On 27 October 2023, there was published in the Official Journal of the EU (OJ) Guideline (EU) 2023/2415 of the European Central Bank of 7 September 2023 amending Guideline (EU) 2022/912 on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system. Guideline (EU) 2023/2415 amends Guideline (EU) 2022/912 (ECB/2022/8). The amendments:

  • Clarify certain aspects regarding the use of the trademarks relating to TARGET services.
  • Further specify the requirement for the Eurosystem central banks (Eurosystem CBs) to ensure that no accounts other than TARGET accounts are opened for participants eligible to participate in TARGET for the purpose of providing services falling within the scope of that Guideline.
  • Introduce measures to mitigate for the event of failure of a Eurosystem CB’s connection to TARGET.
  • Establish the mandatory use of the contingency solution from 21 March 2025 for all real-time gross settlement dedicated cash account holders and ancillary systems participating in TARGET.
  • Introduce clarifications relating to the reachable parties designated by the ancillary systems that use TARGET Instant Payment Settlement (TIPS).
  • Introduce the revised TIPS pricing policy.
  • Introduce certain editorial revisions.

On 16 November 2023, there was also published in the OJ, 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. Decision (EU) 2023/2532 amends Decision (EU) 2022/911 so that it reflects the above amendments to Guideline (EU) 2022/912.