Home› Europe› European Central Bank› Decision (EU) 2024/2830 of the European Central Bank of 29 O...
Date: 5-Nov-2024 Category: Not Applicable State: Union Government Country: Europe

Decision (EU) 2024/2830 of the European Central Bank of 29 October 2024 amending Decision (EU) 2022/911 concerning the terms and conditions of TARGET-ECB (ECB/2022/22) (ECB/2024/30)

Issued by European Central Bank · Not Applicable

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

What it means

  • Decision (EU) 2024/2830 amends Decision (EU) 2022/911 concerning the terms and conditions of TARGET-ECB. The amendment replaces certain provisions on remuneration set out in Decision (EU) 2022/911 with references to the relevant provisions of Decision (EU) 2024/1209.

Key Changes

  • Article 12 of Annex I to Decision (EU) 2022/911 (ECB/2022/22) is replaced.
  • MCAs, DCAs and sub-accounts shall be remunerated at the rate set out in Article 2(3), point (b), of Decision (EU) 2024/1209 (ECB/2024/11).
  • Overnight balances held on a TIPS AS technical account or on an RTGS AS technical account for AS settlement procedure D, and guarantee funds held by EEA financial market infrastructures, including those held on an AS guarantee fund account, shall be remunerated at the rate set out in Article 2(3), point (c), of Decision (EU) 2024/1209 (ECB/2024/11).
  • The decision applies from 1 December 2024.

Impact Analysis

National Central Banks and the European Central Bank

  • Ensure compliance with the updated terms and conditions of TARGET-ECB.

Financial Market Infrastructures

  • Adjust financial models and forecasts to reflect the changes in remuneration rates.

TARGET-ECB Participants

  • Review internal accounting and reporting processes to align with the new remuneration structure.

Suggested Action Items

  • Ensure IT systems are updated to correctly calculate and apply the new remuneration rates.

Key Entities Referenced

European Central Bank (ECB): The central bank of the European Union countries that have adopted the euro. TARGET-ECB: Trans-European Automated Real-time Gross Settlement Express Transfer system. MCAs, DCAs, sub-accounts: Monetary policy current accounts, dedicated cash accounts and sub-accounts held with national central banks or the ECB. TIPS AS technical account: Technical account related to TARGET Instant Payment Settlement (TIPS). RTGS AS technical account: Technical account related to Real-Time Gross Settlement (RTGS). EEA financial market infrastructures: Financial market infrastructures within the European Economic Area. Decision (EU) 2022/911 (ECB/2022/22): Decision of the European Central Bank concerning the terms and conditions of TARGET-ECB. Decision (EU) 2024/1209 (ECB/2024/11): Decision of the European Central Bank on the remuneration of non-monetary policy deposits held with national central banks and the European Central Bank. Guideline (EU) 2022/912 (ECB/2022/8): Guideline of the European Central Bank on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET). Guideline (EU) 2024/2616 (ECB/2024/20): Guideline of the European Central Bank amending Guideline (EU) 2022/912 on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET).
Official Source Record View Original Source →
See Full Document Text
Official Journal EN of the European Union L series 2024/2830 5.11.2024 DECISION (EU) 2024/2830 OF THE EUROPEAN CENTRAL BANK of 29 October 2024 amending Decision (EU) 2022/911 concerning the terms and conditions of TARGET- ECB (ECB/2022/22) (ECB/2024/30) THE EXECUTIVE BOARD 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, 22 and 23 thereof, Whereas: (1) The Governing Council adopted Decision (EU) 2024/1209 of the European Central Bank (ECB/2024/11)(1) on 16 April 2024as a single legal act containing provisions on the remuneration of non-monetary policy deposits in order to enhance transparency and consistency. Non-monetary policy deposits also encompass certain deposits falling within the scope of Guideline (EU) 2022/912 of the European Central Bank (ECB/2022/8)(2) and Decision (EU) 2022/911 of the European Central Bank (ECB/2022/22)(3). (2) On 30 July 2024, the Governing Council adopted Guideline (EU) 2024/2616 of the European Central Bank (ECB/2024/20)(4), which amends Guideline (EU) 2022/912 (ECB/2022/8) by, inter alia, replacing certain provisions on remuneration set out in that Guideline with references to the relevant provisions of Decision (EU) 2024/1209 (ECB/2024/11). (3) Consequently, certain provisions on remuneration set out in Decision (EU) 2022/911 (ECB/2022/22) should also be replaced by references to the relevant provisions of Decision (EU) 2024/1209 (ECB/2024/11). (4) Given that Decision (EU) 2024/1209 (ECB/2024/11) and Guideline (EU) 2024/2616 (ECB/2024/20) will apply from 1 December 2024, the provisions of this Decision should apply from the same date, to ensure legal certainty. (5) Therefore, Decision (EU) 2022/911 (ECB/2022/22) should be amended accordingly, HAS ADOPTED THIS DECISION: (1) Decision (EU) 2024/1209 of the European Central Bank of 16 April 2024 on the remuneration of non-monetary policy deposits held with national central banks and the European Central Bank (ECB/2024/11) (OJ L, 2024/1209, 3.5.2024, ELI: http://data.europa.eu/eli/ dec/2024/1209/oj). (2) Guideline (EU) 2022/912 of the European Central Bank of 24 Februay 2022 on a new-generation Trans-European Automated Real- time Gross Settlement Expess Transfer system (TARGET) and repealing Guideline ECB/2012/27 (ECB/2022/8) (OJ L 163, 17.6.2022, p. 84, ELI: http://data.europa.eu/eli/guideline/2022/912/oj). (3) Decision (EU) 2022/911 of the European Central Bank of 19 April 2022 concerning the terms and conditions of TARGET-ECB and repealing Decision ECB/2007/7 (ECB/2022/22) (OJ L 163, 17.6.2022, p. 1, ELI: http://data.europa.eu/eli/dec/2022/911/oj). (4) Guideline (EU) 2024/2616 of the European Central Bank of 30 July 2024 amending Guideline (EU) 2022/912 on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET) (ECB/2022/8) (ECB/2024/20) (OJ L, 2024/2616, 4.10.2024, ELI: http://data.europa.eu/eli/guideline/2024/2616/oj). ELI: http://data.europa.eu/eli/dec/2024/2830/oj 1/2EN OJ L, 5.11.2024 Article 1 Amendment Article 12 of Annex I to Decision (EU) 2022/911 (ECB/2022/22) is replaced by the following: ‘Article 12 Remuneration of Accounts 1. MCAs, DCAs and sub-accounts shall be remunerated at the rate set out in Article 2(3), point (b), of Decision (EU) 2024/1209 of the European Central Bank (ECB/2024/11)(*). 2. Overnight balances held on a TIPS AS technical account or on an RTGS AS technical account for AS settlement procedure D, and guarantee funds held by EEA financial market infrastructures, including those held on an AS guarantee fund account, shall be remunerated at the rate set out in Article 2(3), point (c), of Decision (EU) 2024/1209 (ECB/2024/11). _____________ (*) Decision (EU) 2024/1209 of the European Central Bank of 16 April 202416 April 2024 on the remuneration of non-monetary policy deposits held with national central banks and the European Central Bank (ECB/2024/11) (OJ L, 2024/1209, 3.5.2024, ELI: http://data.europa.eu/eli/dec/2024/1209/oj).’. Article 2 Entry into force 1. This Decision shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. 2. It shall apply from 1 December 2024. Done at Frankfurt am Main, 29 October 2024. The President of the ECB Christine LAGARDE 2/2 ELI: http://data.europa.eu/eli/dec/2024/2830/oj

Continue your research

Related Documents from European Central Bank