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Official Journal EN
of the European Union L series
2024/2616 4.10.2024
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)
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,
Whereas:
(1) The Governing Council carried out a review of the remuneration applied to the deposits held with national central
banks of Member States whose currency is the euro (hereinafter ‘NCBs’) and the European Central Bank (ECB) that
are not related to the implementation of monetary policy (‘non-monetary policy deposits’). The aim of the review
was to avoid potential interference of such deposits with the single monetary policy, while ensuring compliance
with the principle of an open market economy and consistency in the treatment of similar deposits within the
Eurosystem.
(2) Following the review, 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.
(3) Consequently, certain provisions on remuneration set out in Guideline (EU) 2022/912 of the European Central
Bank (ECB/2022/8)(2) should be replaced by references to the relevant provisions of Decision (EU) 2024/1209
(ECB/2024/11).
(4) It is also necessary to clarify certain other aspects of, and to update, Guideline (EU) 2022/912 (ECB/2022/8) as well
as to introduce certain editorial revisions.
(5) Given that Decision (EU) 2024/1209 (ECB/2024/11) will apply from 1 December 2024, the provisions of this
Guideline should apply from the same date, to ensure legal certainty.
(6) Therefore, Guideline (EU) 2022/912 (ECB/2022/8) should be amended accordingly,
HAS ADOPTED THIS GUIDELINE:
Article 1
Amendments
Guideline (EU) 2022/912 (ECB/2022/8) is amended as follows:
(1) in Article 9, paragraph 8 is replaced by the following:
‘8. The Eurosystem CBs shall not register, on their own accounts, addressable BIC holders or reachable parties
which are eligible to participate in TARGET as set out in Annex I, Part I, Article 4, with the exception of the relevant
Eurosystem CB’s own branches, those entities listed under Annex I, Part I, Article 4(2), points (a) and (b), and
participants holding accounts listed in paragraph 2, point (d).’;
(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 February 2022 on a new-generation Trans-European Automated Real-
time Gross Settlement Express Transfer system (TARGET) and repealing Guideline ECB/2012/27 (ECB/2022/8) (OJ L 163, 17.6.2022,
p. 84).
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(2) in Article 11(5), point (b) is replaced by the following:
‘(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, in particular to ensure compliance with the Eurosystem policy on the use of pre-funding by
ancillary systems as published on the ECB’s website.’;
(3) Annexes I and III are amended in accordance with the Annex to this Guideline.
Article 2
Taking effect and implementation
1. This Guideline shall take effect on the day of its notification to the NCBs.
2. The NCBs shall take the necessary measures to comply with this Guideline and apply them from 1 December 2024.
They shall notify the ECB of the texts and means relating to the measures by 31 October 2024, at the latest.
Article 3
Addressees
This Guideline is addressed to all Eurosystem central banks.
Done at Frankfurt am Main, 30 July 2024.
For the Governing Council of the ECB
The President of the ECB
Christine LAGARDE
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ANNEX
Annexes I and III to Guideline (EU) 2022/912 (ECB/2022/8) are amended as follows:
(1) Annex I is amended as follows:
(a) in Part I, Article 12 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)(*), unless they are used to hold either of the
following:
(a) minimum reserves;
(b) excess reserves.
In the case of minimum reserves, the calculation and payment of remuneration of holdings shall be governed by
Council Regulation (EC) No 2531/98(**)and Regulation (EU) 2021/378 (ECB/2021/1).
In the case of excess reserves, the calculation and payment of remuneration of holdings shall be governed by
Decision (EU) 2019/1743 of the European Central Bank (ECB/2019/31)(***).
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).
3. Government deposits as defined in Article 2, point (5), of Guideline (EU) 2019/671 of the European Central
Bank (ECB/2019/7)(****) shall be remunerated in accordance with the rules set out in Article 2(3), point (a), of
Decision (EU) 2024/1209 (ECB/2024/11) [if applicable: and the rate of [insert NCB’s implementation of
Article 2(3), point (a) of Decision (EU) 2024/1209 (ECB/2024/11)] % p.a. shall apply].
_____________
(*) 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).
(**) Council Regulation (EC) No 2531/98 of 23 November 199823 November 1998 concerning the
application of minimum reserves by the European Central Bank (OJ L 318, 27.11.1998, p. 1).
(***) Decision (EU) 2019/1743 of the European Central Bank of 15 October 201915 October 2019 on the
remuneration of holdings of excess reserves and of certain deposits (ECB/2019/31) (OJ L 267,
21.10.2019, p. 12).
(****) Guideline (EU) 2019/671 of the European Central Bank of 9 April 20199 April 2019 on domestic asset
and liability management operations by the national central banks (ECB/2019/7) (OJ L 113, 29.4.2019,
(b) Appendix II is amended as follows:
(i) in paragraph 2 (Conditions for compensation offers), point (a) is replaced by the following:
‘(a) A payer may submit a claim for an administration fee and interest compensation if, due to a technical
malfunction of TARGET:
(i) a cash transfer order (including to the deposit facility, or to the one or more MCAs or DCAs
belonging to that participant and marked for the purpose of fulfilling its minimum reserve
requirements) was not settled on the business day on which it was accepted or could not be
submitted; and
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(ii) the participant has attempted to make use of, if applicable, the contingency processing
measures as described in Appendix IV, including requesting support from [insert name of
CB].’;
(ii) in paragraph 3 (Calculation of compensation), in point (a), point (ii) is replaced by the following:
‘(ii) interest compensation shall be determined by applying a reference rate to be fixed from day to day.
This reference rate shall be the lower of the euro short term rate (€STR) minus 20 basis points and
the marginal lending facility rate unless the claim relates to a cash transfer order to the deposit
facility, in which case the reference rate shall be the deposit facility rate. The reference rate shall be
applied to:
(1) the amount of the cash transfer order, except for the cash transfer orders referred to in point
(2), not settled as a result of the technical malfunction of TARGET for each day of the
malfunction in the period from the date of the actual submission of the cash transfer order or
from the date of the attempted submission of the cash transfer order until the date on which
the cash transfer order was or could have been successfully settled;
(2) in relation to cash transfer orders to the one or more MCAs or DCAs marked for the purpose
of fulfilling minimum reserve requirements, referred to in paragraph 2, point (a), the difference
between the amount of the cash transfer order not settled on the day of the technical
malfunction of TARGET and the amount by which the participant fell short in covering its
minimum reserve requirements as a result, from the date of the malfunction to the end of the
reserve maintenance period.
Any interest or charges resulting from the placing of any non-settled cash transfer orders on
deposit with the Eurosystem shall be deducted from, or charged to, the amount of any
compensation, as the case may be.’;
(iii) in paragraph 3 (Calculation of compensation), in point (b), point (ii) is replaced by the following:
‘(ii) the method set out in point (a)(ii)(1) for calculating interest compensation shall apply except that
interest compensation shall be payable at a rate equal to the difference between the marginal
lending facility rate and the reference rate, and shall be calculated on the amount of any recourse
to the marginal lending facility occurring as a result of the technical malfunction of TARGET.’;
(iv) in paragraph 4 (Procedural rules), points (b), (c) and (d) are replaced by the following:
‘(b) Within 4 weeks of a technical malfunction of TARGET, participants shall submit their claim forms to
the [insert name of CB]. Any additional information and evidence requested by the [insert name of
CB] shall be supplied within 2 weeks of such request being made.
(c) The [insert name of CB] shall review the claims and forward them to the ECB. Unless otherwise
decided by the ECB’s Governing Council and communicated to the participants, all received claims
shall be assessed no later than 14 weeks after the technical malfunction of TARGET occurs unless the
claim relates to cash transfer orders to the one or more MCAs or DCAs belonging to that participant
and marked for the purpose of fulfilling minimum reserve requirements as referred to in paragraph 2,
point (a), in which case the received claims shall be assessed no later than 14 weeks after the end of
the reserve maintenance period during which the technical malfunction of TARGET occurred.
(d) The [insert name of CB] shall communicate the result of the assessment referred to in point (c) to the
relevant participants. If the assessment entails a compensation offer, the participants concerned shall,
within 4 weeks of the communication of such offer, either accept or reject it, in respect of each cash
transfer order comprised within each claim, by signing a standard letter of acceptance (in the form
available on the website of the [insert name of CB] (see [insert reference to website of CB]). If such
letter has not been received by the [insert name of CB] within 4 weeks, the participants concerned
shall be deemed to have rejected the compensation offer.’;
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(c) in Appendix V, point 6 is replaced by the following:
‘6. The different phases of the TARGET business day and the significant operational events relevant to MCAs,
RTGS DCAs (*), T2S DCAs and TIPS DCAs (**) are shown in the following table:
HH:MM MCAs RTGS DCAs(1) T2S DCAs TIPS DCAs(2)
Approx. Start of business day: Start of business day: Start of business day: Processing of instant
18:45 (D-1) Change of value date. Change of value date. Change of value date. payment orders.
Preparation of the Processing of liquidity
night-time transfer orders to/
settlement. from TIPS AS technical
accounts.
No liquidity transfers
19:00 (D-1) Settlement of CBOs. Deadline for between TIPS DCAs
Reimbursement of acceptance of CMS and other accounts.
marginal lending. data feeds.
Refunding of Preparation of the
overnight deposits. night-time
settlement.
Processing of
automated and rule-
based liquidity
transfers orders.
19:30 (D-1) Settlement of CBOs. Settlement of AS Processing of instant
transfer orders. payment orders.
Processing of
standing liquidity Processing of standing Processing of liquidity
transfer orders. liquidity transfer transfer orders to/
orders. from TIPS AS technical
Processing of accounts and liquidity
automated, rule- Processing of transfer orders
based and automated, rule-based between TIPS DCAs
immediate liquidity and immediate and MCAs/RTGS
transfer orders. liquidity transfer DCAs.
orders.
20:00 (D-1) Night-time Processing of instant
settlement cycles. payment orders.
Processing of liquidity
02:30 (D) Settlement of AS transfer orders to/
transfer orders. from TIPS AS technical
accounts and liquidity
Processing of transfer orders be
automated, rule-based tween TIPS DCAs and
and immediate other TARGET ac
liquidity transfer counts.
orders.
Processing of
customer and
interbank payment
orders.
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HH:MM MCAs RTGS DCAs(1) T2S DCAs TIPS DCAs(2)
02:30 Non-optional Non-optional Non-optional Processing of instant
(calendar maintenance maintenance window maintenance payment orders.
day window until 02:30 until 02:30 on window until 02:30
following on business days after on business days Processing of liquidity
D-1) business days after closing days including after closing days transfer orders to/
closing days, every business day including every from TIPS AS technical
including every Monday. business day accounts.
business day Monday.
Monday. Optional maintenance No liquidity transfer
window (if needed) Optional orders between TIPS
Optional from 03:00–05:00 on maintenance DCAs and other
maintenance TARGET business window (if needed) TARGET accounts.
window (if needed) days. from 03:00–05:00
from 03:00–05:00 on
on
TARGET business
TARGET business days(3).
days.
Re-opening Settlement of CBOs. Settlement of AS Night-time Processing of instant
time* (D) transfer orders. settlement cycles. payment orders.
Processing of
automated, rule- Processing of Processing of liquidity
based and automated, rule-based transfer orders to/
immediate and immediate from TIPS AS technical
liquidity transfer accounts and liquidity
liquidity transfer orders. transfer orders
orders. between TIPS DCAs
Processing of and other TARGET
customer and accounts.
interbank payment
orders.
05:00 (D) Day trade/Real-time
settlement:
Real-time settlement
preparation;
Partial settlement
windows(4).
16:00 (D) Cut-off for DvP
orders.
16:30 (D) Automatic
autocollateralisation
reimbursement
followed by the
optional cash sweep.
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HH:MM MCAs RTGS DCAs(1) T2S DCAs TIPS DCAs(2)
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 Cut-off for inbound Processing of instant
transfer orders to T2S- liquidity transfer payment orders.
DCAs. orders.
Processing of liquidity
transfer orders to/
from TIPS AS technical
accounts and liquidity
transfer orders
between TIPS DCAs
and MCAs/ RTGS
DCAs.
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. Processing of instant
— liquidity — interbank End of T2S payment orders.
transfer orders payment orders settlement
— CBOs, except — liquidity processing. Processing of liquidity
standing transfer orders Recycling and transfer orders to/
facilities — AS transfer purging. End of day from TIPS AS technical
— credit line orders. reporting and accounts. No liquidity
modifications. statements. transfer orders
between TIPS DCAs
and other accounts.
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.
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HH:MM MCAs RTGS DCAs(1) T2S DCAs TIPS DCAs(2)
18:15 (D) Cut-off for the use of Processing of instant
standing facilities. payment orders and
liquidity transfer
18:40 (D) Cut-off for use of orders to/from TIPS
marginal lending AS technical accounts.
(NCBs only). No liquidity transfer
End-of-day orders between TIPS
processing. DCAs and other
accounts.
(1) Also applies to RTGS AS technical accounts, sub-accounts and AS guarantee fund accounts.
(2) Also applies to TIPS AS technical accounts.
(3) For T2S DCAs: for the purpose of the maintenance window, 1 May shall be considered as a business day.
(4) Partial settlement windows take place at 08:00, 10:00, 12:00, 14:00 and 15:30 (or 30 minutes before the beginning of
the DvP cut-off time, whichever comes first).
The operating hours may be changed in the event that business continuity measures are adopted in
accordance with Appendix IV. On the last day of the Eurosystem reserve maintenance period, the cut-off
times 18:15, 18:40, 18:45, 19:00 and 19:30 for MCAs and RTGS DCAs (as well as RTGS AS technical
accounts and sub-accounts and AS guarantee fund accounts) shall occur 15 minutes later.
List of abbreviations and notes to this table:
* Re-opening times: may vary according to the situation. The information is provided by the Operator.
(D-1): previous business day
(D): business day = value date
CMS: Collateral Management System
DvP orders: Delivery versus Payment orders.
(*) Also applies to RTGS AS technical accounts, sub-accounts and AS guarantee fund accounts.
(**) Also applies to TIPS AS technical accounts.’;
(d) in Appendix VI, section 6 (FEES FOR TIPS DCA HOLDERS), and section 7 (FEES FOR AS USING TIPS AS
SETTLEMENT PROCEDURE) are replaced by the following:
‘6. FEES FOR TIPS DCA HOLDERS
Fees for the operation of TIPS DCAs shall be charged as follows:
(a) For each TIPS DCA, a monthly fixed fee of EUR 800 shall be charged to the holder of the TIPS DCA. This
fixed fee shall include one BIC, which shall be a reachable party in TIPS and designated for the use of the
TIPS DCA holder;
(b) For each further reachable party, up to a maximum of 50, designated by the TIPS DCA holder, a monthly
fixed fee of EUR 20 shall be charged to the designating TIPS DCA holder. No fee shall be charged for any
subsequent reachable parties designated;
(c) For each instant payment order or positive recall answer accepted by the [insert name of CB] as set out in
Part I, Article 17, a fee of EUR 0,001 shall be charged to both the holder of the TIPS DCA to be debited
and to the holder of the TIPS DCA or TIPS AS technical account to be credited, whether or not the
instant payment order or positive recall answer settles;
(d) No fee shall be charged for liquidity transfer orders from TIPS DCAs to MCAs, RTGS DCAs, sub-
accounts, overnight deposit accounts, TIPS AS technical accounts or T2S DCAs.
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7. FEES FOR AS USING TIPS AS SETTLEMENT PROCEDURE
Fees for the use by an AS of the TIPS AS settlement procedure shall be charged as follows:
(a) For each TIPS AS technical account a monthly fixed fee of EUR 3 000shall be charged to the holder of
the TIPS AS technical account;
(b) For each reachable party, up to a maximum of 50, designated by the TIPS AS technical account holder, a
monthly fixed fee of EUR 20 shall be charged to the designating TIPS AS technical account holder. No fee
shall be charged for any subsequent reachable parties designated;
(c) For each instant payment order or positive recall answer accepted by the [insert name of CB] as set out in
Part I, Article 17, a fee of EUR 0,001 shall be charged to both the holder of the TIPS AS technical account
to be debited and to the holder of the TIPS AS technical account or TIPS DCA to be credited, whether or
not the instant payment order or positive recall answer settles;
(d) No fee shall be charged for liquidity transfer orders from TIPS AS technical accounts to TIPS DCAs;
(e) In addition to the fees set out above, each AS shall be subject to a monthly fee based on the gross
underlying volume of instant payments, near instant payments and positive recall answers settled in the
AS’s own platform and enabled by the pre-funded positions on the TIPS AS technical account. For each
month, each AS shall report the gross underlying volume of its settled instant payments, near instant
payments and settled positive recall answers, rounded down to the nearest ten thousand, at the latest by
the third business day of the following month. The reported gross underlying volume shall be applied by
the [insert name of CB] to calculate the unit fee per settled instant payment, near instant payment or
settled positive recall answer for the previous month according to the following table:
Reported gross underlying volume
From To Unit Fee
0 10 000 000 EUR 0,00040
10 000 001 25 000 000 EUR 0,00030
25 000 001 100 000 000 EUR 0,00020
100 000 001 EUR 0,00015’
(2) Annex III is amended as follows:
(a) point (11) is replaced by the following:
‘(11) “branch” means a branch within the meaning of point (17) of Article 4(1) of Regulation (EU)
No 575/2013 of the European Parliament and of the Council(*) or point (30) of Article 4(1) of
Directive 2014/65/EU of the European Parliament and of the Council(**), except as referred to in
Article 9(8) of this Guideline;
_____________
(*) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 201326 June
2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012
(OJ L 176, 27.6.2013, p. 1).
(**) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 201415 May 2014 on
markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU
(OJ L 173, 12.6.2014, p. 349).’;
(b) point (42) is replaced by the following:
‘(42) “near instant payments” means a transfer of cash order which complies with the European Payment
Council’s SEPA Credit Transfer Additional Optional Services (SCT AOS) NL Standard for instant
processing of SEPA credit transfers or with the European Payment Council’s SEPA One-Leg Out
Instant Credit Transfer (OCTs Inst) Scheme;’.
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