The European Central Bank (ECB) has published draft guidelines that amend earlier ECB guidelines on a Trans-European Automated Real-time Gross Settlement Express Transfer System (earlier ECB guidelines).
On 9 June 2016, the Governing Council of the ECB approved the harmonisation of the remuneration of the guarantee funds of financial market infrastructures held with the Eurosystem. Upon completion of the TARGET2-Securities migration plan in September 2017, the integrated model used in the relevant settlement procedures for ancillary systems will no longer be offered. In order to support the emergence of a pan-European solution for instant payments, TARGET2 is enhanced with a new ancillary system settlement procedure (settlement procedure 6 real-time). In light of this the draft guidelines clarify certain aspects of the earlier ECB guidelines