Decision of the European Central Bank of 24 July 2007 concerning the terms and conditions of TARGET2-ECB (ECB/2007/7) (2007/601/EC)

[F1 FEE SCHEDULE AND INVOICING U.K.

Fees for direct participants U.K.

1. The monthly fee for the processing of payment orders in TARGET2-ECB for direct participants, depending on which option the direct participant has chosen, shall be either: U.K.

(a)

EUR 150 per PM account plus a flat fee per transaction (debit entry) of EUR 0,80; or

(b)

EUR 1 875 per PM account plus a fee per transaction (debit entry) determined as follows, based on the volume of transactions (number of processed items) per month:

Band	From	To	Price (EUR)
1	1	10 000	0,60
2	10 001	25 000	0,50
3	25 001	50 000	0,40
4	50 001	100 000	0,20
5	Above 100 000	—	0,125

Liquidity transfers between a participant's PM account and its sub-accounts shall not be subject to a charge.

[F2 PM to T2S DCA liquidity transfer orders or PM to TIPS DCA liquidity transfer orders sent from a participant's PM account and T2S DCA to PM liquidity transfer orders or TIPS DCA to PM liquidity transfer orders received on a participant's PM account shall be charged according to the pricing option (a) or (b) above chosen for that PM account.]

Textual Amendments

F2 Substituted by Decision (EU) 2018/1625 of the European Central Bank of 8 October 2018 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2018/24).

2. There shall be an additional monthly fee for direct participants who do not wish the BIC of their account to be published in the TARGET2 directory of EUR 30 per account. U.K.

3. The monthly fee for direct participants subscribing to the TARGET2 value-added services for T2S shall be EUR 50 for those participants that have opted for option (a) in paragraph 1, and EUR 625 for those participants that have opted for option (b) in paragraph 1. U.K.

Fees for Main PM account holders U.K.

4. In addition to the fees set out in paragraphs 1 to 3 of this Appendix, a monthly fee of EUR 250 for each linked [F2 T2S DCA] shall be charged to Main PM account holders. U.K.

5. The Main PM account holders shall be charged the following fees for T2S services connected with the linked [F2 T2S DCA(s)] . These items shall be billed separately. U.K.

Tariff items	Price (eurocent)	Explanation
Settlement services
[F3 T2S DCA to T2S DCA liquidity transfer orders	14,1	per transfer
Intra-balance movement (i.e. blocking, unblocking, reservation of liquidity etc.)	9,4	per transaction]
Information services
A2A reports	0,4	Per business item in any A2A report generated
A2A queries	0,7	Per queried business item in any A2A query generated
U2A queries	10	Per executed search function
[F4 U2A queries downloaded	0,7	Per queried business item in any U2A query generated and downloaded]
Messages bundled into a file	0,4	Per message in a file
Transmissions	1,2	Per transmission

Textual Amendments

F3 Substituted by Decision (EU) 2019/1848 of the European Central Bank of 29 October 2019 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2019/32).

F4 Inserted by Decision (EU) 2018/1625 of the European Central Bank of 8 October 2018 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2018/24).

[F4 Fees for Linked PM account holders U.K.

5a. The holder of the Linked PM account shall be charged the following fees for the TIPS service connected with the TIPS DCAs linked to that PM account. U.K.

Tariff items	Price (euro cent)	Explanation
Settlement services
Instant payment order	0,20	To be charged also for unsettled transactions
Recall request	0,00
Negative recall answer	0,00
Positive recall answer	0,20	To be charged to the holder of the Linked PM account associated with the TIPS DCA to be credited (also for unsettled transactions)

5b. Up to the first ten million instant payment orders and positive recall answers, cumulatively, received by the TIPS Platform by the end of 2019, shall be free of charge. The ECB shall charge Linked PM account holders for any further instant payment orders and positive recall answers received by the TIPS Platform by the end of 2019, in the following year.] U.K.

Invoicing U.K.

6. In the case of direct participants, the following invoicing rules apply. The direct participant shall receive the relevant invoices for the previous month specifying the fees to be paid, no later than on the ninth business day of the following month. [F2 Payments shall be made no later than the 14th business day of that month to the account specified by the ECB or shall be debited from an account specified by the PM account holder.] U.K.

Fee schedule and invoicing for ancillary systems U.K.

7. An ancillary system using the ASI or the Participant Interface, irrespective of the number of any accounts it may hold with the ASCB and/or the SCB, shall be subject to a fee schedule consisting of the following elements: U.K.

(a)

A fixed monthly fee of EUR 1 000 to be charged to each ancillary system (Fixed Fee I).

(b)

A second monthly fixed fee of between EUR 417 and EUR 8 334 , in proportion to the underlying gross value of the ancillary system's euro cash settlement transactions (Fixed Fee II).

Band	From (EUR million/day)	To (EUR million/day)	Annual fee (EUR)	Monthly fee (EUR)
1	0	below 1 000	5 000	417
2	1 000	below 2 500	10 000	833
3	2 500	below 5 000	20 000	1 667
4	5 000	below 10 000	30 000	2 500
5	10 000	below 50 000	40 000	3 333
6	50 000	below 500 000	50 000	4 167
7	500 000 and above	—	100 000	8 334

The gross value of the ancillary system's euro cash settlement transactions shall be calculated by the ASCB once a year on the basis of such gross value during the previous year and the calculated gross value shall be applied for calculating the fee from 1 January of each calendar year. The gross value shall exclude [F2 transactions settled on T2S DCAs and TIPS DCAs] .

(c)

A transaction fee calculated on the same basis as the schedule established for PM account holders, in line with paragraph 1. The ancillary system may choose one of the two options: either to pay a flat EUR 0,80 fee per payment instruction (Option A) or to pay a fee calculated on a degressive basis (Option B), subject to the following modifications:

(i)

for Option B, the limits of the bands relating to volume of payment instructions are divided by two; and

(ii)

a monthly fixed fee of EUR 150 (under Option A) or EUR 1 875 (under Option B) shall be charged in addition to Fixed Fee I and Fixed Fee II.

(d)

In addition to the fees set out in points (a) to (c), an ancillary system using the ASI or the Participant Interface shall also be subject to the following fees:

(i)

If the ancillary system makes use of the TARGET2 value-added services for T2S, the monthly fee for the use of the value added services shall be EUR 50 for those systems that have chosen option A and EUR 625 for those systems that have chosen option B. This fee shall be charged for each account held by the ancillary system that uses the services;

(ii)

If the ancillary system holds a Main PM account linked to one or more [F2 T2S DCAs] , the monthly fee shall be EUR 250 for each linked [F2 T2S DCA] ; and

(iii)

The ancillary system as Main PM account holder shall be charged the following fees for T2S services connected with the linked [F2 T2S DCA(s)] . These items shall be billed separately:

Tariff items	Price (eurocent)	Explanation
Settlement services
[F2 T2S DCA to T2S DCA liquidity transfer orders]	9	per transfer
Intra-balance movement (i.e. blocking, unblocking, reservation of liquidity etc.)	6	per transaction
Information services
A2A reports	0,4	Per business item in any A2A report generated
A2A queries	0,7	Per queried business item in any A2A query generated
U2A queries	10	Per executed search function
U2A queries downloaded	0,7	Per queried business item in any U2A query generated and downloaded
Messages bundled into a file	0,4	Per message in a file
Transmissions	1,2	Per transmission

(iv)

[F4 The ancillary system as Linked PM account holder shall be charged the following fees for TIPS service connected with the linked TIPS DCA(s):

Tariff items	Price (euro cent)	Explanation
Settlement services
Instant payment order	0,20	To be charged also for unsettled transactions
Recall request	0,00
Negative recall answer	0,00
Positive recall answer	0,20	To be charged to the holder of the Linked PM account associated with the TIPS DCA to be credited (also for unsettled transactions)

Up to the first ten million instant payment orders and positive recall answers, cumulatively, received by the TIPS Platform by the end of 2019, shall be free of charge. The ECB shall charge the ancillary system as Linked PM account holder for any further instant payment orders and positive recall answers received by the TIPS Platform by the end of 2019, in the following year.]

8. Any fee payable in relation to a payment instruction submitted or payment received by an ancillary system, via either the Participant Interface or the ASI, shall be exclusively charged to this ancillary system. The Governing Council may establish more detailed rules for the determination of billable transactions settled via the ASI. U.K.

9. Each ancillary system shall receive an invoice from its ASCB for the previous month based on the fees referred to in subparagraph 1, no later than the ninth business day of the following month. Payments shall be made no later than the 14th business day of this month to the account specified by the ASCB or shall be debited from an account specified by the ancillary system. U.K.

10. For the purposes of paragraphs 7 to 9, each ancillary system that has been designated under Directive 98/26/EC shall be treated separately, even if two or more of them are operated by the same legal entity. The same rule shall apply to the ancillary systems that have not been designated under Directive 98/26/EC, in which case the ancillary systems shall be identified by reference to the following criteria: (a) a formal arrangement, based on a contractual or legislative instrument, e.g. an agreement among the participants and the system operator; (b) with multiple membership; (c) with common rules and standardised arrangements; and (d) for the clearing, netting and/or settlement of payments and/or securities between the participants.] U.K.

Textual Amendments

F1 Substituted by Decision (EU) 2017/2081 of the European Central Bank of 10 October 2017 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2017/30).