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    ECB Amends Guideline on TARGET2 Payments System in Europe

    September 26, 2017

    ECB published a guideline offering further clarifications by amending Guideline ECB/2012/27 on a Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET2). The guideline shall take effect on the day of its notification to the national central banks of the member states whose currency is euro.

    This guideline is addressed to all Eurosystem central banks. The national central banks of the member states whose currency is the euro shall take the necessary measures to comply with this guideline and apply it from November 13, 2017. To support the emergence of a pan-European solution for instant payments, TARGET2 is enhanced with a new ancillary system settlement procedure. Thus, it is necessary to clarify certain aspects of Guideline ECB/2012/27, which has been amended as follows:

    • Point (31) of Article 2 has been replaced and point (74) has been added.
    • Title and paragraph (2) of Article 11 have been replaced and paragraph 1 has been deleted.
    • Paragraph 3a has been inserted in Article 17 and paragraph 4 of Article 17 has been replaced.
    • Annexes II, IIa, and V have been amended in accordance with Annex I to the new guideline.
    • Annex IV has been replaced by Annex II to the new guideline.

      

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    Keywords: Europe, EU, PMI, Guideline, ECB/2012/27, Target2, ECB

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