D. Security and Operational Reliability Core Principle VII 9. The Central Bank of Ireland is moving toward having the remote site operational within four hours. The contingency plans have been reviewed and tested regularly. E. Practicality and Efficiency Core Principle VIII 10. The system is practical and efficient and provides a sufficient degree of backup to avoid delays in case of temporary failures.
Features enhancing efficiency include gridlock resolution and queuing facilities.
F. Disclosure Core Principle IX 11. Access to membership of IRIS is set out in the Memorandum and Articles of Association of the company, which are publicly available documents. There is also a set of operating rules, which are available to members and applicants. Access costs are subject to CBI approval. However, the requirement of a settlement account at the CBI makes it unlikely that an insolvent financial institution could continue participating in a payment system.