http://www.legislation.gov.uk/id/eudn/2018/24

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)

THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty on the Functioning of the European Union, and in particular the first and fourth indents of Article 127(2) thereof,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 11.6 and Articles 17, 18, 22 and 23 thereof,

Whereas:

(1)

On 3 August 2018, the Governing Council amended Guideline ECB/2012/271, in order to introduce the TARGET Instant Payment Settlement (TIPS) service2. The new TIPS service will enable the settlement of instant payment orders in central bank money 24 hours a day any calendar day of the year, with immediate or close to immediate processing. For the purpose of the TIPS service, dedicated cash accounts (TIPS Dedicated Cash Accounts (TIPS DCAs)) are to be created in TARGET2. As regards the technical operation of the TIPS DCAs, TARGET2 is to be technically established and to function on the basis of the TIPS Platform.

(2)

At the same time, the Governing Council amended Guideline ECB/2012/27 to clarify certain other aspects of, and update, that Guideline.

(3)

The amendments made to Guideline ECB/2012/27 as regards the terms and conditions of TARGET2-ECB need to be reflected in Decision ECB/2007/73, where necessary, and a few other points in the terms and conditions need to be clarified.

(4)

Therefore, Decision ECB/2007/7 should be amended accordingly,

HAS ADOPTED THIS DECISION: