Ohrid, 4 June 2012 NATIONAL BANK OF THE REPUBLIC OF MACEDONIA 5TH CONFERENCE ON PAYMENT AND SECURITIES SETTLEMENT SYSTEMS

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1 NATIONAL BANK OF THE REPUBLIC OF MACEDONIA 5TH CONFERENCE ON PAYMENT AND SECURITIES SETTLEMENT SYSTEMS Rui Pimentel BANCO DE PORTUGAL ORGANISATION AND ACTIVITIES IN PAYMENT SYSTEMS Payment Systems Department Banco de Portugal Ohrid, 4 June 2012

2 A G E N D A 1. Banco de Portugal Mission and Functions 2. Role in the context of the financial crisis 3. Involvement in Payment Systems 4. Catalyst approach 5. Topics for discussion 5th Conference on Payment and Securities Settlement Systems 2

3 1. B A N C O DE P O RT U G A L M I S S I O N A N D F U N C T I O N S 4th Conference on Payment and Securities Settlement Systems 3

4 1. B A N C O DE P O R T U G A L M I S S I O N A N D F U N C T I O N S Portugal Country profile: Area sq kilometres Population 10,7 million (2011) GDP per inhabitant (2011) 5th Conference on Payment and Securities Settlement Systems 4

5 1. B A N C O DE P O R T U G A L M I S S I O N A N D F U N C T I O N S Strategic guidelines Financial stability within the European context 2. Effective and fully-fledged contribution to its functions as monetary authority within the framework of the Eurosystem 3. Organisation and efficient management of its resources 4. Strengthened communication and external image These Broad Strategic Guidelines are closely linked to compliance with the Mission statement, Strategic intents and Organisational principles of the Eurosystem, which reflect the strategy and the overall scope of action of member national central banks as a whole. 5th Conference on Payment and Securities Settlement Systems 5

6 1. B A N C O DE P O R T U G A L M I S S I O N A N D F U N C T I O N S Monetary policy Asset and reserve management Supervision of money and foreign exchange markets Prudential and market conduct supervision Regulation of payment systems 5th Conference on Payment and Securities Settlement Systems 6

7 1. B A N C O DE P O R T U G A L M I S S I O N A N D F U N C T I O N S Currency issue Collection and compilation of statistics Production of economic research and analyses International activity Relations with the State 5th Conference on Payment and Securities Settlement Systems 7

8 1. B A N C O DE P O R T U G A L M I S S I O N A N D F U N C T I O N S Several of these functions are performed in the framework of Banco de Portugal s participation in the Eurosystem and the European System of Central Banks Among these, the role played by Banco de Portugal in the field of payment systems is defined in its Organic Law as «( ) it is incumbent on the Bank to regulate, oversee and promote the smooth operation of payment systems, namely within the scope of its participation in the ESCB. ( )» Clearly, the promotion of the smooth operation of payment systems entails several activities 5th Conference on Payment and Securities Settlement Systems 8

9 1. B A N C O DE P O R T U G A L M I S S I O N A N D F U N C T I O N S Organisation Governor Board of Directors Departments 1689 employees (April 2012) 5th Conference on Payment and Securities Settlement Systems 9

10 2. R O L E IN T H E C O N T E X T OF T H E F I N A N C I A L C R I S I S 5th Conference on Payment and Securities Settlement Systems 10

11 2. R O L E IN T H E C O N T E X T OF T H E F I N A N C I A L C R I S I S In the context of the financial crisis, Portugal is currently under a financial assistance program witht he involvement of the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF). Under this program, several reforms are being implemented and Banco de Portugal has been playing a relevant role, having reinforced attributions. 5th Conference on Payment and Securities Settlement Systems 11

12 2. R O L E IN T H E C O N T E X T OF T H E F I N A N C I A L C R I S I S In this regard, the supervisory functions of Banco de Portugal regarding the financial system were redesigned and are now performed on 3 main lines of action: Prudential supervision of credit institutions and financial companies The governor of Banco de Portugal chairs the National Council of Financial Supervisors, an entity which comprises Banco de Portugal, the Portuguese Securities Market Commission and the Insurance and Pension Funds Supervisory Authority Supervision of the conduct of institutions in their relations with customers The so-called market conduct supervision, entailing a reinforced approach regarding information to the public. An important initiative undertaken by the Bank within this field was the creation of the Portal do Cliente Bancário (bank customer website), which allows customers to submit complaints regarding supervised institutions or request the location of financial assets in case of death of the holder Revision of legal enforcement powers of the bank 5th Conference on Payment and Securities Settlement Systems 12

13 3. I N VO LV E M E N T IN PAY M E N T S YSTEMS 5th Conference on Payment and Securities Settlement Systems 13

14 3. I N V O LV E M E N T IN P AY M E N T S Y S T E M S The actions carried out by Banco de Portugal in the field of payment systems are performed according to its mission as stated in the Organic Law, as it shall be incumbent on Banco de Portugal to ensure economic agents efficient, time-critical and secure payment systems. These include several areas: Large-value payments Retail payments (entails the adoption of SEPA) Settlement of securities operations Payment instruments (oversight role) Prohibition of the use of cheques Payment systems statistics Legislation and regulations (also connected to SEPA) 5th Conference on Payment and Securities Settlement Systems 14

15 3. I N V O LV E M E N T IN P AY M E N T S Y S T E M S Several of these tasks are performed within the operational framework of the Eurosystem and European System of Central Banks. However, new challenges and projects have surged and need to be dealt with: Target 2 Securities (T2S) Issues in the field of the security of payments Innovation in payments Financial inclusion/education programmes 5th Conference on Payment and Securities Settlement Systems 15

16 3. I N V O LV E M E N T IN P AY M E N T S Y S T E M S Over the years, the main approach taken by Banco de Portugal towards the market has been to develop policies in dialogue with participants, enhancing its catalyst role. This is particularly acute in the field of retail payments, with the setup of the Payment Systems Interbank Commission (CISP) which is active since 1997 for dialogue with banks and financial market operators and the Payment Systems Forum active since 2009 for dialogue with end-users of payment instruments and other relevant stakeholders, including a dedicated SEPA Steering Committee. Both CISP and the Forum act as consultative bodies of Banco de Portugal and the actions taken have proven fruitful for the development of payment systems in Portugal. 5th Conference on Payment and Securities Settlement Systems 16

17 3. I N V O LV E M E N T IN P AY M E N T S Y S T E M S Clearly, the SEPA project has been significant in the involvement of Banco de Portugal in payment systems for the last few years. Issues related to the regulatory framework, the new market entrants, innovation, security and fostering SEPA migration, among others, have represented continuous challenges to which Banco de Portugal has put a substantial effort. 5th Conference on Payment and Securities Settlement Systems 17

18 3. I N V O LV E M E N T IN P AY M E N T S Y S T E M S Also the collection of statistics specifically designed for the usage of payment systems and instruments has proven an essential tool to monitor market developments and identify changes of habits and behaviour in banks and end-users. For instance, SEPA indicators are collected by Banco de Portugal. Current levels are still unsatisfactory but numbers tend to grow, following the migration of Social Security pensions and other payments and following the establishment of the migration end date (1 February 2014) via Regulation (EU) 260/2012. Volumes: Amounts: SCT 15.37% SCT 9.35% SDD residual (0.04%) SDD residual (0.06%) April th Conference on Payment and Securities Settlement Systems 18

19 3. I N V O LV E M E N T IN P AY M E N T S Y S T E M S In the context of contributions for the ECB s Statistical Data Warehouse, the identification of trends represent a very relevant exercise for comparison among EU countries. Number of cashless payments per capita, % 80% 60% 40% 20% 0% FI SE NL LU DK GB AT FR BE DE EE SI PT IE ES CY LV HU CZ SK MT LT PO IT GR RO BG Structure of cashless payments, 2010 (%) FI SE NL LU DK GB AT FR BE DE EE SI PT IE ES CY LV HU CZ SK MT LT PO IT GR RO BG Credit transfers Direct Debits Cards Cheques Source: Blue Book (ECB, Statistical Data Warehouse) 5th Conference on Payment and Securities Settlement Systems 19

20 3. I N V O LV E M E N T IN P AY M E N T S Y S T E M S Regarding the use of cards, the available data continues to show that usage is growingly oriented for electronic/cashless transactions with less cash withdrawals at ATMs and more payments at POSs ( ) Number of ATM withdrawals, per card DE AT BE BG CY DK SK SI ES EE FI FR GR HU IE IT LV LT LU MT NL PO PT GB CZ RO SE Number of payments per card 0 DE AT BE BG CY DK SK SI ES EE FI FR GR HU IE IT LV LT LU MT NL PO PT GB CZ RO SE Source: Blue Book (ECB, Statistical Data Warehouse) 5th Conference on Payment and Securities Settlement Systems 20

21 3. I N V O LV E M E N T IN P AY M E N T S Y S T E M S Regarding the Portuguese case, the trend in the last decade has been of a significant growth in the use of electronic payments, following the trend from the previous decade. This is particularly true for the use of cards, while credit transfers and direct debits also became more widely used during this period (figures for 2011 not yet available). Source: Blue Book (ECB, Statistical Data Warehouse), Banco de Portugal statistics Use of cashless payment instruments in Portugal (millions) Number As a % Number As a % Cheques Payment cards Credit transfers Direct debits Other Growth of 75% 5th Conference on Payment and Securities Settlement Systems 21

22 3. I N V O LV E M E N T IN P AY M E N T S Y S T E M S The wide variety of available transactions in the Multibanco network, Portugal s country profile concerning the usage of payment cards for transactions with financial impact is currently the following (2011 data): 2.7% 1.7% Purchases 95.6% Domestic with PT issued card Domestic with cards issued abroad Abroad with PT issued card Payment card transactions with financial impact for 2011 (volume in thousands) 288, , , ,141 (0.4%) 6,876 20,478 Withdrawals Deposits Credit tranfers Payments Purchases Low value operations Other operations 2.5% 0.8% 44.5% Withdrawals 96.6% 5.6% Payments 49.9% Domestic with PT issued card Domestic with cards issued abroad Abroad with PT issued card Services / Purchases Telecommunications Government / Social security 5th Conference on Payment and Securities Settlement Systems 22

23 3. I N V O LV E M E N T IN P AY M E N T S Y S T E M S In parallel with the growth in the use of cards, also data on the profile of the usage of credit transfers at national level is also analysed in the context of the use of cashless payment instruments in Portugal Volume of credit transfers in Portugal - by type of transaction National - Housing rents National - Wages National - Suppliers National - Social security payments National - Pensions National - State reimbursements Cross-border 5th Conference on Payment and Securities Settlement Systems 23

24 4. C ATA LYST A P P ROAC H 5th Conference on Payment and Securities Settlement Systems 24

25 4. C ATA LY S T A P P R O A C H CISP ORGANISATION CHART CISP Plenary Composition (Payments Systems Interbank Commission) CE-CISP (Executive Committee - CISP) Secretariat & General Support (BdP) GTI/Cheques and Bills of Exchange GTI/Payment Systems Statistics GTI/Direct Debits GTI/Credit Transfers GTI/Cards GTI/Target 2 Task Force M-Payments Task Force e-payments GTI Interbank Working Group (Grupo de Trabalho Interbancário) CD Steering/Managing Committee (Comité Directivo) GT Analyst level Group (Grupo Técnico) Standards Subgroup Security Subgroup Legal Aspects Subgroup GTI/Cross- Border Payments * *Ensures the regular link with the EPC activities and promotes the adoption of its recommendations within the domestic systems by regularly addressing the other GTI 5th Conference on Payment and Securities Settlement Systems 25

26 4. C ATA LY S T A P P R O A C H Groups of dialogue between regulators and the market/stakeholders Composition: At national level Payment Systems Forum Plenary Steering Committees Financial Sector Consumer Associations Public Administration Social Security Corporates SEPA ( ) At European level European System of Central Banks SEPA Council SEPA High Level Meeting Contact Group on Euro Payments Strategy (COGEPS) SEPA Governance model under discussion European Commission EU Forum of national SEPA Coordination Committees Payments Committee Payment Systems Market Experts Group (PSMEG) 5th Conference on Payment and Securities Settlement Systems 26

27 5. T O P I C S F O R D I S C U S S I O N 5th Conference on Payment and Securities Settlement Systems 27

28 5. T O P I C S F O R D I S C U S S I O N Central banks play several key roles Institutional framework New challenges Catalyst approach Continuous adaptation to new developments Economic development can only be achieved with stability and confidence 5th Conference on Payment and Securities Settlement Systems 28

29 P AY M E N T H A B I T S IN P O R T U G A L Q U E S T I O N S 5th Conference on Payment and Securities Settlement Systems 29

30 P AY M E N T H A B I T S IN P O R T U G A L THANK YOU RUI PIMENTEL Head of the Payment Systems Analysis and Development Unit Payment Systems Department Banco de Portugal th Conference on Payment and Securities Settlement Systems 30

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