Beschluss (EU) 2022/911 der Europäischen Zentralbank vom 19. April 2022 zu den TARGET-EZB-Bedingungen und zur Aufhebung des Beschlusses EZB/2007/7 (EZB/2022/22)

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of one hour between the cut-off time for customer and interbank payment orders should normally remain in place. b) AS shall have established means to cope with cases where the reopening time is delayed due to a TARGET failure on the previous day. 2.3. Contingency processing a) If it deems it necessary to do so, the ECB shall initiate the contingency processing of cash transfer orders using the Contingency Solution of TARGET or other means. In such cases, contingency processing shall be provided on a best efforts basis. The ECB shall inform its participants of the start of contingency processing via any available means of communication. b) In contingency processing using the Contingency Solution of TARGET, cash transfer orders shall be submitted by the RTGS DCA holders and authorised by the ECB. The ECB may, exceptionally, also manually input cash transfer orders on behalf of participants. In addition, the AS may submit files containing payment instructions under RTGS AS settlement procedure A, which the AS authorises the ECB to upload into the Contingency Solution. c) The following cash transfer orders shall be considered as ‘very critical‘ and the ECB shall use best efforts to process them in a contingency without undue delay: i) payments related to the settlement of CLS Bank International operations processed on CLSSettlement; ii) central counterparty margin calls; ▼M4 iii) payments made by or to treasury departments of central or regional governments of Member States for the purpose of preventing the spill-over of intraday into overnight credit. ▼B d) Cash transfer orders other than those listed in point (c) and which are required to avoid systemic risk shall be considered as ‘critical‘ and the ECB may decide to initiate contingency processing in relation to them. Critical cash transfer orders shall include but are not limited to: i) cash transfer orders related to the settlement of other systemically important payment systems as defined in Regulation (EU) No 795/2014 (ECB/2014/28); ii) liquidity transfer orders to T2S DCAs or TIPS DCAs; iii) liquidity transfer orders that are indispensable to the execution of very critical cash transfer orders as set out in point (c) or to other critical cash transfer orders. e) Cash transfer orders that have been submitted to TARGET-ECB before the activation of contingency processing, but are queued, may also undergo contingency processing. In such cases the ECB shall endeavour to avoid the double processing of cash transfer orders, but the participants shall bear the risk of such double processing if it occurred. f) For contingency processing using the Contingency Solution of TARGET, participants shall provide eligible assets as collateral. During contingency processing, incoming cash transfer orders may be used to fund outgoing cash transfer orders. 2.4. Failures linked to participants a) In the event that a participant has an issue or problem that prevents it from sending cash transfer orders to TARGET, it shall resolve the issue or problem using its own means. In particular, a participant may use any in-house solutions at its disposal, the GUI functionality to process liquidity transfers and payment orders or use the back-up functionality via the GUI. b) If the resolution means and/or solutions or functionalities used by the participant as referred to in paragraph (a) are exhausted or if they are insufficient, the participant may then request support from the ECB and the ECB shall provide such support on a best efforts basis. The ECB shall decide what support it offers to the participant. c) Insert if applicable, further detailed contingency measures with respect to AS shall be described in additional arrangements between the ECB and the relevant AS. 3. BUSINESS CONTINUITY AND CONTINGENCY PROCEDURES (MCA) In addition to the provisions set out in section 1, the provisions of this section 3 shall apply specifically to MCA holders. 3.1. Relocation of the operation of TARGET to an alternative site a) the relocation of the operation of TARGET to an alternative site, as referred to in paragraph 1.1(b)(i), may be to a place within the same region or in another region. b) In the event that the operation of TARGET is relocated to another region, the participants shall: i) refrain from sending new cash transfer orders to TARGET; (ii) at the request of the ECB perform a reconciliation, (iii) resubmit any cash transfer orders identified as missing; and (iv) provide the ECB with all relevant information in this respect. c) The ECB may take any further actions including debiting and crediting participants‘ accounts in order to return those participants‘ accounts to their status prior to the relocation. 3.2. Contingency processing a) If it deems it necessary to do so, the ECB shall initiate the contingency processing of cash transfer orders using the Contingency Solution of TARGET or other means. In such cases, contingency processing shall be provided on a best efforts basis. The ECB shall inform its participants of the start of contingency processing via any available means of communication. b) In contingency processing using the Contingency Solution of TARGET, cash transfer orders shall be submitted by the MCA holders and authorised by the ECB. The ECB may, exceptionally, also manually input cash transfer orders on behalf of participants. c) Cash transfer orders required to avoid systemic risk shall be considered as ‘critical‘ and the ECB may decide to initiate contingency processing in relation to them. d) Cash transfer orders that have been submitted to TARGET-ECB before the activation of contingency processing, but are queued, may also undergo contingency processing. In such cases the ECB shall endeavour to avoid the double processing of cash transfer orders, but the participants shall bear the risk of such double processing if it occurred. e) For contingency processing using the Contingency Solution of TARGET, participants shall provide eligible assets as collateral. During contingency processing, incoming cash transfer orders may be used to fund outgoing cash transfer orders. 3.3. Failures linked to participants a) In the event that a participant has an issue or problem that prevents it from sending cash transfer orders in TARGET, it shall resolve the issue or problem using its own means. In particular, a participant may use any in-house solutions or the GUI functionality to process liquidity transfers orders. b) If the resolution means and/or solutions or functionalities used by the participant as referred to in paragraph (a) are exhausted or if they are insufficient, the participant may request support from the ECB and the ECB shall provide such support on a best efforts basis. The ECB shall decide what support it offers to the participant. 4. BUSINESS CONTINUITY AND CONTINGENCY PROCEDURES (T2S DCA) In addition to the provisions set out in section 1, the provisions set out in this section 4 shall apply specifically to T2S DCA holders. 4.1. Relocation of the operation of TARGET to an alternative site a) The relocation of the operation of TARGET to an alternative site, as set out under paragraph 1.1(b)(i), may be to a place within the same region or in another region (where available). b) In the event that the operation of TARGET is relocated to another region, the participants shall (i) refrain from sending new cash transfer orders to TARGET; and (ii) at the request of the ECB perform a reconciliation, (iii) resubmit any instructions identified as missing and (iv) provide the ECB with all relevant information in this respect. c) The ECB shall be allowed to take any further actions including debit and credit on participants‘ accounts in order to bring participants‘ account balances to the status they had prior to the relocation. 4.2. Failures linked to participants a) In the event that a T2S DCA holder has an issue or problem that prevents it from settling cash transfer orders in TARGET-ECB, it shall resolve the issue or problem using its own means. b) If the resolution means referred to in paragraph (a) are exhausted or if they are insufficient, the participant may request support from the ECB, and the ECB shall provide such support on a best efforts basis. The ECB shall decide what support it offers to the participant. APPENDIX V TARGET OPERATING SCHEDULE 1. The value date for transactions settled in TARGET is always the value date on which the system operates. 2. All days except Saturday, Sunday, New Year’s Day, Good Friday ( 7 ), Easter Monday ( 8 ), 1 May, Christmas Day, and 26 December are TARGET business days and thus may be value dates for the purpose of settlement in TARGET. 3. TIPS DCAs and TIPS AS technical accounts are operated on all days. All other types of accounts are operated on all days except for Saturday, Sunday, New Year’s Day, Good Friday ( 9 ), Easter Monday ( 10 ), 1 May, Christmas Day, and 26 December. 4. A business day is opened during the evening of the previous business day. 5. The reference time for the system is the local time at the seat of the ECB. 6. The different phases of the TARGET business day and [the significant operational] events relevant to MCAs, RTGS DCAs ( 11 ), T2S DCAs and TIPS DCAs ( 12 ) are shown in the following table: HH:MM MCAs RTGS DCAs (1) T2S DCAs TIPS DCAs (2) 18:45 (D-1) Start of business day: Change of value date Start of business day: Change of value date Start of business day: Change of value date Preparation of the night-time settlement Processing of instant payment orders and liquidity transfer orders to/from TIPS AS technical accounts. No liquidity transfers between TIPS DCAs and other accounts 19:00 (D-1) Settlement of CBOs Reimbursement of marginal lending Refunding of overnight deposits Processing of automated and rule-based liquidity transfers orders Deadline for acceptance of CMS data feeds Preparation of the night-time settlement 19:30 (D-1) Settlement of CBOs Processing of standing liquidity transfer orders Processing of immediate liquidity transfer orders Settlement of AS transfer orders Processing of standing liquidity transfer orders Processing of automated, rule-based and immediate liquidity transfer orders Processing of instant payment orders and liquidity transfer orders from/to MCAs and RTGS DCAs 20:00 (D-1) Night-time settlement cycles Processing of liquidity transfer orders from/to T2S DCAs 02:30 (calendar day following D-1) Non-optional maintenance window on — business days after closing days including every business day Monday Optional maintenance window (if needed) from 03:00–05:00 on remaining days Non-optional maintenance window on — business days after closing days including every business day Monday Optional maintenance window (if needed) from 03:00–05:00 on remaining days Non-optional maintenance window on — business days after closing days including every business day Monday Optional maintenance window (if needed) from 03:00–05:00 on remaining days (3) Processing of instant payment orders and liquidity transfer orders to/from TIPS AS technical accounts. No liquidity transfer orders between TIPS DCAs and other accounts Re-opening time* (D) Settlement of CBOs Processing of automated, rule-based and immediate liquidity transfer orders Settlement of AS transfer orders Processing of automated, rule-based and immediate liquidity transfer orders. Processing the customer and interbank payment orders Night-time settlement cycles Processing of instant payment orders and liquidity transfer orders to/from TIPS AS technical accounts and liquidity transfer orders between TIPS DCAs and other accounts. 05:00 (D) Day trade/Real-time settlement: Real-time settlement preparation Partial settlement windows (4) 16:00 (D) Cut-off for DvP orders 16:30 (D) Automatic auto-collateralisation reimbursement, followed by the optional cash sweep 17:00 (D) Cut-off for customer payment orders 17:40 (D) Cut-off for bilaterally agreed treasury management operations (BATM) and CBO cut-off 17:45 (D) Cut-off for liquidity transfer orders to T2S-DCAs Cut-off for inbound liquidity transfer orders Blocking of liquidity transfer orders from TIPS DCAs to T2S DCAs. No liquidity transfer orders between T2S DCAs and TIPS DCAs are processed during this period 18:00 (D) Cut-off for: — liquidity transfer orders — CBOs, except standing facilities — credit line modifications Cut-off for: — interbank payment orders and — liquidity transfer orders — AS transfer orders FOP cut-off End of T2S settlement processing Recycling and purging End of day reporting and statements Processing of instant payment orders and liquidity transfer orders to/from TIPS AS technical accounts. Blocking of liquidity transfer orders from TIPS DCAs to MCA/RTGS and T2S DCAs. No liquidity transfer orders between TIPS DCAs and other accounts are processed during this period. Shortly after 18:00: Change of business day (after receiving the camt.019 message from MCA/RTGS) Snapshot of TIPS DCAs balances and end-of-day reporting 18:15 (D) Cut-off for the use of standing facilities 18:40 (D) Cut-off for use of marginal lending (NCBs only) End-of-day processing (1) Also applies to RTGS AS technical accounts, sub-accounts and AS guarantee fund accounts. (2) Also applies to TIPS AS technical accounts. (3) For T2S DCAs: for the purpose of the maintenance window, 1 May shall be considered as a business day. (4) Partial settlement windows take place at 08:00, 10:00, 12:00, 14:00 and 15:30 (or 30 minutes before the beginning of the DvP cut-off time, whichever comes first). The operating hours may be changed in the event that business continuity measures are adopted in accordance with Appendix IV. On the last day of the Eurosystem reserve maintenance period, the cut-off times 18:15, 18:40, 18:45, 19:00 and 19:30 for MCAs and RTGS DCAs (as well as RTGS AS technical accounts and sub-accounts and AS guarantee fund accounts) shall occur 15 minutes later. List of abbreviations and notes to this table: * Re-opening times: may vary according to the situation. The information is provided by the Operator. (D-1): previous business day (D): calendar day = business day = value date CMS: Collateral Management System DvP orders: Delivery versus Payment orders. APPENDIX VI FEE SCHEDULE 1. GENERAL 1. The following services are not included in the services offered by the ECB and shall be charged by the relevant service providers in accordance with their terms and conditions: a) services offered by NSPs; b) non-cash related T2S services. 2. A participant that wishes to change its choice of pricing scheme shall communicate this to the ECB by the twentieth calendar day of the month so that it can be taken into account for the following month. 2. FEES FOR MCA HOLDERS MCAs and transactions settled on them shall not incur fees. 3. FEES FOR RTGS DCA HOLDERS ▼M5 1. Until 30 June 2026, RTGS DCA holders shall choose one of the following two pricing options: ▼B a) a monthly fee, plus a fixed transaction fee per payment order (debit entry). Monthly fee EUR 150 Transaction fee per payment order EUR 0,80 b) a monthly fee, plus a transaction fee based on the volume of payment orders (debit entry) and calculated on a cumulative basis as set out in the following table. For participants in a billing group the monthly volume of payment orders (debit entry) for all participants in that group shall be aggregated. Monthly fee EUR 1 875 Monthly volume of payment orders Band From To Transaction fee per payment order (EUR) 1. 1 10 000 0,60 2. 10 001 25 000 0,50 3. 25 001 50 000 0,40 4. 50 001 75 000 0,20 5. 75 001 100 000 0,125 6. 100 001 150 000 0,08 7. Above 150 000 0,05 ▼M5 1a. From 1 July 2026, RTGS DCA holders shall choose one of the following two pricing options: a) a monthly fee, plus a fixed transaction fee per payment order (debit entry). Monthly fee EUR 400 Transaction fee per payment order EUR 0,80 b) a monthly fee, plus a transaction fee based on the volume of payment orders (debit entry) and calculated on a cumulative basis as set out in the following table. For participants in a billing group, the monthly volume of payment orders (debit entry) for all participants in that group shall be aggregated. Monthly fee EUR 5 000 Monthly volume of payment orders Band From To Transaction fee per payment order (EUR) 1. 1 10 000 0,60 2. 10 001 35 000 0,50 3. 35 001 80 000 0,40 4. 80 001 135 000 0,20 5. 135 001 200 000 0,125 6. 200 001 300 000 0,08 7. Above 300 000 0,05 ▼B 2. Liquidity transfer orders from RTGS DCAs to sub-accounts, to MCAs, to overnight deposit accounts or to RTGS DCAs held by the same participant or by participants within the same banking group shall be free of charge. 3. Liquidity transfer orders from RTGS DCAs to MCAs or to RTGS DCAs held by participants not belonging to the same banking group shall incur a charge of EUR 0,80 per transaction (debit entry). 4. Liquidity transfer orders from RTGS DCAs to T2S DCAs or to TIPS DCAs shall be free of charge. 5. Cash transfer orders from an RTGS DCA to an AS account ( 13 ) shall not be charged to the RTGS DCA holder. 6. The following fees shall apply to RTGS DCA holders: Service Monthly fee (EUR) Addressable BIC holder (correspondents (1)) 20 Unpublished BIC 30 Multi-addressee access (based on BIC 8) 80 (1) Addressable BIC holders are available for different participant types: Addressable BIC holder — Correspondent; Addressable BIC holder — Branch of Participant; and Addressable BIC holder — Branch of correspondent. Only the Addressable BIC holder — Correspondent participation type shall incur the fee. The fee shall be charged for each different BIC11. 4. FEES FOR AS USING RTGS AS SETTLEMENT PROCEDURES Fees are charged per ancillary system regardless of the number and type of accounts. AS Operators operating more than one system will be charged for each system. 1. AS using RTGS AS settlement procedures or having been granted an exception allowing them to settle on an RTGS DCA shall choose one of the following two pricing options: a) a monthly fee, plus a fixed transaction fee per cash transfer order. Monthly fee EUR 300 Transaction fee per cash transfer order EUR 1,60 b) a monthly fee, plus a transaction fee based on the volume of cash transfer orders an calculated on a cumulative basis as set out in the following table. Monthly fee EUR 3 750 Monthly volume of cash transfer orders Band From To Transaction fee per cash transfer order (EUR) 1. 1 5 000 1,20 2. 5 001 12 500 1,00 3. 12 501 25 000 0,80 4. 25 001 50 000 0,40 5. Above 50 000 0,25 Cash transfer orders between an RTGS DCA and an AS account ( 14 ) shall be charged to the respective A according to the pricing option that the AS has opted for. 2. In addition to the fees set out above, each AS shall be subject to two fixed fees as set out in the following table. A. Fixed fee I Monthly fee per AS EUR 2 000 B. Fixed fee II (based on gross underlying value (1) ) Size (EUR millions/day) Annual fee (EUR) Monthly fee (EUR) from 0 to 999,99 10 000 833 from 1 000 to 2 499,99 20 000 1 667 from 2 500 to 4 999,99 40 000 3 334 from 5 000 to 9 999,99 60 000 5 000 from 10 000 to 49 999,99 80 000 6 666 from 50 000 to 499 999,99 100 000 8 333 500 000 and above 200 000 16 667 (1) The ‘gross underlying value‘ is the total amount of gross monetary obligations that are discharged via an AS after settlement has taken place on an RTGS DCA or sub-account. For CCPs, the gross underlying value is the total notional value of future contracts or the mark-to-market value of the future contracts, at values to be settled when futures contracts expire and commissions are applied. 5. FEES FOR T2S DCA HOLDERS 1. The following fees shall be charged for the operation of T2S DCAs: Item Applied rule Fee per item (EUR) Liquidity transfer orders between T2S DCAs Per transfer for the debited T2S DCA. 0,141 Intra-balance movements Any successfully executed intra-balance movement (i.e. blocking, unblocking, reservation of liquidity usw.). 0,094 A2A queries Per business item within each A2A query generated 0,007 A2A reports Per business item within each generated A2A report including A2A reports as a result of U2A queries. 0,004 Messages bundled into a file Per message in each file containing bundled messages 0,004 Transmission Each transmission per T2S party (both inbound and outbound) will be counted and charged for (except for technical acknowledgement messages). 0,012 U2A queries Any executed query search function 0,100 Fee per T2S DCA Any T2S DCA existing at any time during the monthly billing period Currently free of charge, to be reviewed at regular intervals. 0,000 Auto-collateralisation Issue or return of auto-collateralisation 0,000 2. Liquidity transfer orders from a T2S DCA to an RTGS DCA, a TIPS DCA or an MCA shall be free of charge. ▼M4 6. FEES FOR TIPS DCA HOLDERS Fees for the operation of TIPS DCAs shall be charged as follows: a) For each TIPS DCA, a monthly fixed fee of EUR 800 shall be charged to the holder of the TIPS DCA. This fixed fee shall include one BIC, which shall be a reachable party in TIPS and designated by the TIPS DCA holder to use this TIPS DCA; b) For each further reach