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Decision of the European Central Bank of 24 July 2007 concerning the terms and conditions of TARGET2-ECB (ECB/2007/7) (2007/601/EC)

Decision of the European Central Bank of 24 July 2007 concerning the terms and conditions of TARGET2-ECB (ECB/2007/7) (2007/601/EC)

THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty establishing the European Community, and in particular the fourth indent of Article 105(2) thereof,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 11.6 and Articles 17, 22 and 23 thereof,

Whereas:

  1. A single monetary policy entails the need for a payment arrangement through which the monetary policy operations between the national central banks (NCBs) and credit institutions can be effected in a timely and secure manner, and which fosters the singleness of the money market within the euro area.

  2. The original Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) is being replaced by TARGET2, which is characterised by a single technical platform called the Single Shared Platform (SSP). TARGET2 will continue to fulfil the same underlying purposes as TARGET, providing a sound and efficient mechanism, functioning on the basis of the SSP, to settle payments in euro.

  3. The Governing Council adopted Guideline ECB/2007/2 of 26 April 2007 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2)(1).

  4. The European Central Bank (ECB) will participate in TARGET2 in order to process the ECB's own payments and the payments of its customers in TARGET2, and to supply through TARGET2 settlement services to clearing and settlement organisations, including entities established outside the European Economic Area (EEA), provided that they are subject to oversight by a competent authority and their access to TARGET2-ECB has been approved by the Governing Council.

  5. The ECB may only accept central banks and European and international organisations as customers.

  6. The ECB may only grant intraday credit in accordance with this Decision to customers that are European or international organisations.

  7. The Governing Council has decided that the rules of the TARGET2 component systems will be harmonised to the greatest extent possible and made public,

HAS DECIDED AS FOLLOWS:

Article 1 Scope

1.

TARGET2-ECB may only:

  1. process the ECB's own payments;

  2. process payments of customers of the ECB; and

  3. supply settlement services to entities managing ancillary systems, including entities established outside the EEA, provided that they are subject to oversight by a competent authority, they comply with the oversight requirements for the location of infrastructures offering services in euro, as amended from time to time and published on the ECB website(2), and their access to TARGET2-ECB has been approved by the Governing Council.

2.

The ECB may only accept central banks, European and international organisations, and, pursuant to an ad-hoc decision of the Governing Council, central governments of the European Union Member States or public entities designated by such central governments to act on their behalf as customers.

Article 2 Intraday credit

1.

The ECB may only grant intraday credit to customers that are European or international organisations through overdrafts on such customers' account(s). Overdrafts shall not at any time during the day exceed the amount defined in the agreement with the customer for each of the accounts. Intraday credit granted by the ECB shall remain limited to the day in question, with no possibility of an extension to overnight credit.

2.

Any granting of intraday credit by the ECB shall be done in accordance with the rules on the provision of intraday credit laid down in Annex III to Guideline ECB/2007/2.

Article 3 Terms and conditions of TARGET2-ECB

The terms and conditions for the opening and operation of a PM account in TARGET2-ECB shall be those contained in Annex I to this Decision. The terms and conditions for the opening and operation of a dedicated cash account in TARGET2-ECB shall be those contained in Annex II to this Decision.

Article 4 Entry into force

1.

This Decision shall enter into force on 19 May 2008.

2.

Decision ECB/1999/NP 3 of 16 March 1999 on the European Central Bank Payment Mechanism and Decision ECB/2003/NP 2 of 28 January 2003 amending Decision ECB/1999/NP3 on the European Central Bank Payment Mechanism shall be repealed with effect from the date of entry into force of this Decision and references to Decisions ECB/1999/NP3 and ECB/2003/NP2 shall be construed as references to this Decision.

ANNEX ITERMS AND CONDITIONS FOR THE OPENING AND OPERATION OF A PM ACCOUNT IN TARGET2-ECB

TITLE I GENERAL PROVISIONS

TITLE II PARTICIPATION

TITLE III OBLIGATIONS OF THE PARTIES

TITLE IV MANAGEMENT OF PM ACCOUNTS AND PROCESSING OF PAYMENT ORDERS

TITLE V SECURITY REQUIREMENTS AND CONTINGENCY ISSUES

TITLE VI THE INFORMATION AND CONTROL MODULE

TITLE VII COMPENSATION, LIABILITY REGIME AND EVIDENCE

TITLE VIII TERMINATION OF PARTICIPATION AND CLOSURE OF ACCOUNTS

TITLE IX FINAL PROVISIONS

Appendix ITECHNICAL SPECIFICATIONS FOR THE PROCESSING OF PAYMENT ORDERS

Appendix IITARGET2 COMPENSATION SCHEME

Appendix IIITERMS OF REFERENCE FOR CAPACITY AND COUNTRY OPINIONS

Appendix IVBUSINESS CONTINUITY AND CONTINGENCY PROCEDURE

Appendix VOPERATING SCHEDULE

Appendix VI

ANNEX II

Appendix I

Appendix II

Appendix III

Appendix IV

Appendix V

Appendix VI