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DECISION OF THE EUROPEAN CENTRAL BANK 
of 22 April  2022 
on the identification of CORE(FR) as a systemically important payment system pursuant to 
Regulation (EU) No 795/2014 on oversight requirements for systemically important 
payment systems  and repealing Decision ECB/2014/37  
(ECB/20 22/21) 
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,  
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 127(2) 
thereof,  
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, 
and in particular Article 3.1, Article 22 and the first indent of Article 34.1 thereof,  
Having regard to Regulation (EU) No 795/2014 of the Euro pean Central Bank of 3 July 2014 on oversight 
requirements for systemically important payment systems (ECB/2014/28)1 and, in particular , Articles 1(2) 
and 1(3 -a)(a) thereof,  
Whereas:  
(1) The fourth indent of Article 127(2) of the Treaty and the fourth inden t of Article 3.1 of the Statute of
the European System of Central Banks and of the European Central Bank empower the Eurosystem
to promote the smooth operation of payment systems .
(2) The Eurosystem promotes the smooth operation of payment systems, inter alia, by conducting
oversight .
(3) The European Central Bank (ECB) has implemented the principles for financial market infrastructures
issued by the Committee on Payment and Settlement Systems (CPSS) of the Bank for International
Settlements (BIS) and the Tech nical Committee of the International Organization of Securities
Commission (IOSCO), which harmonise  and strengthen existing international oversight standards
for, inter alia, systemically important payment systems, by means of Regulation (EU) No 795/2014
(ECB/2014/28) .
(4) Regulation (EU) No 795/2014 (ECB/2014/28) was amended to respond to the fast -moving
technological trends coupled with changing consumer preferences that may give rise to fundamental
changes in the way payments are made. Against this backgro und, an additional, flexible and forward -
looking methodology for the identification of a systemically important payment system ( SIPS ) has been
put in place to ensure that all potentially relevant factors of systemic importance are taken into account
in the  identification of payment systems , and that such payment systems are subject to the highest
1OJ L 217, 23.7.2012, p. 16 -30. 
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applicable oversight standards as laid down in Regulation (EU) No 795/2014 (ECB/2014/28) . 
(5) In the course of  the identification exercise pursuant to Article 1(2) of Regulation (EU) No 795/2014, 
the Governing Council has verified that, in relation to CORE  (COmpensation REtail) (FR) (hereinafter 
‘CORE(FR)’) , all the criter ia mentioned in Article 1(3 -a)(a) of Regulation (EU) No 795/2014 have been  
fulfilled, as described in the Annex to this Decision. For the verification exercise on which this 
Decision is based, public data for the calendar year 201 8 and 2019  have been used, combined with 
responses to E CB surveys . 
(6) CORE(FR)  was previously identified as a SIPS in Decision ECB/2014/37  of the European Central 
Bank2 on the basis of the criteria mentioned in  Article 1(3) of Regulation (EU) No 795/2014  
(ECB/2014/28) . That Decision require s the addressee to comply with Articles 3 to 21 of Regulation 
(EU) No 795/2014  (ECB/2014/28) . Following the identification of CORE(FR)  as a SIPS on the basis 
of the criteria mentioned in Article 1(3 -a)(a) of Regulation (EU) No 795/2014  (ECB/2014/28) , the 
addresse e of this Decision  will be subject to those  same requirements. Therefore, the period of one 
year for compliance  with these requirements  that is laid down in Article 25(2) of Regulation (EU) No 
795/2014 (ECB/2014/28) should not apply . 
(7) The addressee of this Decision has been provided with the opportunity to express in writing any 
objections, views and comments regarding the facts and legal grounds presented in the Decision . 
(8) This Decision should replace Decision ECB/2014/ 37, which should be re pealed , 
 
 
HAS ADOPTED THIS DECISION:  
 
 
Article 1  
 
Definitions  
 
Terms used in this Decision have the same meaning as those in Regulation (EU) No 795/2014  
(ECB/2014/ 28). 
 
Article 2  
 
Identification of SIPS and SIPS operator  
 
1. CORE(FR) shall be identified as a systemically important payment system for the purposes of 
Regulation (EU) No  795/2014  (ECB/2014/ 28) in accordance with the criteria in Article 1(3 -a)(a) of that  
Regulation  and on the basis of the reasons set out in the Annex to this Decision . 
2. In its capacity as operator of CORE(FR), STET shall ensure that this systemically important payment 
system complies with the requirements set out in Articles 3 to 21 of Regulation (EU)  No 795/2014  
 
2  Decision of the ECB of 13 August 2014 on the identification of CORE(FR) as systemically important payment system 
pursuant to Regulation (EU) No 795/2014 on oversight requirements for systemically important payment systems 
(ECB/2014/37) . 
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(ECB/2014/ 28).  
3. Article 25(2) of Regulation (EU) No 795/2014  (ECB/2014/ 28) shall not apply.  
 
Article 3  
 
Competent authority  
 
Banque de France shall be the competent authority for the oversight of CORE(FR).  
 
 
Article 4  
 
Repeal  
 
Decision ECB/2014/37 is repealed.  
 
 
Article 5 
 
Taking effect  
 
This Decision shall take effect on the day of its notification to the addressee.  
 
Article 6 
 
Addressee  
 
This Decision is addressed to STET , Cœur  Défense - Tour B - 100 esplanade du Général de Gaulle 92932 
La Défense Paris, France in its capacity as SIPS operator of CORE(FR).  
 
 
Done at Fra nkfurt am Main, 22 April 2022. 
 
 
 
 
The President of the ECB  
 
Christine LAGARDE  
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ANNEX  
 
CORE  (COmpensation REtail) (FR) (hereinafter ‘CORE(FR)’) was assessed against the criteria set out in 
Article 1(3-a)(a)  of Regulation (EU) No 795/2014  (ECB/2014/ 28). 
 
 
Criterion  CORE(FR)  
Nature, size  and complexity 
of the payment system  
 
 
 CORE(FR)  is a domestic retail payment system based in France. It provides the 
service of  netting of Single Euro Payments Area ( SEPA ) credit transfers and of 
domestic means of payment (cheques, card transactions, automated teller 
machine ( ATM ) withdrawals, and bills of exchange ). 
Despite its purely domestic scope  of operations , the size of CORE(FR)’s activity 
position s CORE(FR) as the largest payment system in the E U by EU market 
share in terms of the volume of euro -denominated payments  processed both in 
2018 and 2019 , and as the second largest retail payment system in the EU by 
EU market share in terms of the value of euro-denominated payments 
processed  both in 2018 and 2019.  
The total daily average value of euro-denominated payments processed by 
CORE(FR) has remained stable at approximately double the amount of the 
quantitative threshold  stipulated in Article 1(3) (i) of Regulation (EU) No 795/2014  
(ECB/2014/ 28). 
CORE(FR)’s participants  are interconnected  with CORE(FR)  through  the 
processing of domestic  payment  schemes  that have been adapted specifically 
to the needs of CORE(FR)  and its participants , and through the  use of an in -
house messaging system between CORE(FR) and its participants . 
CORE(FR) shares its technical platform (CORE) with SEPA(EU) , which is  a 
payment system also operated by STET,  and with the Centre for Exchange and 
Clearing ( CEC ) which is a prominently important retail payment system  in 
Belgium . As a result,  several functions  used by CORE(FR) , in particular 
governance and risk management, are interconnected  with and shared with 
these systems . 
 
Criterion fulfilled  
The nature and importance 
of the payment  system’s 
participants  
 All private sector  direct participants  of CORE(FR)  are credit institutions 
designated as either global systemically important banks  (G-SIBs ) or other 
systemically important institutions  (O-SIIs). The two other  participants  are 
Banque de France and the Caisse des Dépôts  et des Consignations , both of 
which are major public sector institution s in France .  
Criterion fulfilled  
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The substi tutability of the 
payment system and the 
availability of alternatives to 
it For d omestic non -SEPA payments  (cheques, card payments, ATM withdrawals 
and bills of exchange ), which  comprised  82% of CORE(FR)’s total volume of 
payment transactions processed in 2019, the substitutability  of CORE(FR) by 
other payment systems is assessed as low both in the short  term (within 1 
month)  and the medium  term (within 12 months) . A transfer of these domestic 
non-SEPA payments would require  the integration of the respective payment 
schemes in to at least one other system, implying the need for potential system -
wide and scheme -specific adjustments . This  is considered to be challenging , 
even over a 12 -month period. It would also pose technical challenges to the 
participants’ infrastructures, which have been integrated with CORE(FR) and the 
respective domestic schemes . 
SEPA paymen ts, which compris ed 18% of  CORE(FR)’s  total volume of payment 
transactions processed in 2019,  would in principle be transferable  from 
CORE(FR) to other systems . However,  CORE(FR)’s participants would face 
substantial technical challenges in adapting their systems and procedures in the 
short  term so as to redirect all of their SEPA payments to other systems  while  at 
the same time comply ing with the respective rules and procedures  of those  
systems . As a  consequence, the substitutability of CORE(FR) regarding  the 
processing of its SEPA payments in the short  term is assessed as low . 
Criterion fulfilled  
The relationship, 
interdependencies, and 
other interactions the 
system has with the wider 
financial system  
 Any incident affect ing CORE(FR) could have significant knock -on effects on the 
French economy, due to the central position of CORE(FR) in the French 
payments market, in which it process es more than half of all payment 
transactions involving non -monetary financial institutions  in France.  
Furthermore, given that four significant  participants of CORE(FR) are G-SIBs, 
any incident impacting CORE(FR) may  also have  an adverse impact on the 
global financial system.  
Finally, as mentioned above, CORE(FR) shares its technical platform, 
governance,  and risk management with SEPA(EU) , which is also operated by  
STET . In addition, STET provides the technical platform for the Belgian system 
CEC, leading to interdependencies relating to governance and risk 
management. Therefore, the management and performance of CORE(FR) is of 
relevance to a wider group of related systems  and their markets.  
Criterion fulfilled