00 to 17.00 on regular banking days. From 08.45
to 09.00 the system will be open for payment orders in connection with the
settlement of securities transactions. The system will also be open from 17.00
to 17.30 for banks to settle payments among themselves.
This change enters
into force on November 1, 2003.
Further information
The new Rules (and an English translation)
will be published in their entirety on the Central Bank of Iceland website and
in the Government Gazette.
For further information please contact Mr. Hallgrímur Ásgeirsson, Central Bank of Iceland Financial Stability Department, tel. (+354) 569-9600.
No. 23/2003
October 27, 2003