The assessment of Ireland's financial system included an assessment of the individual components of the sector, as well as a review of systemic stability, including of potential vulnerabilities that could arise from the interlinkages among different financial sector participants. Those systems are interlinked so as to provide a uniform platform for the processing of cross-border payments. As such IRIS has already been tested under very high standards. The Act provides for the CBI to authorize all payment systems and to approve their rules. B. Understanding and Managing Risks Core Principles II-III 5.
Rules are available to participants as well as applicants.
For those banks operating settlement accounts with the CBI, settlement balances in real time can be obtained from the RTGS system through the S.W.I.F.T system or through a participant's workstation. Collateral provided must meet ESCB requirements and the operation is conducted under the terms of a Master Repurchase agreement entered into by the CBI with each credit institution. The EU Directive on Settlement Finality provides that collateral be readily realizable even in the event of insolvency of the collateral provider. C. Settlement Core Principles IV-VI 8. The RTGS system does not permit negative balances.