Oversight


Danmarks Nationalbank oversees the safety and efficiency of systemically important payment and settlement systems and the most important payment instruments. Among other things, this involves preparing assessments of the systems and instruments in relation to international standards. The results of the oversight are described in the annual oversight publication.

Oversight is the work performed by Danmarks Nationalbank to contribute to safe payments and the stability of the Danish financial system. Danmarks Nationalbank oversees the Danish payment and settlement systems and the most important payment instruments to ensure that they are safe and efficient and comply with the international standards. In addition, Danmarks Nationalbank participates in the cooperative oversight of several international systems. These systems and solutions are overseen by Danmarks Nationalbank:

  • Kronos, which is Danmarks Nationalbank's system for large, time-critical payments.
  • The Sum Clearing, the Intraday Clearing and the Express Clearing, which are the Danish systems for settlement of retail payments.
  • VP settlement, which is the Danish system for settlement of securities transactions.
  • CLS, which is an international system for settlement of foreign-exchange transactions. 
  • Target2, which is the European system for large, time-critical payments in euro.
  • Payment instruments: The Dankort, Betalingsservice (direct debit) and credit transfers.    

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Statutory basis for oversight

Danmarks Nationalbank's role in relation to oversight of systemically important payment and settlement systems is described in section 1 of the Danmarks Nationalbank Act, which states that Danmarks Nationalbank shall "maintain a safe and secure currency system in this country, and facilitate and regulate the traffic in money and the extension of credit". This section empowers Danmarks Nationalbank to pursue an objective of promoting safe and efficient payment and settlement systems in Denmark, including by overseeing the systems.

Danmarks Nationalbank's powers to oversee payment systems are also stated in the Danish Securities Trading Act of 1 March 2006.

 Danish Securities Trading Act