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BANCA NAŢIONALĂ A ROMÂNIEI
NATIONAL BANK OF ROMANIA
Răzvan Vartolomei
Director of the Payments Department
National Bank of Romania
SWIFT Business Forum Romania 2013
Bucharest, 7 November 2013
BANCA NAŢIONALĂ A ROMÂNIEI
NATIONAL BANK OF ROMANIA
VISA
NATIONAL BANK OF ROMANIA (NBR)
TARGET2 - ROMANIA TARGET2-Securities ReGIS
ReGIS (RTGS)
SENT (ACH)
MASTERCARD
SaFIR (SSS)
Large value/urgent
Interbank/customer
payments
Credit transfers
OTC market for T-
bills and central
bank’s
certificates of
deposit Low value bulk
Credit transfers
(SCT went live on 6/11/2012)
Direct debits
(SDD go-live on 7/11/2014)
Truncated cheques, bills of
exchange and promissory notes
Bucharest Stock
Exchange market
Payment card
transactions
TARGET2 (RTGS) SENT-EUR (ACH)
RoClear (SSS)
RoClear
(SSS)
Large value/urgent
Interbank/customer
payments
Credit transfers
Low value bulk
SEPA Credit transfers
(SCT go-live on 13/12/2013)
SEPA Direct debits
(SDD go-live on 7/11/2014)
Securities transactions
Lei (RON) Euro (EUR)
SIBEX (SSS)
Sibiu Stock
Exchange market
NBR
NBR
(Go-live on
22/06/2015) Depozitarul Central S.A.
Depozitarul Central S.A.
BANCA NAŢIONALĂ A ROMÂNIEI
NATIONAL BANK OF ROMANIA
ReGIS value of transactions(bln. RON)
1,999.35
1,927.24
3,530.01
5,126.37
5,119.60
5,928.23
6,365.03
7,608.33
0.00
1,000.00
2,000.00
3,000.00
4,000.00
5,000.00
6,000.00
7,000.00
8,000.00
2005 2006 2007 2008 2009 2010 2011 2012
ReGIS volume of transactions(mil.)
0.82
1.55
2.10
2.80
2.522.62
2.953.17
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
2005 2006 2007 2008 2009 2010 2011 2012 Source: National Bank of Romania, Payments Department
Participants: 40 credit institutions, State
Treasury, NBR + 6 ancillary systems
80.75%
19.25%
MT103
MT202
Payment messages structure
(by value, 2012)
91.96%
8.04%
MT103
MT202
Payment messages structure
(by volume, 2012)
BANCA NAŢIONALĂ A ROMÂNIEI
NATIONAL BANK OF ROMANIA
Participants: 22 credit institutions + NBR
Source: National Bank of Romania, Payments Department
TARGET2-Romania: Volume of transactions
11,688
20,323
22,056
19,214 18,953
17,544
14,476 15,274
16,925 15,921
17,966
19,993
23,282
21,630
19,997 19,337
17,871 16,843
14,882 14,957
16,220
19,452
17,120
15,959
19,483
17,039
0
5,000
10,000
15,000
20,000
25,000
TARGET2-Romania: Value of transactions (mil. EUR)
4,962
9,251
11,470
8,424 7,926 7,727 7,877
6,601
9,368
7,885
10,114 10,539
13,375
9,994
7,383
10,890
11,735
8,826
10,399
6,259
7,453 7,109
8,118 8,604
10,761
9,317
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Payment messages structure
(by value, 2012)
5.79%
94.21%
MT202
MT103
90.83%
9.17%
MT202
MT103
Payment messages structure
(by volume, 2012)
BANCA NAŢIONALĂ A ROMÂNIEI
NATIONAL BANK OF ROMANIA
1. TARGET2 migration to ISO 20022
• New ISO 20022 strategy for TARGET2 approved by the PSSC in October 2012.
• First consultation on functional changes to be implemented in TARGET2 took place in May-
June 2013, via National User Groups (NUGs) and TARGET2 Working Group (TWG).
• Second round of users’ consultation is planned for November-December 2013.
• General Functional Specification document will be finalized in 2014.
• Final version of User Detailed Functional Specifications will be available in October 2015.
• Next phase of the project consists of software development and testing.
• Go-live scheduled for November 2017.
2. Ancillary systems in TARGET2-Romania
13/12/2013 => SENT (i.e. the retail payments system owned and operated by TRANSFOND
S.A.) will start operating as first ancillary system participating in TARGET2-Romania (i.e. SEPA
compliant CSM, based on EACHA interoperability framework).
BANCA NAŢIONALĂ A ROMÂNIEI
NATIONAL BANK OF ROMANIA
3. TARGET2-Securities (T2S)
What is T2S?
• An integrated settlement platform provided by the Eurosystem for DVP settlement of securities transactions in central bank money within EEA (euro + other currencies).
Participating entities
• 24 CSDs signed the T2S Framework Agreement (out of which 18 CSDs from euro area).
• Euro area NCBs, ECB and 4 non-euro area TARGET2 NCBs (Lithuania, Romania, Latvia and Denmark).
• Only one non-euro area NCB signed the Currency Participation Agreement (i.e. Danmarks Nationalbank will make the Danish krone available in T2S in 2018).
T2S programme plan
BANCA NAŢIONALĂ A ROMÂNIEI
NATIONAL BANK OF ROMANIA
T2S project in Romania
• Depozitarul Central S.A. will connect to T2S in the first wave (22 June 2015), for settling
the euro cash leg of securities transactions.
• As operator of TARGET2-Romania, NBR will provide settlement services in euro on the T2S
platform for Romanian payment banks (settlement in Lei not envisaged).
• NBR will open/manage dedicated cash accounts (DCAs) for eligible financial institutions,
based on contracts signed with DCA holders (legally, DCAs will be part of the TARGET2
perimeter and will operate according to TARGET2 Guideline; DCAs will be dedicated to
settlement purposes only and will be linked to the cash accounts in the RTGS systems:
TARGET2 and/or national RTGS systems).
• NBR will monitor liquidity in T2S and liquidity flows between TARGET2-Romania and T2S, it
will handle the failed liquidity transfers and will coordinate/manage the abnormal situations
impacting the cash side (T2S & T2).
• No auto-collateralization will be provided by NBR to payment banks.
• No central bank operations/accounts in T2S.
BANCA NAŢIONALĂ A ROMÂNIEI
NATIONAL BANK OF ROMANIA
Credit Institutions
Cash settlement
for DVP transactions
Lei settlement
in ReGIS
(i.e. domestic RTGS)
Euro settlement
in T2S Depozitarul Central S.A.
RoClear
(Securities Settlement
System)
Should the Romanian banks be interested in acting as payment banks in T2S?
• Currently, RoClear system uses 17 banks for settling the Lei cash leg in ReGIS, out of which 12 banks are also participants in TARGET2-Romania.
• An opportunity for banks to maintain their securities (custody & settlement) business?
BANCA NAŢIONALĂ A ROMÂNIEI
NATIONAL BANK OF ROMANIA
Thank you for your attention!
Răzvan Vartolomei
Payments Department
National Bank of Romania
E-mail: [email protected]
Phone: +40 21 313 06 93
TARGET2 Management Division
E-mail: [email protected]
Phone: +40 21 307 08 38
Website: www.bnr.ro
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]://www.bnr.ro