Decision (EU) 2023/2532 of the European Central Bank of 9 November 2023 amending Decision (EU) 2022/911 concerning the terms and conditions of TARGET-ECB (ECB/2022/22) (ECB/2023/27)

‘2 In accordance with Article 9(2) of Guideline (EU) 2022/912 (ECB/2022/8), from the date that the operation of the Eurosystem Collateral Management System (ECMS) commences, as communicated on the ECB’s website, the ECB shall not open accounts other than TARGET accounts for participants eligible to participate in TARGET for the purpose of providing services falling within the scope of Guideline (EU) 2022/912 (ECB/2022/8), with the exception of accounts that are used to hold seized funds or funds pledged to a third-party creditor or funds referred to in Article 3(1)(d) of Regulation (EU) 2021/378 of the European Central Bank (ECB/2021/1) .

This Decision shall enter into force on 20 November 2023.

1 Without prejudice to Article 24, participation in TARGET-ECB shall be for an indefinite period of time.

2 A participant may terminate any of the following at any time giving 14 business days’ notice thereof, unless it agrees a shorter notice period with the ECB: (a) its entire participation in TARGET-ECB; (b) one or more of its DCAs, RTGS AS technical accounts and/or TIPS AS technical accounts; (c) one or more of its MCAs, except where the participant is an institution falling within the scope of Article 1 of Regulation (EU) 2021/378 (ECB/2021/1), in which case the participant shall continue to hold at least one MCA for the purpose of complying with the applicable minimum reserve requirements, provided that the participant continues to comply with Articles 4 and 5.

3 The ECB may terminate any of the following at any time giving three months’ notice thereof, unless it agrees a different notice period with the relevant participant: (a) a participant’s entire participation in TARGET-ECB; (b) one or more of a participant’s DCAs, RTGS AS technical accounts or TIPS AS technical accounts; (c) one or more of a participant’s MCAs, provided that the participant continues to hold at least one MCA.

4 On termination of participation, the confidentiality duties laid down in Article 27 shall remain in force for a period of five years starting on the date of termination.

5 On termination of participation, the ECB shall close all TARGET accounts of the participant concerned in accordance with Article 25.’