HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 13/8
EN
Official Journal of the European Union
17.1.2013
DECISIONS
DECISION OF THE EUROPEAN CENTRAL BANK
of 11 December 2012
amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB
(ECB/2012/31)
(2013/31/EU)
THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK,
references to national legislation relevant to Directive
98/26/EC of the European Parliament and of the
Council of 19 May 1998 on settlement finality in
payment and securities settlement systems ( 4 ),
Having regard to the Treaty on the Functioning of the European
Union, and in particular Article 127(2) thereof,
HAS ADOPTED THIS DECISION:
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, 22 and 23 thereof,
Article 1
Amendments to Decision ECB/2007/7
Decision ECB/2007/7 is amended as follows:
Having regard to Guideline ECB/2012/27 of 5 December 2012
on a Trans-European Automated Real-time Gross settlement
Express Transfer system (TARGET2) ( 1 ), and in particular
Article 8(2) thereof,
(1) in Article 1(1)(c), the first footnote is replaced by the
following:
Whereas:
‘(1) The Eurosystem’s current policy for the location of
infrastructure is set out in the following statements,
which are all available on the ECB’s website at www.
(1) Guideline
ECB/2007/2
of
26
April
2007
on
a
Trans-
ecb.europa.eu: (a) the “Policy statement on euro
European Automated Real-time Gross settlement
payment and settlement systems located outside the
Express Transfer system (TARGET2)
( 2 ) has been
euro area” of 3 November 1998; (b) “The Eurosystem’s
recently recast in order to incorporate rules previously
policy line with regard to consolidation in central
internal to the Eurosystem and to add necessary defini
counterparty clearing” of 27 September 2001; (c)
tions, as well as provisions with regards to inapplicability
“The Eurosystem policy principles on the location
of sanctions to non-Union banks, information sharing
and operation of infrastructures settling in euro-
with regards to suspension or termination of access to
denominated payment transactions” of 19 July 2007;
monetary policy operations and the consequences of
(d) “The Eurosystem policy principles on the location
such suspension or termination.
and operation of infrastructures settling euro-
denominated payment transactions: specification of
legally and operationally located in the euro area” of
20 November 2008; (e) “The Eurosystem oversight
(2) Therefore,
it
is
necessary
to
amend
Decision
ECB/2007/7
policy framework” of July 2011.’;
of 24 July 2007 concerning the terms and conditions of
TARGET2-ECB ( 3 ) in order to: (a) incorporate certain
elements from Guideline ECB/2012/27 into the terms
and conditions of TARGET2-ECB; and (b) update
(2) the Annex to Decision ECB/2007/7 is amended in
accordance with the Annex to this Decision.
( 1 ) Not yet published in the Official Journal.
( 2 ) OJ L 237, 8.9.2007, p. 1.
( 3 ) OJ L 237, 8.9.2007, p. 71.
( 4 ) OJ L 166, 11.6.1998, p. 45.

---

EN
17.1.2013 Official
Journal
of
the
European
Union
L
13/9
Article 2
Entry into force
This Decision shall enter into force on 1 January 2013.
Done at Frankfurt am Main, 11 December 2012.
The President of the ECB
Mario DRAGHI

---

L 13/10
EN
Official Journal of the European Union
17.1.2013
ANNEX
The Annex to Decision ECB/2007/7 is amended as follows:
(1) Article 1 is amended as follows:
(a) the definition of ‘Eurosystem CBs’ is replaced by the following:
‘— “Eurosystem CB” means the ECB or a euro area NCB,’;
(b) the following definition is inserted:
‘— “euro area NCB” means the national central bank (NCB) of a Member State whose currency is the euro,’;
(2) in Article 20, paragraph 1 is replaced by the following:
‘1. For the purposes of the first sentence of Article 3(1) of the Settlement Finality Directive and the third sentence
of § 116, § 96(2), § 82 and § 340(3) of the German Insolvency Code (Insolvenzordnung) and the last sentence of §
46(2) of the KWG, payment orders are deemed entered into TARGET2-ECB at the moment that the relevant
participant’s PM account is debited.’;
(3) in Article 25, paragraph 5 is replaced by the following:
‘5. Notwithstanding
Sections
675(u),
675(v),
675(x),
675y
675z,
676a,
676c
of
the
German
Civil
Code
(Bürger
liches Gesetzbuch), paragraphs 1 to 4 shall apply to the extent that the ECB’s liability can be excluded.’;
(4) in Article 33, the first sentence in paragraph 3 is replaced by the following:
‘Participants, when acting as the payment service provider of a payer or payee, shall comply with all requirements
resulting from administrative or restrictive measures imposed pursuant to Article 75 or 215 of the Treaty on the
Functioning of the European Union to which they are subject, including with respect to notification and/or the
obtaining of consent from a competent authority in relation to the processing of transactions. In addition:’;
(5) Appendix VI is replaced by the following:
‘Appendix VI
FEE SCHEDULE AND INVOICING
Fees and invoicing for direct participants
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:
(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.

---

EN
17.1.2013 Official
Journal
of
the
European
Union L
13/11
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.
3. The following invoicing rules apply to direct participants. The direct participant shall receive the invoice for the
previous month specifying the fees to be paid, no later than on the fifth business day of the following month.
Payment shall be made at the latest on the 10th working day of that month to the account specified by the ECB
and shall be debited from that participant’s PM account.
Fees and invoicing for ancillary systems
4. 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 three elements, as set out
below.
(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 4 167, 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
Monthly fee
(EUR)
(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 Above
50
000
— 50
000 4
167
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 as from 1 January of each calendar year.
(c) A transaction fee calculated on the same basis as the schedule established for direct participants in paragraph 1
of this Appendix. The ancillary systems 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.
5. 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.
6. Each ancillary system shall receive an invoice from its respective ASCB for the previous month based on the fees
referred to in paragraph 4, no later than the fifth business day of the following month. Payments shall be made no
later than the 10th business day of this month to the account specified by the ASCB or shall be debited from an
account specified by the ancillary system.
7. For the purposes of this paragraph, 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) multiple
membership; (c) common rules and standardised arrangements; (d) for the clearing, netting or settlement of
payments or securities between the participants.’.

---

Document Outline

• �

---