Meginmál

Changes to payment amount limits and operating times of the Central Bank of Iceland's RTGS system

Changes to payment amount limits and operating times of the Central Bank of Iceland's RTGS system

NOTE: This article is from 27. October 2003 and is therefore more than 5 years old.

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