Guideline of the European Central Bank of 27 February 2002 amending Guideline ECB/2001/3 on a Trans-European Automated Real-time Gross Settlement Express Transfer system (Target) (ECB/2002/1)
Date: 2002-02-27
Institutions: European Central Bank
Subjects: European Central Bank, capital transfer, central bank, public holiday, trans-European network

L 67/74

EN

Official Journal of the European Communities

9.3.2002

EUROPEAN CENTRAL BANK

GUIDELINE OF THE EUROPEAN CENTRAL BANK

of 27 February 2002

amending Guideline ECB/2001/3 on a Trans-European Automated Real-time Gross Settlement
Express Transfer system (Target)

(ECB/2002/1)

(2002/202/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL
BANK,

Having regard to the Statute of the European System of Central
Banks and of the European Central Bank (hereinafter referred
to as the ‘Statute’), and in particular to Article 3.1, Article 12.1,
Article 14.3 and Articles 17, 18 and 22 thereof,

Whereas:

The fourth indent of Article 105(2) of the Treaty estab-
lishing the European Community (hereinafter referred to
as the ‘Treaty’) and the fourth indent of Article 3.1 of the
Statute empower the European Central Bank (ECB) and
the national central banks
to promote the
smooth operation of payment systems.

(NCBs)

(4)

Under Article 22 of the Statute, the ECB and the NCBs
may provide facilities to ensure efficient and sound
clearing and payment systems within the Community
and with other countries.

On 14 December 2000, the Governing Council adopted
a long-term calendar of Target operating days to be
applied from the beginning of 2002 until further notice,
according to which Target should be closed not only on
Saturdays and Sundays but also on New Year's Day,
Good Friday and Easter Monday (according to the
calendar applicable at the seat of the ECB), Labour Day
(1 May), Christmas Day and 26 December. In order to
ensure a level playing field for all participants,
the
Governing Council also decided that Target as a whole,
(RTGS)
including domestic real-time gross settlement
systems, would be closed, implying that neither cross-
border nor domestic transactions would be processed
through Target on these days. The principle of equal
treatment should not prevent any differentiation objec-
situations. The
tively justified by specific national

complete closure of Hermes (the Greek RTGS system),
including for domestic transactions, creates disturbances
for the Greek general public and banking industry since
the Orthodox Easter seldom coincides with the Protes-
tant/Catholic Easter covered by the calendar applicable
at the seat of the ECB, which de facto implies several
extra days when the Greek domestic markets are closed.
Furthermore, the number of consecutive closed days is
greater when the Protestant/Catholic and Orthodox
Easter public holidays are only one week apart, as is the
case in the year 2003, when the Greek credit institutions
will operate on only three days over an 11 day period.
For this reason, an extraordinary and limited derogation
from the Target operating days during the Easter public
holidays should be made for a three year period, after
which the Greek situation will be re-evaluated on the
basis of experience.

In addition, Annex V to Guideline ECB/2001/3 of 26
April 2001 on a Trans-European Automated Real-time
Gross Settlement Express Transfer system (Target) (1),
concerning the list of
‘out’ collateral which can be
applied to collateralise intra-day credit in Target, should
be amended in order to allow three national central
banks of Member States which have adopted the single
currency in accordance with the Treaty to accept bonds
issued by Damaras Skibskreditfond and KommuneKredit
as collateral for intra-day credit.

(5)

In accordance with Article 12.1 and Article 14.3 of the
Statute, ECB guidelines
form an integral part of
Community law,

HAS ADOPTED THIS GUIDELINE:

Article 1

Guideline ECB/2001/3 is amended as follows:

1. Article 2(1) is replaced by the following:

‘1.
The Trans-European Automated Real-time Gross
Settlement Express Transfer system is a real-time gross
settlement system for the euro. Target is composed of the
national RTGS systems, the ECB payment mechanism and
interlinking.’

(1) OJ L 140, 24.5.2001, p. 72.

(1)

(2)

(3)

9.3.2002

EN

Official Journal of the European Communities

L 67/75

2. Article 3(d)(1) is replaced by the following:

3. Annex V is replaced by the text in the Annex to this

‘1. Operating days

Guideline.

From 2002, Target as a whole shall be closed on Satur-
days, Sundays, New Year's Day, Good Friday and Easter
Monday (according to the calendar applicable at the seat
of the ECB), 1 May (Labour Day), Christmas Day and 26
December.

Without prejudice to the above, only the following
limited settlement services may, extraordinarily, during
the years 2002 to 2004, be undertaken in Hermes, the
Greek RTGS system, on Good Friday and Easter Monday
(according to the calendar applicable at the seat of the
ECB), when these days do not coincide with the
Orthodox Easter:

(a) settlement of domestic customer payments, and

(b) settlement of payments related to the delivery of
cash from and return of cash to the Bank of Greece,
and

(c) settlement operations of the Athens Clearing Office

and the DIAS retail payment systems.’

Article 2

Final provisions

This Guideline is addressed to the national central banks of
participating Member States.

This Guideline shall enter into force on 22 March 2002.

Each NCB shall inform the ECB of the laws, regulations and
administrative provisions necessary to comply with this Guide-
line no later than 15 March 2002.

This Guideline shall be published in the Official Journal of the
European Communities.

Done at Frankfurt am Main, 27 February 2002.

On behalf of the Governing Council of the
ECB

Christian NOYER

L 67/76

EN

Official Journal of the European Communities

9.3.2002

ANNEX

‘ANNEX V

LIST OF “OUT” COLLATERAL

which can be used to collateralise intra-day credit for each NCB of a participating Member State that has declared its
intention to use certain collateral located in the country of a national central bank of a Member State which has not
adopted the euro and whose intention has been approved by the ECB pursuant to Article 3(f)(3) and Article 3(g) of the
TARGET Guideline:

Participating NCB

Approved use of ‘out’ collateral

DEUTSCHE BUNDESBANK

BANCO DE ESPAÑA

BANQUE DE FRANCE

— Danish government and mortgage credit bonds and
issued by Danmarks Skibskreditfond and

bonds
KommuneKredit (1)

— Swedish government debt instruments and mortgage

institutions' bonds

— United Kingdom government gilt-edged securities
— United Kingdom Treasury bills

— United Kingdom gilt-edged securities
— United Kingdom Treasury bills

— Dansih government and mortgage credit bonds and
issued by Danmarks Skibskreditfond and

bonds
KommuneKredit (2)

— Swedish government debt instruments and mortgage

institutions' bonds

— United Kingdom government gilt-edged securities
— United Kingdom Treasury bills

CENTRAL BANK OF IRELAND

— United Kingdom gilt-edged securities
— United Kingdom Treasury bills

BANQUE CENTRALE DU LUXEMBOURG

— Danish government and mortgage credit bonds

DE NEDERLANDSCHE BANK

SUOMEN PANKKI

— Danish government and mortgage credit bonds and
issued by Danmarks Skibskreditfond and

bonds
KommuneKredit (3)

— Swedish government debt instruments and mortgage

institutions' bonds

— Danish government and mortgage credit bonds
— Swedish governement debt instruments and mortgage

institutions' bonds

— United Kingdom government gilt-edged securities
— United Kingdom Treasury bills

(1) Excluding bonds linked to references other than interest rates and/or having option characteristics, but including bonds linked to

inflation.

(2) Excluding bonds linked to references other than interest rates and/or having option characteristics, but including bonds linked to

inflation.

(3) Excluding bonds linked to references other than interest rates and/or having option characteristics, but including bonds linked to

inflation.’