European Central Bank 5 December 2012, 2013/47/EU: Guideline of the European Central Bank of 5 December 2012 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (recast) (ECB/2012/27)

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This Guideline of the European Central Bank (ECB/2012/27), adopted on 5 December 2012 and applicable from 1 January 2013, recasts and repeals Guideline ECB/2007/2 to establish the legal and operational framework for TARGET2, the Trans-European Automated Real-time Gross settlement Express Transfer system, which provides real-time gross settlement of euro payments in central bank money through a Single Shared Platform (SSP). Key provisions govern the three-level governance structure (Governing Council, Eurosystem central banks, and SSP-providing NCBs), harmonised conditions for participation including access criteria, payment processing rules, liquidity pooling arrangements, intraday credit, ancillary system settlement procedures, and liability and compensation regimes. The Guideline applies to all Eurosystem central banks and requires euro area NCBs to implement the Harmonised Conditions set out in the Annexes, with derogations permissible only upon Governing Council approval in cases of national law constraints.AI