Guideline (EU) 2025/1889 of the European Central Bank of 31 July 2025 amending Guideline (EU) 2022/912 on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET) (ECB/2022/8) (ECB/2025/28)

‘5 The euro area NCBs may provide access to the CCP credit facility to eligible CCPs, under the conditions set out in Annex I, Part II, Article 10(5).’

‘8a If an eligible CCP’s access to the CCP credit facility is limited, suspended or terminated on the grounds of prudence in accordance with Article 5 of Decision (EU) 2025/1734 (ECB/2025/29), the relevant euro area NCB shall, in respect of access to intraday credit, implement that decision pursuant to provisions in the contractual or regulatory arrangements applied by the relevant euro area NCB.’

‘7 By 31 December 2025, Eurosystem CBs shall remove addressable BIC holders and reachable parties which are entities referred to under Annex I, Part I, Article 4(2), point (da), from their own accounts, with the exception of reachable parties referred to in Annex I, Part VII, Article 7.’

1 This Guideline shall take effect on the day of its notification to the euro area NCBs.

2 The euro area NCBs shall take the necessary measures to comply with this Guideline and apply them from 6 October 2025. They shall notify the ECB of the texts and means relating to those measures by 29 August 2025, at the latest.

This Guideline is addressed to all Eurosystem central banks.

1 Total funds held at the end of the business day by a participant referred to under Article 4(2), point (da), on all the accounts it holds with [insert name of CB] shall not exceed a maximum holding amount calculated in accordance with the terms set out below. The funds referred to in this paragraph shall not include funds held by a participant referred to under Article 4(2), point (da), on accounts held for the purposes of RTGS AS settlement procedure D or the TIPS AS settlement procedure.

2 The maximum holding amount referred to in paragraph 1 shall be calculated as follows: (a) Where a participant referred to under Article 4(2), point (da), has been in operation for a period of 12 months prior to its application to open an account in TARGET, the maximum holding amount shall be twice the peak value of the outgoing settled cash transfer orders including, where relevant, ancillary system transfer orders but excluding liquidity transfers of the participant referred to under Article 4(2), point (da), on any business day during the previous period of 12 calendar months. The participant referred to under Article 4(2), point (da), shall include the detailed calculation of such maximum holding amount in its application to [insert name of CB] to participate in TARGET. (b) Where a participant referred to under Article 4(2), point (da), has not been in operation for a period of 12 months prior to its application to open an account in TARGET, the maximum holding amount shall be twice such participant’s expected total peak value of the outgoing cash transfer orders including, where relevant, ancillary system transfer orders but excluding liquidity transfers. The participant referred to under Article 4(2), point (da), shall include its detailed calculation of the proposed maximum holding amount in its application to open an account in TARGET. (c) In the 12-month period following the opening of the first active TARGET account, [insert name of CB] shall recalculate the maximum holding amount for each participant referred to under Article 4(2), point (da), each month during the first quarter using the actual peak value of the outgoing settled cash transfer orders including, where relevant, ancillary system transfer orders but excluding liquidity transfers, since the opening of the account. Thereafter the recalculation shall take place each quarter. Such recalculated maximum holding amount shall apply from the next business day after recalculation is notified to each such participant by [insert name of CB] and until the next recalculation. (d) After the first 12-month period following the opening of the first active TARGET account, [insert name of CB] shall recalculate the maximum holding amount once each year. The recalculation shall be based on the actual total peak value of all outgoing cash transfer orders of a participant referred to under Article 4(2), point (da), including, where relevant, ancillary system transfer orders but excluding liquidity transfers during the previous 12-month period in TARGET and information provided to [insert name of CB] in accordance with points (a) and (b). (e) In exceptional circumstances, [insert name of CB] may, at its discretion, recalculate the maximum holding amount on an ad hoc basis, in the event of a significant change in the settlement values of a participant referred to under Article 4(2), point (da), that is imminent or has already occurred and that might cause non-compliance with the relevant maximum holding amount. Any such recalculation shall be made in accordance with point (b).

3 In the event that the total funds on the accounts of a participant referred to under Article 4(2), point (da), exceed the applicable maximum holding amount, such participant shall take immediate steps to reduce the total funds held to the maximum holding amount or lower. If such a reduction is not possible due to an incoming payment shortly before the end of the business day, the reduction shall take place without undue delay after the start of the next business day.

4 Where a participant referred to under Article 4(2), point (da), is a direct participant in a payment system that is an ancillary system in TARGET, and relies on RTGS AS settlement procedure D or TIPS AS settlement procedures, such participant shall report to [insert name of CB] on a monthly basis both the peak and average daily overnight holdings on the relevant TARGET ancillary system technical accounts. Such participant shall also report, on a monthly basis, its peak and average daily settlement obligation amounts processed in the corresponding ancillary system.

5 In the event that a participant referred to under Article 4(2), point (da), fails to comply with paragraphs 1 to 3, [insert name of CB] shall impose a penalty at the rate of 0,03 % on the total amount in excess of the maximum holding amount held on all accounts by such participant at the end of the business day in TARGET, and an additional daily penalty of EUR 1000 for each day of non-compliance.

6 The accounts referred to in paragraph 1 shall be reviewed no later than 12 months after 6 October 2025, and at least once every three years thereafter. The methods for calculating the maximum holding amount described in paragraph 2 shall be reviewed no later than 12 months after 6 October 2025, and at least once every three years thereafter.’

If, due to a technical malfunction of TARGET, a cash transfer order cannot be settled on the same business day on which it was accepted, or could not be submitted, [insert name of CB] shall offer to compensate the participant concerned in accordance with the special procedure laid down in Appendix II.’

1 [insert name of CB] shall open and operate at least one MCA for each participant, except where the participant is an AS which is not an eligible CCP that only uses RTGS or TIPS AS settlement procedures, in which case the use of an MCA shall be at the discretion of the AS.

2 For the purpose of settlement of monetary policy operations as set out in [insert reference to the General Documentation], and the settlement of interest from monetary policy and other operations with [insert name of CB], the participant shall designate a primary MCA held with [insert name of CB].

3 The primary MCA designated in accordance with paragraph 2 shall also be used for the following purposes: (a) remuneration as set out in Part I, Article 12, unless the participant has designated another participant in TARGET-[insert CB/country reference] for that purpose; (b) the granting of intraday credit, where applicable; (c) the granting of overnight credit to eligible CCPs via the CCP credit facility, where applicable.

4 Any negative balance on a primary MCA shall not be lower than the credit line (if granted). There shall be no debit balance on an MCA that is not a primary MCA.’

Intraday credit, and access to the CCP credit facility, shall be based on eligible collateral. Eligible collateral shall consist of the same assets as eligible for use in Eurosystem monetary policy operations, and shall be subject to the same valuation and risk control rules as those laid down in [insert national provisions implementing Part Four of Guideline (EU) 2015/510 (ECB/2014/60)].’

1 The interest rate applied to the CCP credit facility shall be the marginal lending facility rate.

2 The failure by an eligible CCP that is not an eligible counterparty for Eurosystem monetary policy operations and which has no access to the marginal lending facility to reimburse the intraday credit at the end of the day shall automatically be considered as a request by that eligible CCP for access to the CCP credit facility. If that eligible CCP holds more than one MCA or one or more DCAs, any end-of-day balance on those accounts shall be taken into account for the purpose of calculating the amount of the entity’s recourse to the CCP credit facility. This shall not trigger any equivalent release of assets pre-deposited as collateral for the underlying outstanding intraday credit.

3 The failure by an eligible CCP referred to in paragraph 2 to reimburse overnight credit for whatever reason shall render that CCP liable to the following penalties: (a) if the eligible CCP fails to reimburse overnight credit for the first time within any 12-month period, then this CCP shall incur penalty interest calculated at a rate of five percentage points above the marginal lending facility rate on the amount of such debit balance; (b) if the eligible CCP fails to reimburse overnight credit for at least the second time within the same 12-month period, then the penalty interest mentioned in point (a) shall be increased by 2,5 percentage points for each time additional to the first that a debit position has occurred within this 12-month period.

4 The Governing Council of the ECB may decide to waive or reduce the penalties imposed pursuant to paragraph 3, if the failure to reimburse overnight credit by the eligible CCP in question is attributable to force majeure and/or technical malfunction of TARGET, the latter phrase as defined in [insert reference to the measures implementing Annex III].

5 [insert name of CB] may disclose to the ECB and the national competent authorities the amount of intraday credit and overnight credit provided to an eligible CCP.’

1 [insert name of NCB] shall suspend or terminate access to intraday credit if one of the following events of default occurs: (a) the participant’s primary MCA with the [insert name of NCB] is suspended or terminated; (b) the participant concerned ceases to meet any of the requirements laid down in Article 10 for the provision of intraday credit; (c) a decision is made by a competent judicial or other authority to implement in relation to the participant a procedure for the winding-up of the participant or the appointment of a liquidator or analogous officer over the participant, or any other analogous procedure; (d) the participant becomes subject to the freezing of funds and/or other measures imposed by the Union restricting the participant’s ability to use its funds.

2 [insert name of NCB] shall limit, suspend or terminate access to intraday credit if one of the following events of default occurs: (a) the participant’s eligibility as a counterparty for Eurosystem monetary policy operations has been limited, suspended or terminated; (b) the eligible CCP’s access to the CCP credit facility has been limited, suspended or terminated.

3 [insert name of NCB] may suspend or terminate access to intraday credit if an NCB suspends or terminates the participant’s participation in TARGET pursuant to that NCB’s implementation of Part I, Article 25(2).

4 [insert name of CB] may decide to limit, suspend or terminate a participant’s access to intraday credit if the participant is deemed to pose risks on the grounds of prudence.’

1 TIPS DCA holders may use the broadcast message function offered by TIPS, which allows a TIPS DCA holder or a TIPS AS technical account holder to send a message to all other TIPS DCA holders and TIPS AS technical account holders, to send broadcast messages in the following categories: (a) “Immediate downtime start”; (b) “Immediate downtime end”; (c) “Planned downtime”.

2 TIPS DCA holders shall not send “free text messages” or “insolvency messages”. The TIPS DCA holder making use of the broadcast facility retains sole responsibility and liability for the content of any message.’

1 [insert name of CB] may on the request of an AS that settles instant payments pursuant to the SCT Inst scheme, TIPS OLO credit transfer orders or near instant payments in its own books, open and operate one or more TIPS AS technical accounts. If the TIPS AS technical account holder exercises its option to accept TIPS OLO credit transfer orders, it shall inform [insert name of CB] accordingly.

2 There shall be no debit balance on a TIPS AS technical account.

3 The ancillary system shall use a TIPS AS technical account to collect the necessary liquidity set aside by its clearing members to fund their positions.

4 The ancillary system may opt to receive notifications of the crediting and debiting of its TIPS AS technical account. If the ancillary system opts for this service, notification is provided immediately upon the debit or credit of the TIPS AS technical account.

5 An ancillary system may send instant payment orders and positive recall answers to any TIPS DCA holder or TIPS AS technical account holder, and it may send TIPS OLO credit transfer orders to any TIPS DCA holder or TIPS AS technical account holder which has opted to receive them.

6 An ancillary system shall receive and process instant payment orders, recall requests and positive recall answers from any TIPS DCA holder or TIPS AS technical account holder. If it has informed [insert name of CB] of the exercise of its option in accordance with paragraph 1, it shall accept TIPS OLO credit transfer orders from any TIPS DCA holder or TIPS AS technical account hold which has opted to send them.’

1 TIPS DCA holders may use the broadcast message function offered by TIPS, which allows a TIPS DCA holder or a TIPS AS technical account holder to send a message to all other TIPS DCA holders and TIPS AS technical account holders, to send broadcast messages in the following categories: (a) “Immediate downtime start”; (b) “Immediate downtime end”; (c) “Planned downtime”.

2 TIPS AS technical account holders shall not send “free text messages” or “insolvency messages”. The TIPS AS technical account holder making use of the broadcast facility retains sole responsibility and liability for the content of any message.’