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The Eurosystem, the Dutch payment system and the Macedonian payment system

De Nederlandsche Bank. The Eurosystem, the Dutch payment system and the Macedonian payment system Thijs Kettenis and Paul Osse Conference Financial Sector of Macedonia on Payments and Securities Settlement Systems Ohrid 23 June 2008. Contents.

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The Eurosystem, the Dutch payment system and the Macedonian payment system

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  1. De Nederlandsche Bank The Eurosystem, the Dutch payment system and the Macedonian payment system Thijs Kettenis and Paul Osse Conference Financial Sector of Macedonia on Payments and Securities Settlement Systems Ohrid 23 June 2008

  2. Contents • Objective of the presentation • The Dutch payment system overview  roles of DNB  large value payments  retail payments  securities settlement • Payments in the euro area  large value payments  retail payments  payment systems of EBA • Important similarities and differences with the Macedonian payment system • Questions

  3. Objective presentation In the first part of the presentations the payment system in the Eurosystem and Dutch system will be highlighted. To support the practicable usability of this information this presentation will show: • the main concepts of the EU and the Dutch payments and securities system; • an overview of the important similarities and differences with the Macedonian payment and securities system.

  4. Overview: infrastructure in the Netherlands • Central bank • About 100 banks; 3700 branches • 1 Automated Clearing House (Equens) for retail payments • 1 RTGS large value payment system linked to with other EU central bank payment systems (TARGET2) • Securities: trading: Euronext Amsterdam clearing: LCH.Clearnet, EMCF settlement: Euroclear Nederland

  5. Payment Pyramid DNB-TOP (settlement) Equens (clearing) Bank Bank Bank Bank Bank Non-bank financial institutions/corporates / private persons

  6. Payments: different roles DNB Operator - Cash - Large value payment system: TARGET2 - Settlement of cash leg in securities settlement systems Overseer - Payment systems - Payment products Catalyst

  7. TARGET2 Large value payment system: • Large interbank payment transactions Settlement services retail payments • Securities transactions • Domestic and Cross border (TARGET2)  TARGET2 is real-time gross settlement system (RTGS)

  8. Retail payments – major players • Equens - processing and clearing of retail payments- EFTPOS-network service • Currence: licensing joint products (brands: PIN, Chipknip, direct debit, inpayment transfer, iDEAL), certification processing • Banks: issuing and acquiring • De Nederlandsche Bank: interbank settlement • (Others credit card companies, internet payment service providers, etc.)

  9. Retail payments instruments • POS payment instruments - banknotes and coins - debit / credit card - electronic purses - cheques (until end 2001) - iDEAL (payment for internet purchases) • Low value remote payment instruments: - credit transfers - direct debit - inpayment transfers

  10. Payment pyramid Nr of payments 2007 (billion) 0.007 Non cash - wholesale Non cash - retail 4.4 Cash 6.7

  11. Payment pyramid Value of payments 2007(billion) 31,583 Non cash - wholesale 5,907 Non cash - retail 60 Cash

  12. Statistical data (I) Share in non-cash retail payments20002006 • Credit transfers 32% 29% • Direct debits 29% 26% • Inpayment transfers 9% 4% • Debit cards 28% 35% • Credit cards 2% 1% • E-purse 1% 4% Share in total number of payment transactions • Non-cash 35-45% • Cash 55-65% (POS 75-85%)

  13. Electronic vs. paper in non-cash

  14. Statistical data (II)End of 2005 • Population the Netherlands 16.3 mln • Bank accounts 23.2 mln • Payment cards with debit function 17.7 mln • Number of ATMs 7,520 • Number of EFTPOS terminals 237,308 • Bank accounts per inhabitant 1.4 • Payment cards per inhabitant 1.1 • ATMs per 10,000 inhabitants 4.6 • EFTPOS terminals per 10,000 inhabitants 145.3

  15. Securities settlement • Trade: Euronext Amsterdam (Euronext: merger Dutch, French, Belgian exchanges) • Clearing: LCH.Clearnet, central counterparty for Euronext cash and derivatives markets • Settlement: Euroclear Nederland (national Central Securities Depository, now part of the Euroclear group) • Cash leg of securities settlement (Euronext markets and OTC: at delivery-versus-payment at DNB)

  16. EURO AREA PAYMENTS LANDSCAPE

  17. Distribution of systems

  18. Euro area payment pyramid (1)

  19. Euro area payment pyramid (2)

  20. LVPS in the euro area • TARGET: EU-wide reach; RTGS • EURO1: EU-wide reach; MNS • PNS: France; hybrid • POPS: Finland; bilateral netting Two systems have recently closed: • EAF (Germany) • SPI (Spain)

  21. Average number of transactions (thousand)

  22. Average daily transaction value (EUR bln)

  23. Retail systems in the euro area • 15 retail payment systems • e.g. STEP2 (EU-wide), Equens (NL-DE), SIT (FR) • Cards clearing and settlement mechanisms • e.g. MasterCard settlement service, national card schemes • E-money schemes • e.g. Kalibra, Proton, Moneo, Geldkarte, Chipknip

  24. Differences in retail payments systems • Centralised model (e.g. FR, NL) Most retail payments channelled via one payment system  high turnover • Decentralised model (e.g. DE) Multiple channels for retail payments  low turnover

  25. Payment systems of Euro Banking Association (EBA) • EURO1 • STEP1 • STEP2

  26. EURO1 (1) Basic facts • Second largest euro payment system • 187.000 trx. daily with turnover of EUR 189 mln (2006) • Multilateral net settlement system • Owner/manager: EBA Clearing Company (owned by the banks) Participants • 71 clearing banks (financial criteria apply) • 8 pre-funded participants

  27. EURO1 (2) Payment processing • SOS = Single Obligation Structure • Recalculation of the participant’s single position after each payment • Unwinding not allowed Settlement • At the end of the day in TARGET • Via settlement account with ECB

  28. EURO1 (3) • Protected net settlement system • Limit system • Bilateral and multilateral limits • Sender and receiver limits • Maximum limit: EUR 1 billion • Liquidity pool held at the ECB to cover the single largest possible position • Loss-sharing agreement for clearing banks

  29. STEP2 (1) Basic facts • ACH (PEACH) – reach ability across euro area • 360.000 trx. daily, turnover EUR 1.4 billion (2006) • Owner/manager: EBA Clearing Company Participants • 107 direct participants • EURO1/STEP1 banks of prefund-participants • >1000 indirect participants

  30. STEP2 (2) Payments processing • Submission of payments in batches on D-1 • STEP2 mechanism:  Resorting of payments by recipient bank  Production of output files Settlement • Gross settlement in the morning in EURO1 • Payments are returned to sender if not settled • Settlement in TARGET2 under preparation

  31. Overview similarities/differences

  32. Overview similarities/differences

  33. Overview similarities/differences

  34. Overview similarities/differences

  35. Questions

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