Obecné zásady Evropské centrální banky (EU) 2022/912 ze dne 24. února 2022 o transevropském expresním automatizovaném systému zúčtování plateb v reálném čase nové generace (TARGET) a o zrušení obecných zásad ECB/2012/27 (ECB/2022/8)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty on the Functioning of the European Union, and in particular the first and fourth indents of 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 and Articles 17, 18 and 22 thereof,

TARGET provides the following accounts for settlement in euro in central bank money,

(a) Main cash accounts (MCAs) for the settlement of operations with central banks;

(b) Real-time gross settlement dedicated cash accounts (RTGS DCAs) and sub-accounts for real-time interbank and customer payments, and settlement of transactions with ancillary systems (AS);

(c) Real-time gross settlement ancillary system technical accounts (RTGS AS technical accounts), TARGET Instant Payment Settlement (TIPS) ancillary system technical accounts (TIPS AS technical accounts) and ancillary systems guarantee funds accounts (AS guarantee funds accounts) for the settlement of transactions with AS;

(d) TARGET2-Securities dedicated cash accounts (T2S DCAs) for cash payments in relation to securities transactions; and

(e) TARGET instant payment settlement dedicated cash accounts (TIPS DCAs) for the settlement of instant payments.

Guideline 2013/47/EU of the European Central Bank of 5 December 2012 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (ECB/2012/27) (OJ L 30, 30.1.2013, p. 1 ).

(1) The Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) is governed by Guideline 2013/47/EU of the European Central Bank (ECB/2012/27)Guideline 2013/47/EU of the European Central Bank of 5 December 2012 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (ECB/2012/27) (OJ L 30, 30.1.2013, p. 1 ). .

(2) On 20 March 2018 the Collective Agreement signed between the central banks operating TARGET2 component systems and the central securities depositories (CSDs) operating on the TARGET2-Securities platform entered into force. This Agreement covers the provision of information and liability in the event of the insolvency of a participant in the systems and defines a common moment of entry for payments and securities transfer orders that are settled in these systems.

(3) On 6 December 2017 the Governing Council approved the T2-T2S Consolidation Project, the objective of which is to consolidate and optimise TARGET2 and TARGET2-Securities (T2S), benefiting from state-of-the-art approaches and technological innovation, enabling a decrease in their combined operational cost, and enhancing liquidity management across the various services. The result of the T2-T2S Consolidation Project is the new-generation Trans-European Automated Real-time Gross settlement Express Transfer system settling in euro in central bank money (TARGET).

(4) From 21 November 2022 , TARGET2 should be replaced by TARGET. Therefore, Guideline 2013/47/EU (ECB/2012/27) should be repealed.

(5) As is the case for TARGET2, TARGET should be legally structured as a multiplicity of payment systems, where all TARGET component systems are harmonised to the greatest extent possible.

(6) As is the case for TARGET2, in TARGET there should be three separate levels of governance. Level 1 (Governing Council) should have final competence in relation to TARGET and safeguard its public function. Level 2 (Technical and operational management body) should have subsidiary competence for the management and steering of TARGET, while Level 3 (providing national central banks) should build and operate the TARGET systems for the Eurosystem’s benefit.

(7) TARGET should provide central liquidity management services, including the settlement of central bank operations through main cash accounts (MCAs), large value real-time gross settlement (RTGS) for payments through RTGS dedicated cash accounts (DCAs), cash payments in relation to securities settlement through T2S dedicated cash accounts (T2S DCAs) and settlement of instant payments through TARGET Instant Payment Settlement (TIPS) dedicated cash accounts (TIPS DCAs), and services for ancillary system (AS) settlement through sub-accounts, RTGS AS technical accounts, AS guarantee fund accounts and TIPS AS technical accounts.

(8) In order to ensure clarity and equal treatment, it is appropriate that the provision of these services should be governed by harmonised sets of conditions for participation in TARGET, which should be concluded between each TARGET participant and the national central bank (NCB) operating the respective TARGET component system.

(9) In order to increase competitiveness, TARGET should provide for multiple network service providers (NSPs) responsible for establishing the technical connection to TARGET. TARGET participants should be allowed to enter into a contractual relationship with an NSP within the framework of the concession contract concluded between the Banca d'Italia, as Eurosystem agent and the NSP, or with a subcontractor of the latter, of their choice.

(10) TARGET2 component systems owned and operated by the respective Eurosystem CBs have been collectively identifiedDecision 2014/533/EU of the European Central Bank of 13 August 2014 on the identification of TARGET2 as a systemically important payment system pursuant to Regulation (EU) No 795/2014 on oversight requirements for systemically important payment systems (ECB/2014/35) (OJ L 245, 20.8.2014, p. 5 ). as a systemically important payment system (SIPS) subject to Regulation of the European Central Bank (EU) No 795/2014 (ECB/2014/28)Regulation of the European Central Bank (EU) No 795/2014 of 3 July 2014 on oversight requirements for systemically important payment systems (ECB/2014/28) (OJ L 217, 23.7.2014, p. 16 ). . The respective TARGET component systems, as the payment systems replacing those TARGET2 component systems, should likewise fall within the scope of Regulation (EU) No 795/2014 (ECB/2014/28) and comply with the oversight requirements laid down in that Regulation.

(11) TARGET is essential for the performance of certain basic Eurosystem tasks, i.e. implementing the Union’s monetary policy and promoting the smooth operation of payment systems.

(12) TARGET component systems constitute the legal successors to the corresponding TARGET2 component systems,

For the purposes of this Guideline each of the following terms shall have the meaning ascribed to it in Annex III:

Decision 2014/533/EU of the European Central Bank of 13 August 2014 on the identification of TARGET2 as a systemically important payment system pursuant to Regulation (EU) No 795/2014 on oversight requirements for systemically important payment systems (ECB/2014/35) (OJ L 245, 20.8.2014, p. 5 ).

Article 1 Article 1 Subject matter and scope

Article 2 Article 2 Definitions

Article 3 Article 3 TARGET component systems 1.TARGET is legally structured as a multiplicity of payment systems which make up the component systems of TARGET. 2.Each Eurosystem CB shall operate its own TARGET component system. 3.Each TARGET component system shall be a system designated as such under the relevant national legislation implementing Directive 98/26/EC of the European Parleament and of the CouncilDirective 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45 ). . 4.The names of the TARGET component systems shall only include TARGET and the name or abbreviation of the relevant Eurosystem CB or of the Member State of such Eurosystem CB. The ECB’s TARGET component system shall be called TARGET-ECB.

Article 4 Article 4 Connection of NCBs of Member States whose currency is not the euro

Article 5 Article 5 Intra-ESCB transactions

Article 6 Article 6 Intra-Eurosystem obligations and claims 1.Any settlement of cash transfer orders between participants in different TARGET component systems shall automatically be aggregated and adjusted to form part of a single obligation or claim of each euro area NCB vis-à-vis the ECB as set out in an agreement between the Eurosystem CBs. Any obligation or claim of each euro area NCB vis-à-vis the ECB shall be adjusted for book-keeping purposes on a daily basis, using the delta of the end-of-day balances of all the TARGET accounts in the books of the respective euro area NCB. 2.For accounting and reporting purposes, each euro area NCB shall maintain an account to record its obligation or claim towards the ECB, resulting from the settlement of cash transfer orders between its own and other TARGET component systems.7 3.The ECB shall open on its books an account for each euro area NCB in order to mirror at the end of the day such euro area NCB’s obligation or claim towards the ECB.

Article 7 Article 7 Governance levels 1.Without prejudice to Article 8 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the Statute of the ESCB), the management of TARGET shall be based on a three-level governance scheme. The tasks assigned to the Governing Council (Level 1), the Level 2 technical and operational management body and the Level 3 NCBs are laid down in Annex II. 2.The Governing Council shall be responsible for the direction, management and control of TARGET. The tasks assigned to Level 1 fall within the exclusive competence of the Governing Council. 3.In accordance with the third subparagraph of Article 12.1 of the Statute of the ESCB, the Eurosystem CBs shall be responsible for the tasks assigned to Level 2, within the general framework defined by the Governing Council. A Level 2 body has been established by the Governing Council and entrusted by the Eurosystem CBs with certain technical and operational management tasks related to TARGET. 4.The Eurosystem CBs shall organise themselves through the conclusion of appropriate agreements. 5.In accordance with the third subparagraph of Article 12.1 of the Statute of the ESCB, the Level 3 NCBs shall be responsible for the tasks assigned to Level 3, within the general framework defined by the Governing Council. 6.The Level 3 NCBs shall conclude agreements with the Eurosystem CBs governing the provision of the services to be provided by the Level 3 NCBs. Such agreements shall also include, where appropriate, the connected NCBs. 7.The Eurosystem, as provider of T2S services, and the Eurosystem CBs, as operators of their respective national TARGET component systems, shall conclude an agreement governing the services to be provided by the former to the latter in respect of the operation of the T2S DCAs. Such agreements shall also be entered into, where appropriate, by the connected NCBs.

Article 8 Article 8 System support desk

Article 9 Article 9 Harmonised Conditions for participation in TARGET 1.Each euro area NCB shall adopt arrangements implementing the Harmonised Conditions for participation in TARGET as laid down in Annex I and so that terms used therein that are listed in Annex III shall have the meaning ascribed to them in Annex III. These arrangements shall exclusively govern the relationship between the relevant euro area NCB and its participants in respect of the opening and operation of TARGET accounts. 2.With effect from 20 November 2023 , Eurosystem CBs shall not open accounts other than TARGET accounts for participants eligible to participate in TARGET for the purpose of providing services falling within the scope of this Guideline, subject to the following exceptions: (a) accounts for those participants listed under Annex I, Part I, Article 4(2), points (a) and (b) of the Harmonised Conditions for participation in TARGET;(b) accounts where funds are held intraday for the sole purpose of carrying out cash lodgements and withdrawals;(c) accounts used to hold seized funds or funds pledged to a third-party creditor or funds referred to in Article 3(1)(d) of Regulation (EU) 2021/378 of the European Central Bank (ECB/2021/1)Regulation (EU) 2021/378 of the European Central Bank of 22 January 2021 on the application of minimum reserve requirements (ECB/2021/1) (OJ L 73, 3.3.2021, p. 1 ). ;(d) accounts used by participants in systems operated by an NCB and used to clear instant payments complying with the SCT Inst scheme. 3.The ECB shall adopt the Terms and Conditions of TARGET-ECB by implementing the Harmonised Conditions for participation in TARGET as laid down in Annex I except that: (a) TARGET-ECB shall only provide clearing and settlement services to clearing and settlement organisations, including entities established outside the European Economic Area (EEA), if they are subject to oversight by a competent authority and their access to TARGET-ECB has been approved by the Governing Council;(b) TARGET-ECB shall not provide intraday credit or auto-collateralisation. 4.The standard arrangements adopted by the Eurosystem CBs implementing the Harmonised Conditions for participation in TARGET shall be made public. 5.The Eurosystem CBs may request derogations from the Harmonised Conditions for participation in TARGET on the basis of national law constraints. The Governing Council shall consider such requests on a case-by-case basis and shall grant derogations where appropriate. 6.Subject to the relevant monetary agreement, the ECB may determine appropriate conditions for participation in TARGET by entities referred to in Annex I, Part I, Article 4(2), point (e). 7.The Eurosystem CBs shall not allow any entity to be an addressable BIC holder or reachable party in their TARGET component system if this entity acts via a TARGET account holder that is an NCB of a Member State but is neither a Eurosystem CB nor a connected NCB. 8.The Eurosystem CBs shall not register addressable BIC holders which are eligible to participate in TARGET as set out in Annex I, Part I, Article 4, with the exception of their own branches and those entities listed under Annex I, Part I, Article 4(2), points (a) and (b). 9.With the exception of rules in connection with AS, the Eurosystem CBs shall implement no additional rules in connection with participation in TARGET other than those set out in the Harmonised Conditions for participation in TARGET. No fees shall be charged for the use of or in connection with TARGET, other than those set out in Annex I, Appendix VI, with the exception of fees charged for services related to an NCB co-managing an MCA (as set out in Annex I, Part II, Article 2) if these services are offered by the Eurosystem CB. A Eurosystem CB offering co-management of an MCA shall observe the principle of full cost recovery in setting its fees for these services and pass on, as a minimum, the full costs arising from these services. 10.By way of derogation from paragraph 9, the Eurosystem CBs may set additional rules with respect to TARGET accounts opened to hold funds provided as cash collateral or forming part of a cover pool.

(1) account monitoring group;

Article 10 Article 10 Intraday credit — auto-collateralisation 1.The euro area NCBs may grant intraday credit to a participant. Intraday credit may only be granted on its primary MCA and only in accordance with the arrangements implementing the rules on the provision of intraday credit laid down in Annex I, Part II. No intraday credit shall be granted to a participant whose eligibility as a counterparty for Eurosystem monetary policy operations has been suspended or terminated. 2.Further to a request from a participant with access to intraday credit, the euro area NCBs shall offer an auto-collateralisation facility on T2S DCAs, provided that this is done in accordance with the conditions for Auto-collateralisation Operations laid down in Annex I, Part IV. 3.Participants which are subject to restrictive measures adopted by the Council of the European Union or Member States pursuant to Article 65(1), point (b), Article 75 or Article 215 of the Treaty, the implementation of which, in the view of relevant euro area NCB and after informing the ECB, is incompatible with the smooth functioning of TARGET, shall not be eligible for intraday credit or auto-collateralisation. 4.The euro area NCBs may grant intraday credit to AS as set out in Annex I, Part II, Article 10(2), point (d) provided that the arrangements have been submitted to the Governing Council in advance and have been approved by the Governing Council. 5.The euro area NCBs may provide overnight credit to certain eligible central counterparties (CCPs), under the conditions set out in Annex I, Part II, Article 10(5), provided that the request has been submitted to the Governing Council in advance and has been approved by the Governing Council. 6.The Governing Council may, upon a proposal by the relevant euro area NCB, exempt the treasury departments referred to in Annex I, Part II, Article 10(2), point (b) from the requirement to provide adequate collateral before obtaining intraday credit. 7.Where a euro area NCB decides to suspend, limit or terminate a participant’s access to intraday credit or auto-collateralisation, on grounds of prudence as set out in Annex I, Part II, Article 13(1), point (c) or Annex I, Part IV, Article 11, respectively, it shall immediately notify the ECB and other euro area NCBs and connected NCBs thereof in writing. Where appropriate, the Governing Council shall decide upon uniform implementation of the measures taken in all TARGET component systems. 8.If a counterparty’s access to monetary policy instruments is suspended, limited or excluded on the grounds of prudence or otherwise in accordance with the national provisions implementing Article 158 of Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60)Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (General Documentation Guideline) (ECB/2014/60) (OJ L 91, 2.4.2015, p. 3 ). , the relevant euro area NCB shall, in respect of access to intraday credit, implement that decision pursuant to provisions in the contractual or regulatory arrangements applied by the relevant euro area NCB. 9.Where a euro area NCB decides to suspend, limit or terminate a Eurosystem monetary policy counterparty’s access to intraday credit or auto-collateralisation facilities in accordance with Annex I, Part II, Article 13(3) or Annex I, Part IV, Article 11, respectively, such decision shall not take effect until the Governing Council of the ECB has approved it. 10.By derogation from paragraph 9, in urgent circumstances a euro area NCB may suspend a Eurosystem monetary policy counterparty’s access to intraday credit and/or auto-collateralisation facilities with immediate effect. In such cases the euro area NCB concerned shall immediately notify the Governing Council of the ECB thereof in writing. The Governing Council of the ECB shall have the power to reverse the euro area NCB’s action. However, if the Governing Council of the ECB does not send the euro area NCB notice of such reversal within 10 business days of the ECB’s receipt of notification, the Governing Council of the ECB shall be deemed to have approved the euro area NCB’s action. 11.The Governing Council of the ECB may decide to waive or reduce the penalties set out in Annex I, Part II, Article 12(4) if the end-of-day debit balance of the entity in question is attributable to force majeure and/or technical malfunction of TARGET, the latter phrase as defined in Annex III.

Article 11 Article 11 Additional conditions for AS 1.In addition to the provisions of Article 9(1) to (9), the following shall apply to the relationship between the relevant Eurosystem CB and the AS including ASs operated by Eurosystem CBs. 2.The Eurosystem CBs shall provide fund transfer services in central bank money to AS acting in that capacity. These services shall be offered via either: (a) the TIPS AS Settlement procedure only to support the settlement of instant payments pursuant to the SCT Inst scheme or near instant payments in the books of the AS; or(b) the RTGS AS Settlement Procedures for all other business cases. 3.The Eurosystem CBs may, exceptionally and following approval of the Level 2 body as referred to in Annex II, approve the use of an RTGS DCA by an AS except in relation to the settlement of instant payments pursuant to the SCT Inst scheme. An application for permission shall include a reasoned request of the AS. If the request is granted the pricing set out in Annex I, Appendix VI, paragraph 4 will apply. 4.Each Eurosystem CB shall open a sub-account on request for any settlement bank for which it holds an RTGS DCA when the AS of the settlement bank participates either in the TARGET component system of that Eurosystem NCB or in a different TARGET component system. 5.The Eurosystem CBs may, in addition to those conditions in Annex I, set conditions in connection with participation of AS in TARGET that are related to: (a) business continuity and contingency procedures;(b) the nature of the entitlement to funds held on a TARGET account where the funds held do not form part of the estate of the AS;(c) the CBs’ rights of pledge and set off on TARGET accounts held by or on behalf of AS;(d) collection and distribution of accrued interest;(e) regulatory requirements (including oversight) on AS or AS settlement banks (including those applied by foreign regulators);(f) information exchange to verify compliance with a Eurosystem policy. 6.Eurosystem CBs shall exchange information regarding any significant event during the settlement process of AS.

Article 12 Article 12 Financing and cost methodology 1.The Governing Council shall determine the rules applicable to the financing of TARGET. 2.The Governing Council shall determine the pricing structure for TARGET using a common Eurosystem cost methodology.

Article 13 Article 13 Security provisions

Article 14 Article 14 Audit rules

Article 15 Article 15 Obligations in the event of suspension or termination 1.Eurosystem CBs shall immediately terminate without prior notice or suspend a participant’s participation in the relevant TARGET component system if: (a) insolvency proceedings are opened in relation to a participant; or(b) a participant no longer meets the access criteria for the participation in the relevant TARGET component system. 2.If a Eurosystem CB suspends or terminates a participant’s participation in TARGET in accordance with paragraph 1 or on the grounds of prudence in accordance with Article 17, it shall immediately notify all other Eurosystem CBs thereof, providing all of the following: (a) the participant’s name and BIC;(b) the information upon which the euro area NCB based its decision, including any information or opinion obtained from the relevant supervisory authority;(c) the measure taken and a proposed time frame for its application.Each Eurosystem CB shall, if so requested by another Eurosystem CB, exchange information in relation to such participant, including information in relation to cash transfer orders addressed to it. 3.A Eurosystem CB that has terminated or suspended the participation of a participant in its TARGET component system in accordance with paragraph 1 shall assume liability in relation to the other Eurosystem CBs if it either: (a) subsequently authorises the settlement of cash transfer orders addressed to participants whose participation it has suspended or terminated; or(b) does not comply with the obligations in paragraphs 1 and 2. 4.A Eurosystem CB that has suspended the participation of a participant in its TARGET component system pursuant to paragraph 1(a) shall only process cash transfer orders from that participant on the instructions of its representatives, including those appointed by a competent authority or a court, such as the participant's insolvency administrator, or pursuant to an enforceable decision of a competent authority or a court providing instructions as to how the payments are to be processed. A Eurosystem CB shall reject all outgoing cash transfer orders from the TIPS DCA(s) of a suspended participant.

Article 16 Article 16 Procedures for the rejection on the grounds of prudence of an application for participation in TARGET

Article 17 Article 17 Procedures for the suspension, limitation or termination on the grounds of prudence of participation in TARGET, and access to intraday credit and to auto-collateralisation 1.Where on the grounds of prudence, a euro area NCB suspends, limits or terminates a participant's access to intraday credit pursuant to Annex I, Part II, Article 13(1), point (c) or to auto-collateralisation pursuant to Annex I, Part IV, Article 11 or a Eurosystem CB suspends or terminates a participant's participation in TARGET pursuant to Annex I, Part I, Article 25(2), point (e), the decision shall, to the extent possible, take effect at the same time in all TARGET component systems. 2.The euro area NCB shall provide the information of Article 15(2) promptly to the relevant supervisory authorities in the euro area NCB’s Member State, with the request that the supervisory authorities share information with the supervisory authorities of other Member States in which the participant has a subsidiary or branch. Taking into account the decision pursuant to paragraph 1, other euro area NCBs shall take appropriate action and provide information thereof promptly to the ECB. 3.The ECB’s Executive Board may propose to the Governing Council to take any decisions in order to ensure uniform implementation of the measures taken pursuant to paragraphs 1 and 2. 4.The euro area NCBs of the Member States in which the decision is to be implemented shall inform the participant about the decision, and shall take all necessary implementation measures.

Article 18 Article 18 Procedures for cooperation by Eurosystem CBs in connection with administrative or restrictive measures

Article 19 Article 19 Business continuity and contingency procedures 1.If an event affecting the normal operation of TARGET occurs, the Eurosystem CB concerned shall immediately notify the TARGET coordinator, who together with the TARGET settlement manager of the Eurosystem CB concerned shall decide on the further steps to be taken. 2.The Eurosystem CBs shall report a failure linked to a participant as referred to in Annex I, Appendix IV, paragraph 2.4, 3.3 or 4.2 to the TARGET coordinator no more than 30 minutes after the start of the failure or at the first opportunity after detecting the failure if such failure might affect the operation of TARGET or create systemic risk or if the participant has been designated as a critical participant by the Eurosystem CBs on the basis of criteria periodically updated and published on the ECB’s website. 3.In exceptional circumstances, the Eurosystem CBs may decide to change TARGET’s operating schedule for reasons including but not limited to a failure affecting an AS. Such decision shall be taken collectively by the Eurosystem CBs. 4.In the cases of any other events which have the potential to affect the normal functioning of TARGET, the Eurosystem CB concerned shall monitor and manage such events in order to prevent any spillover to the smooth functioning of TARGET. 5.The Eurosystem CBs shall maintain a connection to the Contingency Solution.

(2) addressable BIC holder;

Article 20 Article 20 Treatment of claims under the TARGET compensation scheme 1.Unless otherwise decided by the Governing Council, the compensation procedure set out in Annex I, Appendix II shall be managed in accordance with this Article. 2.The CB of the participant submitting the claim for compensation shall assess the compensation claim on a preliminary basis and communicate with the participant in relation to that assessment. Where necessary for the assessment of claims, such CB shall be assisted by other CBs concerned. The relevant CB shall inform the ECB and all other CBs concerned as soon as it becomes aware of pending claims. 3.Within nine weeks following a technical malfunction of TARGET, the CB of the participant submitting the claim shall prepare a preliminary assessment report containing the CB’s assessment of the claims received and submit it to the ECB and all other CBs concerned. 4.Within five weeks following receipt of the preliminary assessment report, the Governing Council shall carry out the final assessment of all claims received, and shall decide on the compensation offers to be made to the participants concerned. Within five business days following the completion of the final assessment, the ECB shall communicate the outcome of the final assessment to the CBs concerned. Those CBs shall promptly inform their participants of the outcome of the final assessment and, where applicable, details of the compensation offer, together with the form constituting the letter of acceptance. 5.Within two weeks following expiry of the period referred to in the final sentence of Annex I, Appendix II, paragraph 4(d), the CB shall inform the ECB and all other CBs concerned about which compensation offers have been accepted and which compensation offers have been rejected. 6.The CBs shall inform the ECB of any claims submitted to them by their participants outside the scope of the TARGET compensation scheme, but relating to a technical malfunction of TARGET.

Article 21 Article 21 Treatment of losses caused by a technical malfunction of TARGET 1.In the event of a technical malfunction of TARGET: (a) On the payer’s side, any CB with which a payer has placed a deposit benefits from certain financial gains which amount to the difference between the Eurosystem’s main refinancing operations rate and the deposit rate applied to the marginal increase in the use of the Eurosystem’s deposit facility for the period of the technical malfunction of TARGET and up to the amount of the non-settled cash transfer orders. Where the payer is left with non-remunerated surplus funds, the financial gains amount to the Eurosystem’s main refinancing operations rate, applied to the amount of the non-interest-bearing surplus funds for the period of the technical malfunction of TARGET and up to the amount of the non-settled cash transfer orders.(b) On the payee’s side, the CB from whom the payee has borrowed by using the marginal lending facility benefits from certain financial gains which amount to the difference between the marginal lending facility rate and the Eurosystem’s main refinancing operations rate, applied to the marginal increase in the use of the marginal lending facility for the period of the technical malfunction of TARGET and up to the amount of the non-settled cash transfer orders. 2.The ECB’s financial gains amount to: (a) the earnings in relation to the connected NCBs arising from the different remuneration of end-of-day balances of those connected NCBs in relation to the ECB; and(b) the amount of penalty interest the ECB receives from connected NCBs whenever one of those connected NCBs imposes a penalty on a participant for a failure to reimburse intraday credit on time, as provided for in the agreement between the Eurosystem CBs and the connected NCBs. 3.The financial gains referred to in paragraphs 1 and 2 shall be pooled by the CBs and the resulting pooled amount shall be used to reimburse those CBs that incur the costs of compensating their participants. Any remaining financial gains or costs incurred by the CBs in compensating their participants shall be shared among the Eurosystem CBs in accordance with the key for subscription to the ECB’s capital.

Article 22 Article 22 Security rights in relation to funds on sub-accounts and intra-Eurosystem guarantee 1.For the purpose of the settlement of AS transfer orders related to RTGS AS settlement procedure C, any Eurosystem CB that has opened sub-accounts for its RTGS DCA holders shall ensure that the balances on such sub-accounts (including increases or reductions of that balance resulting from crediting or debiting cross system settlement payments to or from the sub-account or from crediting liquidity transfers to the sub-account) at the moment the AS starts a settlement cycle can only be used for the settlement of AS transfer orders related to that RTGS AS settlement procedure C. This is notwithstanding any insolvency proceedings with respect to the relevant RTGS DCA holder and notwithstanding any individual enforcement measure relating to such RTGS DCA holder’s sub-account. 2.Each time liquidity is transferred to a RTGS DCA holder’s sub-account and where the Eurosystem CB is not the AS’s CB, such Eurosystem CB shall, upon communication by the AS (via a start-of-cycle message), confirm the balance on the sub-account to the relevant AS and, in doing so, guarantee to the AS’s CB payment up to the amount of this particular balance. The confirmation of the balance to the AS shall also entail a legally binding declaration of will by the AS’s CB that the latter guarantees to the AS payment up to the amount of the confirmed balance. By confirming the increase or reduction of that balance upon crediting or debiting cross-system settlement AS transfer orders to or from the sub-account or crediting liquidity transfers to the sub-account, both the Eurosystem CB that is not the AS’s CB and the AS’s CB declare an increase or a reduction of the guarantee in the amount of the payment. Both guarantees shall be irrevocable, unconditional and payable on first demand. Both guarantees shall expire upon communication by the AS that the settlement has been completed (via an end-of-cycle message).

Article 23 Article 23 Dispute resolution and applicable law 1.In the event of a dispute between Eurosystem CBs in relation to this Guideline, the affected parties shall seek to settle the dispute in accordance with the Memorandum of Understanding on an Intra-ESCB Dispute Settlement Procedure. 2.By derogation from paragraph 1, if a dispute relating to the division of the tasks between Level 2 and Level 3 cannot be settled by agreement between the affected parties, the Governing Council shall resolve the dispute. 3.In the event of a dispute of the type referred to in paragraph 1, the parties’ respective rights and obligations shall primarily be determined by the rules and procedures laid down in this Guideline. In disputes concerning cash transfer orders between TARGET component systems, the law of the Member State where the seat of the Eurosystem CB of the payee is located shall apply in a supplementary manner, provided that it does not conflict with this Guideline.

Article 24 Article 24 Repeal of Guideline 2013/47/EU (ECB/2012/27) 1.Guideline 2013/47/EU (ECB/2012/27) is repealed with effect from 21 November 2022 . 2.References to the repealed Guideline shall be construed as references to this Guideline.

Article 25 Article 25 Taking effect and implementation 1.This Guideline shall take effect on the day of its notification to the national central banks of the Member States whose currency is the euro. 2.The Eurosystem central banks shall comply with this Guideline from 21 November 2022 . 3.The national central banks of the Members States whose currency is the euro shall take the necessary measures to comply with this Guideline and apply them from 21 November 2022 . They shall notify the ECB of the texts and means relating to those measures by 19 April 2022 , at the latest.

Article 26 Article 26 Miscellaneous and transitional provisions 1.Upon the date specified in Article 25(2), a participant’s: (a) balances on TARGET2 PM accounts shall be transferred in the relevant MCAs as specified by the participant;(b) TARGET2 TIPS DCAs shall become TIPS DCAs;(c) TARGET2 T2S DCAs shall become T2S DCAs;(d) TARGET2 technical accounts, TARGET2 TIPS AS technical accounts and TARGET2 guarantee fund accounts for AS settlement procedures shall become RTGS AS technical accounts, TIPS AS technical accounts and AS guarantee fund accounts respectively;(e) balances on Home Accounts shall be transferred in the relevant MCAs as specified by the participant. 2.Participants shall suffer no loss and gain no profit as a result of the transfer of balances pursuant to paragraph 1. 3.The intra-Eurosystem obligations arising from settlement of payments between participants in different TARGET2 component systems pursuant to Article 6 of Guideline 2013/47/EU (ECB/2012/27) shall continue to be recorded in TARGET in accordance with Article 6 of this Guideline. 4.Notwithstanding Annex I, Part I, Article 5(1), points (d) and (e), capacity and country opinions requested by Eurosystem CBs pursuant to Article 13 of Guideline 2013/47/EU (ECB/2012/27) or pursuant to Annex II, Article 8(2), Annex IIA, Article 6(2), and Annex IIB, Article 6(2) to Guideline 2013/47/EU (ECB/2012/27), respectively, shall remain valid for the purposes of this Guideline. 5.Notwithstanding Annex I, Part II, Article 10(2), point (d), access to intraday credit granted by the Governing Council under the terms of Annex III, paragraph (2)(e) to Guideline 2013/47/EU (ECB/2012/27) shall remain valid. 6.Groups recognised by the Governing Council in accordance with the definition of group in Annex II, Article 1 of Guideline 2013/47/EU (ECB/2012/27) shall continue to be recognised and considered as banking groups for the purposes of this Guideline.

Article 27 Article 27 Addressees, implementing measures and reporting to level 1 1.This Guideline is addressed to all Eurosystem central banks. 2.The Governing Council shall receive a report on an annual basis from Level 2 containing the information required by the Governing Council in order to fulfil its responsibilities as Level 1.

(3) ancillary system (AS);

(4) ancillary system guarantee funds account (AS guarantee funds account);

(5) ancillary system settlement procedure (AS settlement procedure);

(6) ancillary system transfer order (AS transfer order);

(7) auto-collateralisation;

(8) automated liquidity transfer order;

(9) available liquidity;

(10) banking group;

TARGET is legally structured as a multiplicity of payment systems which make up the component systems of TARGET.

Each Eurosystem CB shall operate its own TARGET component system.

Each TARGET component system shall be a system designated as such under the relevant national legislation implementing Directive 98/26/EC of the European Parleament and of the CouncilDirective 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45 ). .

The names of the TARGET component systems shall only include TARGET and the name or abbreviation of the relevant Eurosystem CB or of the Member State of such Eurosystem CB. The ECB’s TARGET component system shall be called TARGET-ECB.

Regulation of the European Central Bank (EU) No 795/2014 of 3 July 2014 on oversight requirements for systemically important payment systems (ECB/2014/28) (OJ L 217, 23.7.2014, p. 16 ).

(11) branch;

(12) broadcast message;

(13) business day or TARGET business day;

(14) Business Identifier Code;

(15) capacity opinion;

(16) cash transfer order;

(17) central bank (CB);

(18) central bank operation;

(19) connected NCB;

(20) Contingency Solution;

The NCBs of Member States whose currency is not the euro may only connect to TARGET if they conclude an agreement with the Eurosystem CBs. Such agreement shall specify that the connected NCBs will comply with this Guideline, subject to any mutually agreed appropriate specifications and modifications.

Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45 ).

(21) credit institution;

(22) credit memorandum balance (CMB);

(23) cross-system settlement;

(24) dedicated cash account (DCA);

(25) deposit facility rate;

(26) deposit facility;

(27) euro area NCB;

(28) European Payments Council’s SEPA Instant Credit Transfer (SCT Inst) scheme or SCT Inst Scheme;

(29) Eurosystem CB;

(30) event of default;

Intra-European System of Central Banks (ESCB) transactions denominated in euro shall be processed through TARGET, with the exception of payments that the CBs bilaterally agree to process through correspondent accounts, where appropriate.

Regulation (EU) 2021/378 of the European Central Bank of 22 January 2021 on the application of minimum reserve requirements (ECB/2021/1) (OJ L 73, 3.3.2021, p. 1 ).

(31) guarantee funds;

(32) insolvency proceedings;

(33) instant payment order;

(34) instructing party;

(35) intraday credit;

(36) investment firm;

(37) Level 3 NCBs;

(38) liquidity transfer order;

(39) marginal lending facility rate

(40) marginal lending facility;

Any settlement of cash transfer orders between participants in different TARGET component systems shall automatically be aggregated and adjusted to form part of a single obligation or claim of each euro area NCB vis-à-vis the ECB as set out in an agreement between the Eurosystem CBs. Any obligation or claim of each euro area NCB vis-à-vis the ECB shall be adjusted for book-keeping purposes on a daily basis, using the delta of the end-of-day balances of all the TARGET accounts in the books of the respective euro area NCB.

For accounting and reporting purposes, each euro area NCB shall maintain an account to record its obligation or claim towards the ECB, resulting from the settlement of cash transfer orders between its own and other TARGET component systems.7

The ECB shall open on its books an account for each euro area NCB in order to mirror at the end of the day such euro area NCB’s obligation or claim towards the ECB.

Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (General Documentation Guideline) (ECB/2014/60) (OJ L 91, 2.4.2015, p. 3 ).

(41) mobile proxy look-up (MPL) service;

(42) near instant payment;

(43) network service provider;

(44) non-settled cash transfer order;

(45) participant;

(46) payee;

(47) payer;

(48) payment order;

(49) positive recall answer;

(50) public sector body;

Without prejudice to Article 8 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the Statute of the ESCB), the management of TARGET shall be based on a three-level governance scheme. The tasks assigned to the Governing Council (Level 1), the Level 2 technical and operational management body and the Level 3 NCBs are laid down in Annex II.

The Governing Council shall be responsible for the direction, management and control of TARGET. The tasks assigned to Level 1 fall within the exclusive competence of the Governing Council.

In accordance with the third subparagraph of Article 12.1 of the Statute of the ESCB, the Eurosystem CBs shall be responsible for the tasks assigned to Level 2, within the general framework defined by the Governing Council. A Level 2 body has been established by the Governing Council and entrusted by the Eurosystem CBs with certain technical and operational management tasks related to TARGET.

The Eurosystem CBs shall organise themselves through the conclusion of appropriate agreements.

In accordance with the third subparagraph of Article 12.1 of the Statute of the ESCB, the Level 3 NCBs shall be responsible for the tasks assigned to Level 3, within the general framework defined by the Governing Council.

The Level 3 NCBs shall conclude agreements with the Eurosystem CBs governing the provision of the services to be provided by the Level 3 NCBs. Such agreements shall also include, where appropriate, the connected NCBs.

The Eurosystem, as provider of T2S services, and the Eurosystem CBs, as operators of their respective national TARGET component systems, shall conclude an agreement governing the services to be provided by the former to the latter in respect of the operation of the T2S DCAs. Such agreements shall also be entered into, where appropriate, by the connected NCBs.

(51) reachable party;

(52) Real-time gross settlement ancillary system settlement procedure (RTGS AS settlement procedure);

(53) Real-time gross settlement ancillary system technical account;

(54) recall request;

(55) rule-based liquidity transfer order;

(56) settlement bank account group;

(57) settlement bank;

(58) suspension;

(59) TARGET account;

(60) TARGET component system;

Each Eurosystem CB shall establish and maintain a system support desk providing support to the participants of its respective national TARGET component system. The support desk shall be provided at a minimum between the hours of 07:00 CET and 18:15 CET. This will be extended to 18:30 CET on the last day of the Eurosystem reserve maintenance period.

(61) TARGET coordinator;

(62) TARGET Instant Payment Settlement (TIPS) ancillary system settlement procedure (TIPS AS settlement procedure);

(63) TARGET Instant Payment Settlement (TIPS) ancillary system technical account (TIPS AS technical account);

(64) TARGET settlement manager;

(65) TARGET2-Securities (T2S);

(66) technical malfunction of TARGET.

Each euro area NCB shall adopt arrangements implementing the Harmonised Conditions for participation in TARGET as laid down in Annex I and so that terms used therein that are listed in Annex III shall have the meaning ascribed to them in Annex III. These arrangements shall exclusively govern the relationship between the relevant euro area NCB and its participants in respect of the opening and operation of TARGET accounts.

With effect from 20 November 2023 , Eurosystem CBs shall not open accounts other than TARGET accounts for participants eligible to participate in TARGET for the purpose of providing services falling within the scope of this Guideline, subject to the following exceptions:

(a) accounts for those participants listed under Annex I, Part I, Article 4(2), points (a) and (b) of the Harmonised Conditions for participation in TARGET;

(b) accounts where funds are held intraday for the sole purpose of carrying out cash lodgements and withdrawals;

(c) accounts used to hold seized funds or funds pledged to a third-party creditor or funds referred to in Article 3(1)(d) of Regulation (EU) 2021/378 of the European Central Bank (ECB/2021/1)Regulation (EU) 2021/378 of the European Central Bank of 22 January 2021 on the application of minimum reserve requirements (ECB/2021/1) (OJ L 73, 3.3.2021, p. 1 ). ;

(d) accounts used by participants in systems operated by an NCB and used to clear instant payments complying with the SCT Inst scheme.

The ECB shall adopt the Terms and Conditions of TARGET-ECB by implementing the Harmonised Conditions for participation in TARGET as laid down in Annex I except that:

(a) TARGET-ECB shall only provide clearing and settlement services to clearing and settlement organisations, including entities established outside the European Economic Area (EEA), if they are subject to oversight by a competent authority and their access to TARGET-ECB has been approved by the Governing Council;

(b) TARGET-ECB shall not provide intraday credit or auto-collateralisation.

The standard arrangements adopted by the Eurosystem CBs implementing the Harmonised Conditions for participation in TARGET shall be made public.

The Eurosystem CBs may request derogations from the Harmonised Conditions for participation in TARGET on the basis of national law constraints. The Governing Council shall consider such requests on a case-by-case basis and shall grant derogations where appropriate.

Subject to the relevant monetary agreement, the ECB may determine appropriate conditions for participation in TARGET by entities referred to in Annex I, Part I, Article 4(2), point (e).

The Eurosystem CBs shall not allow any entity to be an addressable BIC holder or reachable party in their TARGET component system if this entity acts via a TARGET account holder that is an NCB of a Member State but is neither a Eurosystem CB nor a connected NCB.

The Eurosystem CBs shall not register addressable BIC holders which are eligible to participate in TARGET as set out in Annex I, Part I, Article 4, with the exception of their own branches and those entities listed under Annex I, Part I, Article 4(2), points (a) and (b).

With the exception of rules in connection with AS, the Eurosystem CBs shall implement no additional rules in connection with participation in TARGET other than those set out in the Harmonised Conditions for participation in TARGET. No fees shall be charged for the use of or in connection with TARGET, other than those set out in Annex I, Appendix VI, with the exception of fees charged for services related to an NCB co-managing an MCA (as set out in Annex I, Part II, Article 2) if these services are offered by the Eurosystem CB. A Eurosystem CB offering co-management of an MCA shall observe the principle of full cost recovery in setting its fees for these services and pass on, as a minimum, the full costs arising from these services.

By way of derogation from paragraph 9, the Eurosystem CBs may set additional rules with respect to TARGET accounts opened to hold funds provided as cash collateral or forming part of a cover pool.

The euro area NCBs may grant intraday credit to a participant. Intraday credit may only be granted on its primary MCA and only in accordance with the arrangements implementing the rules on the provision of intraday credit laid down in Annex I, Part II. No intraday credit shall be granted to a participant whose eligibility as a counterparty for Eurosystem monetary policy operations has been suspended or terminated.

Further to a request from a participant with access to intraday credit, the euro area NCBs shall offer an auto-collateralisation facility on T2S DCAs, provided that this is done in accordance with the conditions for Auto-collateralisation Operations laid down in Annex I, Part IV.

Participants which are subject to restrictive measures adopted by the Council of the European Union or Member States pursuant to Article 65(1), point (b), Article 75 or Article 215 of the Treaty, the implementation of which, in the view of relevant euro area NCB and after informing the ECB, is incompatible with the smooth functioning of TARGET, shall not be eligible for intraday credit or auto-collateralisation.

The euro area NCBs may grant intraday credit to AS as set out in Annex I, Part II, Article 10(2), point (d) provided that the arrangements have been submitted to the Governing Council in advance and have been approved by the Governing Council.

The euro area NCBs may provide overnight credit to certain eligible central counterparties (CCPs), under the conditions set out in Annex I, Part II, Article 10(5), provided that the request has been submitted to the Governing Council in advance and has been approved by the Governing Council.

The Governing Council may, upon a proposal by the relevant euro area NCB, exempt the treasury departments referred to in Annex I, Part II, Article 10(2), point (b) from the requirement to provide adequate collateral before obtaining intraday credit.

Where a euro area NCB decides to suspend, limit or terminate a participant’s access to intraday credit or auto-collateralisation, on grounds of prudence as set out in Annex I, Part II, Article 13(1), point (c) or Annex I, Part IV, Article 11, respectively, it shall immediately notify the ECB and other euro area NCBs and connected NCBs thereof in writing. Where appropriate, the Governing Council shall decide upon uniform implementation of the measures taken in all TARGET component systems.

If a counterparty’s access to monetary policy instruments is suspended, limited or excluded on the grounds of prudence or otherwise in accordance with the national provisions implementing Article 158 of Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60)Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (General Documentation Guideline) (ECB/2014/60) (OJ L 91, 2.4.2015, p. 3 ). , the relevant euro area NCB shall, in respect of access to intraday credit, implement that decision pursuant to provisions in the contractual or regulatory arrangements applied by the relevant euro area NCB.

Where a euro area NCB decides to suspend, limit or terminate a Eurosystem monetary policy counterparty’s access to intraday credit or auto-collateralisation facilities in accordance with Annex I, Part II, Article 13(3) or Annex I, Part IV, Article 11, respectively, such decision shall not take effect until the Governing Council of the ECB has approved it.

By derogation from paragraph 9, in urgent circumstances a euro area NCB may suspend a Eurosystem monetary policy counterparty’s access to intraday credit and/or auto-collateralisation facilities with immediate effect. In such cases the euro area NCB concerned shall immediately notify the Governing Council of the ECB thereof in writing. The Governing Council of the ECB shall have the power to reverse the euro area NCB’s action. However, if the Governing Council of the ECB does not send the euro area NCB notice of such reversal within 10 business days of the ECB’s receipt of notification, the Governing Council of the ECB shall be deemed to have approved the euro area NCB’s action.

The Governing Council of the ECB may decide to waive or reduce the penalties set out in Annex I, Part II, Article 12(4) if the end-of-day debit balance of the entity in question is attributable to force majeure and/or technical malfunction of TARGET, the latter phrase as defined in Annex III.

In addition to the provisions of Article 9(1) to (9), the following shall apply to the relationship between the relevant Eurosystem CB and the AS including ASs operated by Eurosystem CBs.

The Eurosystem CBs shall provide fund transfer services in central bank money to AS acting in that capacity. These services shall be offered via either:

(a) the TIPS AS Settlement procedure only to support the settlement of instant payments pursuant to the SCT Inst scheme or near instant payments in the books of the AS; or

(b) the RTGS AS Settlement Procedures for all other business cases.

The Eurosystem CBs may, exceptionally and following approval of the Level 2 body as referred to in Annex II, approve the use of an RTGS DCA by an AS except in relation to the settlement of instant payments pursuant to the SCT Inst scheme. An application for permission shall include a reasoned request of the AS. If the request is granted the pricing set out in Annex I, Appendix VI, paragraph 4 will apply.

Each Eurosystem CB shall open a sub-account on request for any settlement bank for which it holds an RTGS DCA when the AS of the settlement bank participates either in the TARGET component system of that Eurosystem NCB or in a different TARGET component system.

The Eurosystem CBs may, in addition to those conditions in Annex I, set conditions in connection with participation of AS in TARGET that are related to:

(a) business continuity and contingency procedures;

(b) the nature of the entitlement to funds held on a TARGET account where the funds held do not form part of the estate of the AS;

(c) the CBs’ rights of pledge and set off on TARGET accounts held by or on behalf of AS;

(d) collection and distribution of accrued interest;

(e) regulatory requirements (including oversight) on AS or AS settlement banks (including those applied by foreign regulators);

(f) information exchange to verify compliance with a Eurosystem policy.

Eurosystem CBs shall exchange information regarding any significant event during the settlement process of AS.

The Governing Council shall determine the rules applicable to the financing of TARGET.

The Governing Council shall determine the pricing structure for TARGET using a common Eurosystem cost methodology.

The Eurosystem CBs shall comply with measures specified by the Governing Council setting out the security policy and security requirements and controls applicable to TARGET, including in relation to cyber resilience and information security.

Audit assessments shall be performed in accordance with the principles and arrangements set out in the Governing Council’s ESCB Audit Policy.

Eurosystem CBs shall immediately terminate without prior notice or suspend a participant’s participation in the relevant TARGET component system if:

(a) insolvency proceedings are opened in relation to a participant; or

(b) a participant no longer meets the access criteria for the participation in the relevant TARGET component system.

If a Eurosystem CB suspends or terminates a participant’s participation in TARGET in accordance with paragraph 1 or on the grounds of prudence in accordance with Article 17, it shall immediately notify all other Eurosystem CBs thereof, providing all of the following: Each Eurosystem CB shall, if so requested by another Eurosystem CB, exchange information in relation to such participant, including information in relation to cash transfer orders addressed to it.

(a) the participant’s name and BIC;

(b) the information upon which the euro area NCB based its decision, including any information or opinion obtained from the relevant supervisory authority;

(c) the measure taken and a proposed time frame for its application.

A Eurosystem CB that has terminated or suspended the participation of a participant in its TARGET component system in accordance with paragraph 1 shall assume liability in relation to the other Eurosystem CBs if it either:

(a) subsequently authorises the settlement of cash transfer orders addressed to participants whose participation it has suspended or terminated; or

(b) does not comply with the obligations in paragraphs 1 and 2.

A Eurosystem CB that has suspended the participation of a participant in its TARGET component system pursuant to paragraph 1(a) shall only process cash transfer orders from that participant on the instructions of its representatives, including those appointed by a competent authority or a court, such as the participant's insolvency administrator, or pursuant to an enforceable decision of a competent authority or a court providing instructions as to how the payments are to be processed. A Eurosystem CB shall reject all outgoing cash transfer orders from the TIPS DCA(s) of a suspended participant.

Where, pursuant to Annex I, Part I, Article 5(5), point (c), a Eurosystem CB rejects on the grounds of prudence an application to join TARGET, that Eurosystem CB shall promptly inform the other Eurosystem CBs of such rejection.

Where on the grounds of prudence, a euro area NCB suspends, limits or terminates a participant's access to intraday credit pursuant to Annex I, Part II, Article 13(1), point (c) or to auto-collateralisation pursuant to Annex I, Part IV, Article 11 or a Eurosystem CB suspends or terminates a participant's participation in TARGET pursuant to Annex I, Part I, Article 25(2), point (e), the decision shall, to the extent possible, take effect at the same time in all TARGET component systems.

The euro area NCB shall provide the information of Article 15(2) promptly to the relevant supervisory authorities in the euro area NCB’s Member State, with the request that the supervisory authorities share information with the supervisory authorities of other Member States in which the participant has a subsidiary or branch. Taking into account the decision pursuant to paragraph 1, other euro area NCBs shall take appropriate action and provide information thereof promptly to the ECB.

The ECB’s Executive Board may propose to the Governing Council to take any decisions in order to ensure uniform implementation of the measures taken pursuant to paragraphs 1 and 2.

The euro area NCBs of the Member States in which the decision is to be implemented shall inform the participant about the decision, and shall take all necessary implementation measures.

In connection with the implementation of Annex I, Part I, Article 29(3):

1. any Eurosystem CB shall promptly share with all potentially affected CBs all information that it receives in connection with a proposed cash transfer order, with the exception of liquidity transfer orders between different accounts of the same participant;

2. any Eurosystem CB that receives from a participant evidence of notification having been made to, or consent having been received from, any competent authority shall promptly transmit such evidence to any other CB acting as the payment service provider of the payer or payee as appropriate;

3. the Eurosystem CB acting as payment service provider of the payer shall then promptly inform the payer that it can enter a relevant cash transfer order into TARGET.

If an event affecting the normal operation of TARGET occurs, the Eurosystem CB concerned shall immediately notify the TARGET coordinator, who together with the TARGET settlement manager of the Eurosystem CB concerned shall decide on the further steps to be taken.

The Eurosystem CBs shall report a failure linked to a participant as referred to in Annex I, Appendix IV, paragraph 2.4, 3.3 or 4.2 to the TARGET coordinator no more than 30 minutes after the start of the failure or at the first opportunity after detecting the failure if such failure might affect the operation of TARGET or create systemic risk or if the participant has been designated as a critical participant by the Eurosystem CBs on the basis of criteria periodically updated and published on the ECB’s website.

In exceptional circumstances, the Eurosystem CBs may decide to change TARGET’s operating schedule for reasons including but not limited to a failure affecting an AS. Such decision shall be taken collectively by the Eurosystem CBs.

In the cases of any other events which have the potential to affect the normal functioning of TARGET, the Eurosystem CB concerned shall monitor and manage such events in order to prevent any spillover to the smooth functioning of TARGET.

The Eurosystem CBs shall maintain a connection to the Contingency Solution.

Unless otherwise decided by the Governing Council, the compensation procedure set out in Annex I, Appendix II shall be managed in accordance with this Article.

The CB of the participant submitting the claim for compensation shall assess the compensation claim on a preliminary basis and communicate with the participant in relation to that assessment. Where necessary for the assessment of claims, such CB shall be assisted by other CBs concerned. The relevant CB shall inform the ECB and all other CBs concerned as soon as it becomes aware of pending claims.

Within nine weeks following a technical malfunction of TARGET, the CB of the participant submitting the claim shall prepare a preliminary assessment report containing the CB’s assessment of the claims received and submit it to the ECB and all other CBs concerned.

Within five weeks following receipt of the preliminary assessment report, the Governing Council shall carry out the final assessment of all claims received, and shall decide on the compensation offers to be made to the participants concerned. Within five business days following the completion of the final assessment, the ECB shall communicate the outcome of the final assessment to the CBs concerned. Those CBs shall promptly inform their participants of the outcome of the final assessment and, where applicable, details of the compensation offer, together with the form constituting the letter of acceptance.

Within two weeks following expiry of the period referred to in the final sentence of Annex I, Appendix II, paragraph 4(d), the CB shall inform the ECB and all other CBs concerned about which compensation offers have been accepted and which compensation offers have been rejected.

The CBs shall inform the ECB of any claims submitted to them by their participants outside the scope of the TARGET compensation scheme, but relating to a technical malfunction of TARGET.

In the event of a technical malfunction of TARGET:

(a) On the payer’s side, any CB with which a payer has placed a deposit benefits from certain financial gains which amount to the difference between the Eurosystem’s main refinancing operations rate and the deposit rate applied to the marginal increase in the use of the Eurosystem’s deposit facility for the period of the technical malfunction of TARGET and up to the amount of the non-settled cash transfer orders. Where the payer is left with non-remunerated surplus funds, the financial gains amount to the Eurosystem’s main refinancing operations rate, applied to the amount of the non-interest-bearing surplus funds for the period of the technical malfunction of TARGET and up to the amount of the non-settled cash transfer orders.

(b) On the payee’s side, the CB from whom the payee has borrowed by using the marginal lending facility benefits from certain financial gains which amount to the difference between the marginal lending facility rate and the Eurosystem’s main refinancing operations rate, applied to the marginal increase in the use of the marginal lending facility for the period of the technical malfunction of TARGET and up to the amount of the non-settled cash transfer orders.

The ECB’s financial gains amount to:

(a) the earnings in relation to the connected NCBs arising from the different remuneration of end-of-day balances of those connected NCBs in relation to the ECB; and

(b) the amount of penalty interest the ECB receives from connected NCBs whenever one of those connected NCBs imposes a penalty on a participant for a failure to reimburse intraday credit on time, as provided for in the agreement between the Eurosystem CBs and the connected NCBs.

The financial gains referred to in paragraphs 1 and 2 shall be pooled by the CBs and the resulting pooled amount shall be used to reimburse those CBs that incur the costs of compensating their participants. Any remaining financial gains or costs incurred by the CBs in compensating their participants shall be shared among the Eurosystem CBs in accordance with the key for subscription to the ECB’s capital.

For the purpose of the settlement of AS transfer orders related to RTGS AS settlement procedure C, any Eurosystem CB that has opened sub-accounts for its RTGS DCA holders shall ensure that the balances on such sub-accounts (including increases or reductions of that balance resulting from crediting or debiting cross system settlement payments to or from the sub-account or from crediting liquidity transfers to the sub-account) at the moment the AS starts a settlement cycle can only be used for the settlement of AS transfer orders related to that RTGS AS settlement procedure C. This is notwithstanding any insolvency proceedings with respect to the relevant RTGS DCA holder and notwithstanding any individual enforcement measure relating to such RTGS DCA holder’s sub-account.

Each time liquidity is transferred to a RTGS DCA holder’s sub-account and where the Eurosystem CB is not the AS’s CB, such Eurosystem CB shall, upon communication by the AS (via a start-of-cycle message), confirm the balance on the sub-account to the relevant AS and, in doing so, guarantee to the AS’s CB payment up to the amount of this particular balance. The confirmation of the balance to the AS shall also entail a legally binding declaration of will by the AS’s CB that the latter guarantees to the AS payment up to the amount of the confirmed balance. By confirming the increase or reduction of that balance upon crediting or debiting cross-system settlement AS transfer orders to or from the sub-account or crediting liquidity transfers to the sub-account, both the Eurosystem CB that is not the AS’s CB and the AS’s CB declare an increase or a reduction of the guarantee in the amount of the payment. Both guarantees shall be irrevocable, unconditional and payable on first demand. Both guarantees shall expire upon communication by the AS that the settlement has been completed (via an end-of-cycle message).

In the event of a dispute between Eurosystem CBs in relation to this Guideline, the affected parties shall seek to settle the dispute in accordance with the Memorandum of Understanding on an Intra-ESCB Dispute Settlement Procedure.

By derogation from paragraph 1, if a dispute relating to the division of the tasks between Level 2 and Level 3 cannot be settled by agreement between the affected parties, the Governing Council shall resolve the dispute.

In the event of a dispute of the type referred to in paragraph 1, the parties’ respective rights and obligations shall primarily be determined by the rules and procedures laid down in this Guideline. In disputes concerning cash transfer orders between TARGET component systems, the law of the Member State where the seat of the Eurosystem CB of the payee is located shall apply in a supplementary manner, provided that it does not conflict with this Guideline.

Guideline 2013/47/EU (ECB/2012/27) is repealed with effect from 21 November 2022 .

References to the repealed Guideline shall be construed as references to this Guideline.

This Guideline shall take effect on the day of its notification to the national central banks of the Member States whose currency is the euro.

The Eurosystem central banks shall comply with this Guideline from 21 November 2022 .

The national central banks of the Members States whose currency is the euro shall take the necessary measures to comply with this Guideline and apply them from 21 November 2022 . They shall notify the ECB of the texts and means relating to those measures by 19 April 2022 , at the latest.

Upon the date specified in Article 25(2), a participant’s:

(a) balances on TARGET2 PM accounts shall be transferred in the relevant MCAs as specified by the participant;

(b) TARGET2 TIPS DCAs shall become TIPS DCAs;

(c) TARGET2 T2S DCAs shall become T2S DCAs;

(d) TARGET2 technical accounts, TARGET2 TIPS AS technical accounts and TARGET2 guarantee fund accounts for AS settlement procedures shall become RTGS AS technical accounts, TIPS AS technical accounts and AS guarantee fund accounts respectively;

(e) balances on Home Accounts shall be transferred in the relevant MCAs as specified by the participant.

Participants shall suffer no loss and gain no profit as a result of the transfer of balances pursuant to paragraph 1.

The intra-Eurosystem obligations arising from settlement of payments between participants in different TARGET2 component systems pursuant to Article 6 of Guideline 2013/47/EU (ECB/2012/27) shall continue to be recorded in TARGET in accordance with Article 6 of this Guideline.

Notwithstanding Annex I, Part I, Article 5(1), points (d) and (e), capacity and country opinions requested by Eurosystem CBs pursuant to Article 13 of Guideline 2013/47/EU (ECB/2012/27) or pursuant to Annex II, Article 8(2), Annex IIA, Article 6(2), and Annex IIB, Article 6(2) to Guideline 2013/47/EU (ECB/2012/27), respectively, shall remain valid for the purposes of this Guideline.

Notwithstanding Annex I, Part II, Article 10(2), point (d), access to intraday credit granted by the Governing Council under the terms of Annex III, paragraph (2)(e) to Guideline 2013/47/EU (ECB/2012/27) shall remain valid.

Groups recognised by the Governing Council in accordance with the definition of group in Annex II, Article 1 of Guideline 2013/47/EU (ECB/2012/27) shall continue to be recognised and considered as banking groups for the purposes of this Guideline.

This Guideline is addressed to all Eurosystem central banks.

The Governing Council shall receive a report on an annual basis from Level 2 containing the information required by the Governing Council in order to fulfil its responsibilities as Level 1.

HAS ADOPTED THIS GUIDELINE: