Denmark: Financial System Stability Assessment with reports on - IMF

52recommendation is that such supervision, in the opinion of the IMF, should be carried out ona more formalized and recurrent basis. Steps will be taken to this effect.Central bank responsibilitiesThe recommendations to further strengthen the oversight of the Danish payment andsettlement systems are consistent <strong>with</strong> the self-assessment done by Danmarks Nationalbank.It should be noted though that important steps towards full observance of the internationalstandards on central bank oversight have already been taken. The legal basis, for instance,has been strengthened by an amendment to the STA, which has become effective fromMarch 1, 2006. Following this amendment, the “memorandum of understanding betweenDanmarks Nationalbank and the Danish <strong>Financial</strong> Supervisory Authority concerningpayment systems and clearing centers” will be revised <strong>with</strong> a view to further enhance thecooperation between the two authorities. In addition, Danmarks Nationalbank will take thenecessary steps to broaden the oversight of the retail payment system (Sumclearingen) <strong>with</strong> aview to cover all major components of the system, including different payment instrumentsand sub-clearings. High priority will be assigned to formalize the oversight task throughwritten procedures and guidelines. Thus, full observance is expected to be achieved in 2006.