Guideline of the European Central Bank of 21 April 2004 amending Guideline ECB/2001/3 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) (ECB/2004/4)
Date: 2004-04-21
Institutions: European Central Bank
Subjects: European Central Bank, European Monetary System, accession to the European Union, central bank, intra-EU payment, trans-European network

9.6.2004

EN

Official Journal of the European Union

L 205/1

II

(Acts whose publication is not obligatory)

EUROPEAN CENTRAL BANK

GUIDELINE OF THE EUROPEAN CENTRAL BANK

of 21 April 2004
amending Guideline ECB/2001/3 on a Trans‐European Automated Real‐time Gross settlement Express
Transfer system (TARGET)

(ECB/2004/4)

(2004/501/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty establishing the European Commu‐
nity, and in particular Article 105(2) thereof,

Having regard to the Statute of the European System of Central
Banks and of the European Central Bank, and in particular to
Article 3.1, Article 12.1, Article 14.3 and Articles 17, 18 and 22
thereof,

have the right to connect to TARGET without being
obliged to do so; second, changes regarding fees payable in
connection with the TARGET Compensation Scheme.

(4)

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

Whereas:

HAS ADOPTED THIS GUIDELINE:

(1)

(2)

(3)

The fourth indent of Article 105(2) of the Treaty and the
fourth indent of Article 3.1 of the Statute empower the
European Central Bank (ECB) and the national central
banks (NCBs) to promote the smooth operation of pay‐
ment systems.

In accordance with Article 22 of the Statute, the ECB and
the NCBs may provide facilities to ensure efficient and
sound clearing and payment systems within the Commu‐
nity and with other countries.

Guideline ECB/2001/3 of 26 April 2001 on a Trans‐
European Automated Real‐time Gross settlement Express
Transfer system (TARGET) (1) should be amended to reflect
first, the Governing Council’s decision
the following:
of 24 October 2002 that the NCBs of the ten countries
acceding to the European Union on 1 May 2004 should

(1) OJ L 140, 24.5.2001, p. 72. Guideline as last amended by Guideline

ECB/2003/6 (OJ L 113, 7.5.2003, p. 10).

Article 1

Amending provisions

Guideline ECB/2001/3 is amended as follows:

1. Article 2 is amended as follows:

the first sentence of paragraph 2 is replaced by the following:

‘The RTGS systems of Member States that have not adopted
the euro are allowed connection to TARGET in so far as such
RTGS systems comply with the minimum common features
set out in Article 3 and are able to process the euro as a for‐
eign currency alongside their respective national currency.’;

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Official Journal of the European Union

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2. with effect from 1 August 2004, Article 8 is amended as

(b) paragraph 3.1(b) is replaced by the following:

follows:

(a) paragraph 2 is replaced by the following:

‘2.

Conditions for compensation

(a) With respect to a sending TARGET participant, a
claim for an administration fee and an interest com‐
to a
pensation shall be
malfunctioning:

considered if due

(i)

the same day processing of a payment order
was not completed;

or

‘(b) The administration fee shall be determined at EUR
50 for the first payment order not completed on the
processing date, and, in case of multiple adjust‐
ments, EUR 25 for each of the next four such pay‐
ment orders and EUR 12,50 for each further such
payment order. The administration fee shall be
determined by reference to each receiving TARGET
participant.’;

(c) paragraph 3.2 is replaced by the following:

‘3.2

Compensation of receiving TARGET participants

(ii)

such TARGET participant can show that it had
the intention to enter a payment order into
TARGET but was unable to do so due to a stop‐
sending status of a national RTGS system.

(a) The compensation offer under the TARGET Com‐
pensation Scheme shall consist of an administration
fee only or an administration fee and an interest
compensation.

(b) With respect to a receiving TARGET participant, a
claim for an administration fee shall be considered
if due to a malfunctioning such TARGET partici‐
pant did not receive a TARGET payment that it was
expecting to receive on the day of malfunctioning.
In this event a claim for an interest compensation
shall also be considered if:

(i)

such TARGET participant had recourse to the
marginal lending facility or, if a TARGET par‐
ticipant does not have access to the marginal
lending facility, such TARGET participant was
left with a debit balance or had a spill‐over from
intraday credit into overnight credit on its
RTGS account at the close of business of TAR‐
GET or had to borrow amounts from the
respective NCB;

and

(ii) either the NCB of the national RTGS system
where the malfunctioning occurred (the ‘mal‐
functioning NCB’) was the receiving NCB, or
the malfunctioning occurred so late in the TAR‐
GET operating day that
it was technically
impossible or impracticable for the receiving
TARGET participant to have recourse to the
money market.’;

(b) The amount of the administration fee shall be as
determined under paragraph 3.1(b) and the admin‐
istration fee shall be determined by reference to each
sending TARGET participant.

(c) The calculation method for the interest compensa‐
tion as referred to in paragraph 3.1(c) above shall
apply, except that the interest compensation shall
be based on the difference between the marginal
lending rate and the reference rate, and shall be cal‐
culated on the amount of the recourse to the mar‐
ginal
the
lending
malfunctioning.

result of

facility

as

a

(d) With respect to receiving TARGET participants of
(i) national RTGS systems of participating Member
States that are not counterparties to the Eurosystem
monetary policy operations, and (ii) national RTGS
systems of non‐participating Member States, to the
extent that a debit balance or a spill‐over from intra‐
day credit into overnight credit or the need to bor‐
row amounts from the respective NCB can be attrib‐
uted to the malfunctioning,
the
applicable penalty rate (as stipulated by the appli‐
cable RTGS rules in such cases) which is above the
marginal lending rate, shall be waived (and disre‐
garded in future cases of spill‐over) and for TARGET

that part of

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L 205/3

participants of national RTGS systems referred to in
(ii) above, it shall be ignored for the purpose of
access to intraday credit and/or continued partici‐
pation in the national RTGS system concerned.’;

3. Annex I is replaced by the text in the Annex to this Guideline.

Article 3

Addressees

This Guideline is addressed to the national central banks of par‐
ticipating Member States.

Article 2

Entry into force

This Guideline shall enter into force on 1 May 2004.

Done at Frankfurt am Main, 21 April 2004.

For the Governing Council of the ECB
The President of the ECB
Jean‐Claude TRICHET

ANNEX

NATIONAL RTGS SYSTEMS

Member State

Name of system

Settlement Agent

Belgium

Germany

Greece

Spain

France

Ireland

Italy

Electronic Large‐value Interbank Payment System (ELLIPS)

Banque Nationale de Belgique/Nationale Bank van België

RTGSplus

Hellenic Real‐time Money Transfer Express System (HERMES)

Servicios de Liquidación del Banco de España (SLBE)

Transferts Banque de France (TBF)

Deutsche Bundesbank

Bank of Greece

Banco de España

Banque de France

Irish Real‐time Interbank Settlement System (IRIS)

Central Bank and Financial Services Authority of Ireland

Sistema di regolamento lordo (BIREL)

Banca d’Italia

Luxembourg

Luxembourg Interbank Payment Systems (LIPS‐Gross)

Banque centrale du Luxembourg

Netherlands

TOP

De Nederlandsche Bank

Austria

Portugal

Finland

Austrian Real‐time Interbank Settlement System (ARTIS)

Oesterreichische Nationalbank

Sistema de Pagamentos de Grandes Transacções (SPGT)

Bank of Finland (BoF‐RTGS)

Banco de Portugal

Suomen Pankki

Location

Brussels

Frankfurt

Athens

Madrid

Paris

Dublin

Rome

Luxembourg

Amsterdam

Vienna

Lisbon

Helsinki

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