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)

New Decision (EU) 2023/2532 of the European Central Bank (ECB) with respect to the terms and conditions concerning the operation of the new-generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) system was published in the Official Journal (OJ) of the EU. The Decision modifies Decision (EU) 2022/911 on same issue to make necessary adjustments to account for recent amendments to the Guideline (EU) 2022/912 on TARGET which were made by Guideline (EU) 2023/2415.
Specifically, the 2022 guideline – which itself outlines the key tasks to be performed by TARGET and its key operating procedure, including the system’s governance, and describes the requirements and procedures for participating in the TARGET system – was modified to clarify the usage of trademarks related to TARGET services, specify that Eurosystem central banks (CBs) must not open accounts, aside from TARGET accounts, for eligible participants offering services within the scope of the guideline, implement measures to address potential failures in a Eurosystem CB’s connection to TARGET, and mandate the use of the Contingency Solution starting March 21, 2025 for all real-time gross settlement dedicated cash account holders and ancillary systems in TARGET, to name the most significant ones (please see EventID 23632 in this context for more detailed information).
The new decision now modifies the 2022 decision by revising Annexes I through III and Article 3 to reflect these changes to the terms and conditions for operating TARGET.