European Central Bank report captures pandemic business continuity lessons
- Published: Friday, 26 March 2021 11:01
The European Central Bank (ECB) has published a new report, ‘Best practices applied by financial market infrastructures in their business continuity plans during the COVID-19 pandemic’.
The Eurosystem comprises the ECB and the national central banks of those countries that have adopted the euro. During the current pandemic, the Eurosystem has been collecting information on the preparedness of payment systems/schemes and their critical service providers for dealing with the pandemic as well as the responses and resilience measures taken.
Based on these observations, the Eurosystem has compiled a set of key market practices for pandemic crisis planning and these are published in the report with the aim of:
- Providing support for the overseers in monitoring overseen entities, thus ensuring that the respective system operators are managing the crisis effectively and
- To identify what market practices related to pandemic crisis planning are or could be applied by payment systems/schemes in their business continuity plans in a flexible way, taking into account the specificities of each entity. As these market practices may also be valid for other FMIs, the remainder of the document refers to FMIs.
Read the document (PDF).