Legal texts

Eurosystem texts

  • TARGET2 Guideline (ECB/2016/6)

Aims at answering the questions that were raised during the implementation of the auto-collateralisation services and the settlement in central bank money. The text also takes into account the new governance of TARGET2 after the creation of the MIB – “Market Infrastructure Board”.

  • TARGET2 Guideline (ECB/2015/15)

Mainly concerns the impact of the T2S project on TARGET2, as the euro area national central banks (NCBs) will provide auto-collateralisation services and settlement in central bank money in T2S. The following Annexes are inserted :
- Annex IIA “Harmonised Conditions for the opening and operation of a Dedicated Cash Account in TARGET2”,
- Annex IIIA “Conditions for auto-collateralisation operations”.

  • TARGET2 Guideline (ECB/2014/25)

Introduces the notion of negative interest for the remuneration of PM accounts and their sub-accounts.

  • TARGET2 Guideline (ECB/2013/37)

Establishes the use of CoreNet, the Eurosystem’s internal network, as an alternative/contingency network service for TARGET2 in the event of a failure in SWIFT.

  • TARGET2 Guideline (ECB/2012/27)

The TARGET2 Guideline adopted by the ECB Governing Council on 5 December 2012 establishes the legal framework governing TARGET2 in euro area countries.

It defines the operation, organisation and governance of TARGET2, and replaced the Guideline of 26 April 2007 (ECB/2007/2), which was subsequently amended by the Guidelines of 7 May 2009, 21 September 2009, 15 September 2010, 11 March 2011 and 14 October 2011 (ECB/2009/09, ECB/2009/21, ECB/2010/12, ECB/2011/2 and ECB/2011/15).

TARGET2-Banque de France agreements

  • PM account agreement

Annex II of the ECB Guideline on TARGET2 establishes “Harmonised Conditions for participating in Target2”. Each participating NCB incorporates this annex into the Terms and Conditions or PM Account Agreements applicable to its own national community. The T2-BF agreement must be signed by any institution wishing to open one or more PM accounts with the Banque de France.

• T2-BF agreement, Swift access

  • HAM account agreement (cash and minimum reserve account)

This describes the functioning of, and rights and obligations associated with a HAM account, as well as the terms and conditions for opening and closing a HAM account in TARGET2-Banque de France. The rules for participation are defined by the Banque de France, and not by the Eurosystem.

  • DCA agreement (Dedicated Cash Account) 

This describes the functioning of DCAs opened at the Banque de France specifically for the settlement in central bank money of the settlement-delivery system operated by Euroclear France (ESES). The document contains two annexes: the first allows the DCA holder to designate the PM account to which liquidity transfers and settlements should be booked; the second is an automated intraday repo (PLC) agreement allowing the holder of the DCA to access intraday credit in ESES.

Updated on: 06/12/2018 10:33