DECISION (EU) 2022/911 OF THE EUROPEAN CENTRAL BANK
of 19 April 2022
concerning the terms and conditions of TARGET-ECB and repealing Decision 2007/610/EC (ECB/2007/7)
(ECB/2022/22)
Article 1
Scope
Article 2
Definitions
Article 3
Terms and Conditions for participation in TARGET-ECB
Article 4
Repeal of Decision 2007/601/EC (ECB/2007/7)
Article 5
Entry into force
ANNEX I
CONDITIONS FOR PARTICIPATION IN TARGET-ECB
PART I
General terms and conditions
Article 1
Scope
Article 2
Appendices
Article 3
General description of TARGET
Article 4
Access criteria
Article 5
Application procedure
Article 6
Participants
Article 7
Access to a participant’s account by entities other than the participant
Article 8
Billing
Article 9
Billing Groups
Article 10
Obligations of the ECB and the participant
Article 11
Cooperation and information exchange
Article 12
Remuneration of Accounts
Article 13
Management of Accounts
Article 14
Floor and ceiling amounts
Article 15
Account monitoring group
Article 16
Acceptance and rejection of cash transfer orders
Article 17
Entry of cash transfer orders into the system and their irrevocability
Article 18
Business continuity and contingency procedures
Article 19
Security requirements
Article 20
Compensation Scheme
Article 21
Liability regime
Article 22
Evidence
Article 23
Duration and ordinary termination of participation and closure of accounts
Article 24
Suspension and extraordinary termination of participation
Article 25
Closure of TARGET accounts by the ECB on termination of participation
Article 26
The ECB’s rights of pledge and set-off
Article 27
Confidentiality
Article 28
Data protection, prevention of money laundering, administrative or restrictive measures and related issues
Article 29
Notices
Article 30
Contractual relationship with a NSP
Article 31
Amendment procedure
Article 32
Third party rights
Article 33
Governing law, jurisdiction and place of performance
Article 34
Severability
Article 35
Entry into force and binding nature
PART II
Special terms and conditions for main cash accounts (MCAS)
Article 1
Opening and management of an MCA
Article 2
Co-management of an MCA
Article 3
MCA liquidity transfer group
Article 4
Transactions processed via an MCA
Article 5
Liquidity transfer orders
Article 6
Rule-based liquidity transfer orders
Article 7
Processing of cash transfer orders
Article 8
Liquidity reservation orders
Article 9
Processing of cash transfer orders in the event of suspension or termination
Article 10
No intraday credit
PART III
Special terms and conditions for real-time gross settlement dedicated cash accounts (RTGS DCAS)
Article 1
Opening and management of an RTGS DCA
Article 2
Addressable BIC holders
Article 3
Multi-addressee access
Article 4
RTGS liquidity transfer group
Article 5
Transactions processed on an RTGS DCA and its sub-accounts
Article 6
Liquidity transfer orders
Article 7
Rule-based liquidity transfer orders
Article 8
Priority rules
Article 9
Processing of cash transfer orders on RTGS DCAs
Article 10
Queue management and settlement optimisation
Article 11
Liquidity reservation orders
Article 12
Recall request and answer
Article 13
RTGS directory
Article 14
Processing of cash transfer orders in the event of suspension or termination
Article 15
Debit limits
Article 16
Participants’ instructions with regard to settlement times
Article 17
Payment orders submitted in advance
Article 18
Direct debit
Article 19
Back-up payment functionality
Article 20
Security rights in relation to funds on sub-accounts
PART IV
Special terms and conditions for TARGET2-securities dedicated cash accounts (T2S DCAs)
Article 1
Opening and management of a T2S DCA
Article 2
Links between securities accounts and T2S DCAs
Article 3
Transactions processed on T2S DCAs
Article 4
Liquidity transfer orders
Article 5
Reservation and blocking of liquidity
Article 6
Processing of liquidity transfer orders on T2S DCAs
Article 7
Processing of cash transfer orders in the event of suspension or termination
Article 8
No auto-collateralisation
PART V
Special terms and conditions for TARGET instant payment settlement (TIPS) dedicated cash accounts (TIPS DCAs)
Article 1
Opening and management of a TIPS DCA
Article 2
Sending and receiving messages
Article 3
Reachable parties
Article 4
Transactions processed on TIPS DCAs
Article 5
Immediate liquidity transfer orders
Article 6
Processing of cash transfer orders on TIPS DCAs
Article 7
Recall request
Article 8
TIPS directory
Article 9
MPL repository
Article 10
Processing of cash transfer orders in the event of suspension or extraordinary termination
PART VI
Special terms and conditions for ancillary systems (AS) using real-time gross settlement ancillary system (RTGS AS) settlement procedures
Article 1
Opening and Management of AS technical accounts and use of RTGS AS settlement procedures
Article 2
Priority of AS transfer orders
Article 3
RTGS AS settlement procedure A
Article 4
RTGS AS settlement procedure B
Article 5
RTGS AS settlement procedure C
Article 6
RTGS AS settlement procedure D
Article 7
RTGS AS settlement procedure E
Article 8
Information period and settlement period
Article 9
Cross system settlement
Article 10
Effect of suspension or termination
PART VII
Special terms and conditions for ancillary systems using the TARGET instant payment settlement (TIPS) ancillary system settlement procedure (TIPS AS settlement procedure)
Article 1
Opening and management of a TIPS AS technical account
Article 2
Sending and receiving messages
Article 3
Immediate liquidity transfer orders
Article 4
Processing of cash transfer orders on TIPS AS technical accounts
Article 5
Recall request
Article 6
TIPS AS settlement procedure
Article 7
Reachable parties via a TIPS AS technical account
Article 8
Transactions processed on TIPS AS technical accounts
Article 9
TIPS directory
Article 10
MPL repository
Article 11
Processing of cash transfer orders in the event of suspension or extraordinary termination
APPENDIX I
TECHNICAL SPECIFICATIONS FOR THE PROCESSING OF CASH TRANSFER ORDERS
1.
Testing requirements for participation in TARGET-ECB
2.
Account numbers
Name |
No. of Characters |
Content |
Account type |
1 |
M = MCA R = RTGS DCA C = T2S DCA I = TIPS DCA T = RTGS AS Technical account U = Sub-account A = TIPS AS Technical account G = AS Guarantee funds account D = Overnight deposit account X = Contingency Account |
Country Code of Central Bank |
2 |
ISO Country code : 3166-1 |
Currency code |
3 |
EUR |
BIC |
11 |
Account holder BIC |
Account name |
Max. 17 |
Free text(1) |
3.
Messaging rules in TARGET
Message Type |
Description |
head.001 |
Business application header |
head.002 |
Business file header |
4.
Message types processed in TARGET
Message Type |
Description |
Administration (admi) |
|
admi.004 |
SystemEventNotification |
admi.005 |
ReportQueryRequest |
admi.007 |
ReceiptAcknowledgement |
Cash Management (camt) |
|
camt.003 |
GetAccount |
camt.004 |
ReturnAccount |
camt.005 |
GetTransaction |
camt.006 |
ReturnTransaction |
camt.018 |
GetBusinessDayInformation |
camt.019 |
ReturnBusinessDayInformation |
camt.025 |
Receipt |
camt.046 |
GetReservation |
camt.047 |
ReturnReservation |
camt.048 |
ModifyReservation |
camt.049 |
DeleteReservation |
camt.050 |
LiquidityCreditTransfer |
camt.053 |
BankToCustomerStatement |
camt.054 |
BankToCustomerDebitCreditNotification |
Payments clearing and Settlement (pacs) |
|
pacs.009 |
FinancialInstitutionCreditTransfer |
pacs.010 |
FinancialInstitutionDirectDebit |
Administration (admi) |
|
admi.004 |
SystemEventNotification |
admi.005 |
ReportQueryRequest |
admi.007 |
ReceiptAcknowledgement |
Cash Management (camt) |
|
camt.003 |
GetAccount |
camt.004 |
ReturnAccount |
camt.005 |
GetTransaction |
camt.006 |
ReturnTransaction |
camt.007 |
ModifyTransaction |
camt.009 |
GetLimit |
camt.010 |
ReturnLimit |
camt.011 |
ModifyLimit |
camt.012 |
DeleteLimit |
camt.018 |
GetBusinessDayInformation |
camt.019 |
ReturnBusinessDayInformation |
camt.021 |
ReturnGeneralBusinessInformation |
camt.025 |
Receipt |
camt.029 |
ResolutionOfInvestigation |
camt.046 |
GetReservation |
camt.047 |
ReturnReservation |
camt.048 |
ModifyReservation |
camt.049 |
DeleteReservation |
camt.050 |
LiquidityCreditTransfer |
camt.053 |
BankToCustomerStatement |
camt.054 |
BankToCustomerDebitCreditNotification |
camt.056 |
FIToFIPaymentCancellationRequest |
Payments Clearing and Settlement (pacs) |
|
pacs.002 |
PaymentStatusReport |
pacs.004 |
PaymentReturn |
pacs.008 |
CustomerCreditTransfer |
pacs.009 |
FinancialInstitutionCreditTransfer |
pacs.010 |
FinancialInstitutionDirectDebit |
Payments Initiation (pain) |
|
pain.998 |
ASInitiationStatus |
pain.998 |
ASTransferNotice |
pain.998 |
ASTransferInitiation |
Message Type |
Description |
Administration (admi) |
|
admi.005 |
ReportQueryRequest |
admi.006 |
ResendRequestSystemEventNotification |
admi.007 |
ReceiptAcknowledgement |
Cash Management (camt) |
|
(camt.003) |
GetAccount |
(camt.004) |
ReturnAccount |
(camt.005) |
GetTransaction |
(camt.006) |
ReturnTransaction |
(camt.009) |
GetLimit |
(camt.010) |
ReturnLimit |
(camt.011) |
ModifyLimit |
(camt.012) |
DeleteLimit |
(camt.018) |
GetBusinessDayInformation |
(camt.019) |
ReturnBusinessDayInformation |
(camt.024) |
ModifyStandingOrder |
(camt.025) |
Receipt |
(camt.050) |
LiquidityCreditTransfer |
(camt.051) |
LiquidityDebitTransfer |
(camt.052) |
BankToCustomerAccountReport |
(camt.053) |
BankToCustomerStatement |
(camt.054) |
BankToCustomerDebitCreditNotification |
(camt.064) |
LimitUtilisationJournalQuery |
(camt.065) |
LimitUtilisationJournalReport |
(camt.066) |
IntraBalanceMovementInstruction |
(camt.067) |
IntraBalanceMovementStatusAdvice |
(camt.068) |
IntraBalanceMovementConfirmation |
(camt.069) |
GetStandingOrder |
(camt.070) |
ReturnStandingOrder |
(camt.071) |
DeleteStandingOrder |
(camt.072) |
IntraBalanceMovementModificationRequest |
(camt.073) |
IntraBalanceMovementModificationRequestStatusAdvice |
(camt.074) |
IntraBalanceMovementCancellationRequest |
(camt.075) |
IntraBalanceMovementCancellationRequestStatusAdvice |
(camt.078) |
IntraBalanceMovementQuery |
(camt.079) |
IntraBalanceMovementQueryResponse |
(camt.080) |
IntraBalanceModificationQuery |
(camt.081) |
IntraBalanceModificationReport |
(camt.082) |
IntraBalanceCancellationQuery |
(camt.083) |
IntraBalanceCancellationReport |
(camt.084) |
IntraBalanceMovementPostingReport |
(camt.085) |
IntraBalanceMovementPendingReport |
Message Type |
Description |
Administration (admi) |
|
Pacs.002 |
FIToFIPayment Status Report |
Pacs.004 |
PaymentReturn |
Pacs.008 |
FIToFICustomerCreditTransfer |
Pacs.028 |
FIToFIPaymentStatusRequest |
Cash Management (camt) |
|
camt.003 |
GetAccount |
camt.004 |
ReturnAccount |
camt.011 |
ModifyLimit |
camt.019 |
ReturnBusinessDayInformation |
camt.025 |
Receipt |
camt.029 |
ResolutionOfInvestigation |
camt.050 |
LiquidityCreditTransfer |
camt.052 |
BankToCustomerAccountReport |
camt.053 |
BankToCustomerStatement |
camt.054 |
BankToCustomerDebitCreditNotification |
camt.056 |
FIToFIPaymentCancellationRequest |
acmt.010 |
AccountRequestAcknowledgement |
acmt.011 |
AccountRequestRejection |
acmt.015 |
AccountExcludedMandateMaintenanceRequest |
Reference data (reda) |
|
reda.016 |
PartyStatusAdviceV01 |
reda.022 |
PartyModificationRequestV01 |
5.
Double-entry check
6.
Validation rules and error codes
7.
Predetermined settlement times and events
RTGS DCAs
T2S DCAs
8.
Offsetting of cash transfer orders on RTGS DCAs
9.
Optimisation algorithms on RTGS DCAs and sub-accounts
10.
Connectivity
11.
The UDFS and the User Handbook
APPENDIX II
TARGET COMPENSATION SCHEME
1.
General principles
2.
Conditions for compensation offers
3.
Calculation of compensation
4.
Procedural rules
APPENDIX III
TERMS OF REFERENCE FOR CAPACITY AND COUNTRY OPINIONS
Terms of reference for capacity opinions for participants in TARGET
I. DOCUMENTS EXAMINED
II. ASSUMPTIONS
III. OPINIONS REGARDING THE PARTICIPANT
Terms of reference for country opinions for non-EEA participants in TARGET
1. DOCUMENTS EXAMINED
2. ASSUMPTIONS
3. OPINION
3.1.
Country-specific legal aspects [to the extent applicable]
3.2.
General insolvency issues
3.2.a.
Types of insolvency proceedings
3.2.b.
Insolvency treaties
3.3.
Enforceability of System Documents
3.3.a.
Processing of Cash transfer orders
3.3.b.
Authority of the ECB to perform its functions
3.3.c.
Remedies in the event of default
3.3.d.
Suspension and termination
3.3.e.
Penalty regime
3.3.f.
Assignment of rights and obligations
3.3.g.
Choice of governing law and jurisdiction
3.4.
Voidable preferences
3.5.
Attachment
3.6.
Collateral [if applicable]
3.6.a.
Assignment of rights or deposit of assets for collateral purposes, pledge and/or repo
3.6.b.
Priority of assignees’, pledgees’ or repo purchasers’ interest over that of other claimants
3.6.c.
Enforcing title to security
3.6.d.
Form and registration requirements
3.7.
Branches [to the extent applicable]
3.7.a.
Opinion applies to action through branches
3.7.b.
Conformity with law
3.7.c.
Required authorisations
APPENDIX IV
BUSINESS CONTINUITY AND CONTINGENCY PROCEDURES
1. GENERAL PROVISIONS
1.1.
Measures of business continuity and contingency processing
1.2.
Incident communication
1.3.
Change of operating hours
1.4.
Other provisions
2. BUSINESS CONTINUITY AND CONTINGENCY PROCEDURES (RTGS DCA AND RTGS AS SETTLEMENT PROCEDURES)
2.1.
Relocation of the operation of TARGET to an alternative site
2.2.
Change of operating hours
2.3.
Contingency processing
2.4.
Failures linked to participants
3. BUSINESS CONTINUITY AND CONTINGENCY PROCEDURES (MCA)
3.1.
Relocation of the operation of TARGET to an alternative site
3.2.
Contingency processing
3.3.
Failures linked to participants
4. BUSINESS CONTINUITY AND CONTINGENCY PROCEDURES (T2S DCA)
4.1.
Relocation of the operation of TARGET to an alternative site
4.2.
Failures linked to participants
APPENDIX V
TARGET OPERATING SCHEDULE
HH:MM |
MCAs |
RTGS DCAs(7) |
T2S DCAs |
TIPS DCAs(8) |
||||||||||||
18:45 (D-1) |
Start of business day: Change of value date |
Start of business day: Change of value date |
Start of business day: Change of value date Preparation of the night-time settlement |
Processing of instant payment orders and liquidity transfer orders to/from TIPS AS technical accounts. No liquidity transfers between TIPS DCAs and other accounts |
||||||||||||
19:00 (D-1) |
Settlement of CBOs Reimbursement of marginal lending Refunding of overnight deposits Processing of automated and rule-based liquidity transfers orders |
|
Deadline for acceptance of CMS data feeds Preparation of the night-time settlement |
|
||||||||||||
19:30 (D-1) |
Settlement of CBOs Processing of standing liquidity transfer orders Processing of immediate liquidity transfer orders |
Settlement of AS transfer orders Processing of standing liquidity transfer orders Processing of automated, rule-based and immediate liquidity transfer orders |
|
Processing of instant payment orders and liquidity transfer orders from/to MCAs and RTGS DCAs |
||||||||||||
20:00 (D-1) |
|
|
Night-time settlement cycles |
Processing of liquidity transfer orders from/to T2S DCAs |
||||||||||||
02:30 (calendar day following D-1) |
Non-optional maintenance window on
Optional maintenance window (if needed) from 03:00–05:00 on remaining days |
Non-optional maintenance window on
Optional maintenance window (if needed) from 03:00–05:00 on remaining days |
Non-optional maintenance window on
Optional maintenance window (if needed) from 03:00–05:00 on remaining days(9) |
Processing of instant payment orders and liquidity transfer orders to/from TIPS AS technical accounts. No liquidity transfer orders between TIPS DCAs and other accounts |
||||||||||||
Re-opening time* (D) |
Settlement of CBOs Processing of automated, rule-based and immediate liquidity transfer orders |
Settlement of AS transfer orders Processing of automated, rule-based and immediate liquidity transfer orders. Processing the customer and interbank payment orders |
Night-time settlement cycles |
Processing of instant payment orders and liquidity transfer orders to/from TIPS AS technical accounts and liquidity transfer orders between TIPS DCAs and other accounts. |
||||||||||||
05:00 (D) |
|
|
Day trade/Real-time settlement: Real-time settlement preparation Partial settlement windows(10) |
|
||||||||||||
16:00 (D) |
|
|
Cut-off for DvP orders |
|
||||||||||||
16:30 (D) |
|
|
Automatic auto-collateralisation reimbursement, followed by the optional cash sweep |
|
||||||||||||
17:00 (D) |
|
Cut-off for customer payment orders |
|
|
||||||||||||
17:40 (D) |
|
|
Cut-off for bilaterally agreed treasury management operations (BATM) and CBO cut-off |
|
||||||||||||
17:45 (D) |
|
Cut-off for liquidity transfer orders to T2S-DCAs |
Cut-off for inbound liquidity transfer orders |
Blocking of liquidity transfer orders from TIPS DCAs to T2S DCAs. No liquidity transfer orders between T2S DCAs and TIPS DCAs are processed during this period |
||||||||||||
18:00 (D) |
Cut-off for:
|
Cut-off for:
|
FOP cut-off End of T2S settlement processing Recycling and purging End of day reporting and statements |
Processing of instant payment orders and liquidity transfer orders to/from TIPS AS technical accounts. Blocking of liquidity transfer orders from TIPS DCAs to MCA/RTGS and T2S DCAs. No liquidity transfer orders between TIPS DCAs and other accounts are processed during this period. Shortly after 18:00: Change of business day (after receiving the camt.019 message from MCA/RTGS) Snapshot of TIPS DCAs balances and end-of-day reporting |
||||||||||||
18:15 (D) |
Cut-off for the use of standing facilities |
|
|
|
||||||||||||
18:40 (D) |
Cut-off for use of marginal lending (NCBs only) End-of-day processing |
|
|
|
APPENDIX VI
FEE SCHEDULE
1. GENERAL
2. FEES FOR MCA HOLDERS
3. FEES FOR RTGS DCA HOLDERS
Monthly fee |
|
EUR 150 |
Transaction fee per payment order |
|
EUR 0,80 |
Monthly fee |
|
EUR 1 875 |
|
Monthly volume of payment orders |
|||
Band |
From |
To |
Transaction fee per payment order (EUR) |
1. |
1 |
10 000 |
0,60 |
2. |
10 001 |
25 000 |
0,50 |
3. |
25 001 |
50 000 |
0,40 |
4. |
50 001 |
75 000 |
0,20 |
5. |
75 001 |
100 000 |
0,125 |
6. |
100 001 |
150 000 |
0,08 |
7. |
Above 150 000 |
|
0,05 |
Service |
Monthly fee (EUR) |
Addressable BIC holder (correspondents (2)) |
20 |
Unpublished BIC |
30 |
Multi-addressee access (based on BIC 8) |
80 |
4. FEES FOR AS USING RTGS AS SETTLEMENT PROCEDURES
Monthly fee |
|
EUR 300 |
Transaction fee per cash transfer order |
|
EUR 1,60 |
Monthly fee |
|
EUR 3 750 |
|
Monthly volume of cash transfer orders |
|||
Band |
From |
To |
Transaction fee per cash transfer order (EUR) |
1. |
1 |
5 000 |
1,20 |
2. |
5 001 |
12 500 |
1,00 |
3. |
12 501 |
25 000 |
0,80 |
4. |
25 001 |
50 000 |
0,40 |
5. |
Above 50 000 |
|
0,25 |
|
||||
Monthly fee per AS |
EUR 2 000 |
|||
|
||||
Size (EUR millions/day) |
Annual fee (EUR) |
Monthly fee (EUR) |
||
from 0 to 999,99 |
10 000 |
833 |
||
from 1 000 to 2 499,99 |
20 000 |
1 667 |
||
from 2 500 to 4 999,99 |
40 000 |
3 334 |
||
from 5 000 to 9 999,99 |
60 000 |
5 000 |
||
from 10 000 to 49 999,99 |
80 000 |
6 666 |
||
from 50 000 to 499 999,99 |
100 000 |
8 333 |
||
500 000 and above |
200 000 |
16 667 |
5. FEES FOR T2S DCA HOLDERS
Item |
Applied rule |
Fee per item (EUR) |
Liquidity transfer orders between T2S DCAs |
Per transfer for the debited T2S DCA. |
0,141 |
Intra-balance movements |
Any successfully executed intra-balance movement (i.e. blocking, unblocking, reservation of liquidity, etc.). |
0,094 |
A2A queries |
Per business item within each A2A query generated |
0,007 |
A2A reports |
Per business item within each generated A2A report including A2A reports as a result of U2A queries. |
0,004 |
Messages bundled into a file |
Per message in each file containing bundled messages |
0,004 |
Transmission |
Each transmission per T2S party (both inbound and outbound) will be counted and charged for (except for technical acknowledgement messages). |
0,012 |
U2A queries |
Any executed query search function |
0,100 |
Fee per T2S DCA |
Any T2S DCA existing at any time during the monthly billing period Currently free of charge, to be reviewed at regular intervals. |
0,000 |
Auto-collateralisation |
Issue or return of auto-collateralisation |
0,000 |
6. FEES FOR TIPS DCA HOLDERS
Item |
Rule applied |
Fee per item (EUR) |
Settled instant payment order |
Party to be charged: the owner of the TIPS DCA to be debited |
0,002 |
Unsettled instant payment order |
Party to be charged: the owner of the TIPS DCA to be debited |
0,002 |
Settled positive recall answer |
Party to be charged: the owner of the TIPS DCA to be credited |
0,002 |
Unsettled positive recall answer |
Party to be charged: the owner of the TIPS DCA to be credited |
0,002 |
7. FEES FOR AS USING TIPS AS SETTLEMENT PROCEDURE
Item |
Rule applied |
Fee per item (EUR) |
Settled instant payment order |
Party to be charged: the owner of the TIPS AS technical account to be debited |
0,002 |
Unsettled instant payment order |
Party to be charged: the owner of the TIPS AS technical account to be debited |
0,002 |
Settled positive recall answer |
Party to be charged: the owner of the TIPS AS technical account to be credited |
0,002 |
Unsettled positive recall answer |
Party to be charged: the owner of the TIPS AS technical account to be credited |
0,002 |
APPENDIX VII
REQUIREMENTS REGARDING INFORMATION SECURITY MANAGEMENT AND BUSINESS CONTINUITY MANAGEMENT
MCA HOLDERS, T2S DCA HOLDERS AND TIPS DCA HOLDERS
RTGS DCA HOLDERS AND AS
1.
Information security management
Requirement 1.1: Information security policy
Requirement 1.2: Internal organisation
Requirement 1.3: External parties
Requirement 1.4: Asset management
Requirement 1.5: Information assets classification
Requirement 1.6: Human resources security
Requirement 1.7: Physical and environmental security
Requirement 1.8: Operations management
Requirement 1.9: Access control
Requirement 1.10: Information systems acquisition, development and maintenance
Requirement 1.11: Information security in supplier
(3)
relationships
Requirement 1.12: Management of information security incidents and improvements
Requirement 1.13: Technical compliance review
Requirement 1.14: Virtualisation
Requirement 1.15: Cloud computing
2.
Business Continuity Management
Requirement 2.1:
Requirement 2.2:
Requirement 2.3:
Requirement 2.4:
Requirement 2.5:
Requirement 2.6:
ANNEX II
TARGET GOVERNANCE ARRANGEMENTS
Level 1 — Governing Council |
Level 2 — Technical and operational management body |
Level 3 — Level 3 NCBs |
||||||||||||||
|
|
|
||||||||||||||
Final competence in relation to all TARGET issues, in particular the rules for the decision making in TARGET, and responsible for safeguarding the public function of TARGET |
Conducting technical, functional, operational and financial management tasks in relation to TARGET and implementing the rules on governance decided by Level 1 |
Taking decisions on the daily running of TARGET based on the service levels defined in the agreement referred to in Article 7(6) of Guideline ECB/2022/8 |
||||||||||||||
|
|
|
||||||||||||||
|
|
(Not applicable) |
||||||||||||||
|
|
|
||||||||||||||
|
|
Providing cost figures to Level 2 for the service provision |
||||||||||||||
|
|
|
||||||||||||||
Deciding on the level of service |
Verifying that the service was delivered in accordance with the agreed Service level |
Delivering the service in accordance with the agreed Service level |
||||||||||||||
|
|
|
||||||||||||||
|
|
Managing the system based on the agreement referred to in Article 7(6) of Guideline ECB/2022/8 |
||||||||||||||
|
|
|
||||||||||||||
Deciding in case of escalation |
|
Assessing the Change Requests Implementing the Change requests in line with the agreed plan |
||||||||||||||
|
|
|
||||||||||||||
|
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Providing the necessary information for risk analysis according to Level 1/Level 2 requests |
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(Not applicable) |
(Not applicable) |