2009/338/EC: Decision of the European Central Bank of 19 March 2009 on the establishment of the TARGET2-Securities Programme Board (ECB/2009/6)

22.4.2009 EN Official Journal of the European Union L 102/12
DECISION OF THE EUROPEAN CENTRAL BANK
of 19 March 2009
on the establishment of the TARGET2-Securities Programme Board
(ECB/2009/6)
(2009/338/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 the ‘Statute of the ESCB’), and in particular Articles 3.1, 12.1 and 12.3 and Articles 17, 18 and 22 thereof,
Whereas:
(1) At its meeting of 6 July 2006, the Governing Council of the European Central Bank (ECB) decided to explore, in cooperation with central securities depositories (CSDs) and other market participants, the possibility of setting up a new Eurosystem service for securities settlement, to be called TARGET2-Securities (T2S). As part of its tasks in accordance with Articles 17, 18 and 22 of the Statute of the ESCB, the Eurosystem envisages that T2S will be a service based on a single platform allowing for core, neutral and borderless pan-European cash and securities settlement, which will be offered to CSDs to enable them to provide their customers with harmonised and commoditised delivery-versus-payment settlement services in central bank money in an integrated technical environment.
(2) On 17 July 2008, the Governing Council decided to launch T2S and to provide the resources required until its completion. On the basis of an offer made by the Deutsche Bundesbank, the Banco de España, the Banque de France and the Banca d’Italia, the Governing Council also decided that T2S would be developed and operated by these four national central banks (NCBs).
(3) The effective and efficient organisation of T2S involving both internal and external stakeholders requires the establishment of a streamlined management body that will develop proposals for the Governing Council on key strategic issues and execute tasks of a purely technical nature (hereinafter the ‘T2S Programme Board’).
(4) Under the principle of decentralisation laid down in Article 12.1 of the Statute of the ESCB, to the extent deemed possible and appropriate, NCBs carry out operations which form part of the tasks of the Eurosystem. The Eurosystem central banks will therefore entrust the T2S Programme Board with certain implementing tasks so that it can be fully operational and act on behalf of the whole Eurosystem. The Payment and Settlement Systems Committee (PSSC) will maintain its advisory role to the ECB’s decision-making bodies,