Abstract. We show that the dynamics of the surface plasmon in metallic nanoparticles damped by its interaction with particle-hole excitations can be modelled by a single degree of freedom coupled to an environment. In this approach, the fast decrease of the dipole matrix elements that couple the plasmon to particle-hole pairs with the energy of the excitation allows a separation of the Hilbert space into low-and high-energy subspaces at a characteristic energy that we estimate. A picture of the spectrum consisting of a collective excitation built from low-energy excitations which interacts with high-energy particle-hole states can be formalised. The high-energy excitations yield an approximate description of a dissipative environment (or "bath") within a finite confined system. Estimates for the relevant timescales establish the Markovian character of the bath dynamics with respect to the surface plasmon evolution for nanoparticles with a radius larger than about 1 nm.PACS. 73.20.Mf Collective excitations -78.67.n Optical properties of low-dimensional, mesoscopic, and nanoscale materials and structures -71.45.Gm Exchange, correlation, dielectric and magnetic response functions, plasmons