guidelin european central bank decemb tran european autom real time gross settlement express transfer system target ecb ec govern council european central bank regard treati establish european commun fourth indent articl thereof articl statut european system central bank european central bank tran european autom real time gross settlement express transfer system target govern legal framework appli start date stage econom monetari union guidelin ecb april tran european autom real time gross settlement express transfer system target amend time adopt recast interest clariti transpar order reflect latest develop target legal framework guidelin incorpor number amend remov particip real time gross settlement rtg system access target entiti establish countri target oper dai definit close link suspens access intradai credit disput resolut procedur implement verif guidelin limit abovement amend indent articl treati indent articl statut state basic task carri european system central bank escb defin implement monetari polici commun fourth indent articl treati fourth indent articl statut state basic task carri escb promot smooth oper payment system articl statut state european central bank ecb nation central bank provid facil ensur effici sound clear payment system commun countri achiev singl monetari polici entail payment arrang monetari polici oper nation central bank credit institut effect time secur manner foster singl monei market euro area object warrant payment arrang oper high level secur short process time low cost accord articl statut ecb guidelin form integr part commun law adopt guidelin articl definit purpos guidelin quot ncb quot nation central bank particip member state quot nation rtg system quot rtg system compon part target identifi annex guidelin quot ecb payment mechan quot payment arrang organis ecb connect target purpos effect payment account held ecb ii payment target account held ecb ncb quot interlink quot technic infrastructur design featur procedur put place constitut adapt nation rtg system ecb payment mechan purpos process cross border payment target quot particip member state quot member state adopt singl currenc accord treati quot eea quot european econom area defin agreement european econom area conclud european commun member state member state european free trade associ quot particip quot quot direct particip quot entiti direct access nation rtg system rtg account ncb concern case ecb payment mechan ecb includ ncb ecb capac settlement agent quot public sector bodi quot entiti quot public sector quot defin articl council regul ec decemb definit applic prohibit refer articl treati quot invest firm quot invest firm defin articl direct ec european parliament council april market financi instrument amend council direct eec eec direct ec european parliament council repeal council direct eec exclus entiti mention articl direct ec provid invest firm question entitl carri activ refer item section annex direct ec quot rtg rule quot regul contractu provis appli nation rtg system quot eurosystem quot ecb nation central bank member state adopt singl currenc accord treati quot cross border payment quot payment effect effect nation rtg system nation rtg system ecb payment mechan quot domest payment quot payment effect effect nation rtg system ecb payment mechan quot payment order quot instruct particip accord applic rtg rule place dispos receiv particip includ ncb ecb amount monei mean book entri rtg account quot send particip quot particip initi payment give payment order quot send ncb ecb quot ecb ncb send particip maintain rtg account quot intradai credit quot credit extend reimburs period busi dai quot rtg account quot account extent permit accord relev rtg rule question group consolid account provid account holder jointli sever liabl vi vi rtg system case default open particip book ncb ecb domest payment cross border payment settl quot block fund procedur quot procedur fund deposit credit earmark made unavail transact purpos execut payment order concern order ensur earmark fund credit execut payment order earmark fund credit refer guidelin quot block quot quot margin lend facil quot margin lend facil organis eurosystem quot margin lend rate quot interest rate applic time time eurosystem margin lend facil quot remot particip quot institut establish eea countri particip directli nation rtg system eu member state host member state purpos rtg account euro ncb host member state necessarili establish branch host member state quot branch quot branch defin articl direct ec european parliament council march relat take pursuit busi credit institut quot inter ncb account quot account prejudic articl guidelin ncb ecb open respect book oper cross border target payment inter ncb account held benefit ecb ncb account open quot receiv ncb ecb quot ecb ncb receiv particip maintain rtg account quot receiv particip quot particip design send particip particip rtg account amount relev payment order credit quot final quot quot final quot settlement payment order revok revers made void connect ncb send ncb ecb send particip parti event insolv proceed particip case imperfect underli transact payment order aris crimin offenc fraudul act fraudul act includ prefer transact undervalu suspect period case insolv provid decid case case basi court compet jurisdict compet disput resolut bodi aris error quot network servic provid quot undertak appoint ecb provid computeris network connect interlink quot servic provid ncb quot ncb rtg system connect target interlink ii servic connect ncb process cross border payment target establish bilater link quot connect ncb quot ncb rtg system connect target servic provid ncb quot malfunct nation rtg system quot quot malfunct target quot quot malfunct quot technic difficulti defect failur technic infrastructur comput system nation rtg system ecb payment mechan computeris network connect interlink bilater link event relat nation rtg system ecb payment mechan interlink bilater link make imposs execut complet dai process payment order target definit cover case malfunct occur simultan nation rtg system due instanc breakdown relat network servic provid quot indirect particip quot institut rtg account recognis nation rtg system subject rtg rule directli address target transact indirect particip settl account particip defin articl accept repres indirect particip quot particip member state quot member state adopt singl currenc accord treati quot deposit facil quot deposit facil organis eurosystem annex guidelin amend time time govern council ecb addit document inter alia technic provis specif target adopt govern council ecb amend addit document enter forc integr part guidelin date govern council ecb commun ncb articl descript target tran european autom real time gross settlement express transfer system real time gross settlement system euro target compos nation rtg system ecb payment mechan interlink rtg system connect target interlink bilater link rtg system particip member state connect target rtg system compli minimum common featur set articl process euro alongsid respect nation currenc connect target rtg system particip member state subject agreement nation central bank concern agre adher rule procedur target refer guidelin specif modif refer agreement articl minimum common featur nation rtg system ncb ensur respect nation rtg system compli featur set access criteria supervis credit institut defin articl direct ec establish eea admit particip nation rtg system except prejudic articl guidelin entiti admit particip nation rtg system approv relev ncb treasuri depart central region govern member state activ monei market ii public sector bodi member state authoris hold account custom iii invest firm iv organis provid clear settlement servic subject oversight compet author central bank establish eu rtg system connect target criteria access nation rtg system procedur assess thereof set rtg rule concern made interest parti addit criteria mention articl nation criteria includ inter alia adequ financi strength expect minimum number transact payment entri fee legal technic oper aspect rtg rule requir legal opinion base eurosystem harmonis term refer legal opinion obtain respect applic review relev ncb determin govern council ecb term refer legal opinion made respect ncb interest parti particip nation rtg system pursuant articl access cross border payment facil target rtg rule ground procedur remov particip nation rtg system concern ground remov particip nation rtg system suspens expuls cover event entail system risk oper problem includ particip enter insolv proceed proceed impend ii particip breach rtg rule question iii access criteria particip relev nation rtg system longer fulfil addit entiti type list articl establish countri commun enter monetari agreement admit particip nation rtg system access provid relev monetari agreement subject condit set relev subject individu monetari agreement ecb discret determin case case basi condit particip target condit inter alia evidenc ecb satisfact relev aspect legal regim appli countri entiti wish particip establish equival relev commun legisl currenc unit cross border payment euro price rule price polici target system determin govern council ecb refer principl cost recoveri transpar discrimin domest payment euro effect nation rtg system subject price rule nation rtg system concern turn respect polici price set annex ii cross border payment effect target subject common price establish govern council ecb annex iii price made interest parti time oper oper dai target close saturdai sundai year dai good fridai easter mondai calendar applic seat ecb labour dai christma dai decemb hour oper hour oper nation rtg system compli specif set annex iv payment rule payment directli result made connect monetari polici oper ii settlement euro leg foreign exchang oper involv eurosystem iii settlement cross border larg net system handl euro transfer effect target payment effect target nation rtg system ecb payment mechan process payment order suffici fund account send particip send ncb ecb immedi fund credit account intradai mobilis reserv maintain fulfil reserv requir intradai credit grant ncb ecb case particip accord articl rtg rule rule ecb payment mechan point time payment order irrevoc point time rtg account send particip held send ncb ecb debit amount concern nation rtg system appli block fund procedur debit rtg account irrevoc provid earlier point time block take place intradai credit subject provis guidelin ncb provid intradai credit supervis credit institut refer articl particip nation rtg system ncb provid credit institut elig counterparti eurosystem monetari polici oper access margin lend facil credit institut access intradai credit suspend procedur set guidelin provid clear condit intradai credit remain limit dai question extens overnight credit intradai credit grant treasuri depart refer articl ii public sector bodi refer articl ii iii invest firm refer articl iii condit invest firm submit satisfactori written evid conclud formal agreement eurosystem monetari polici counterparti cover residu debit posit end dai question access intradai credit limit invest firm hold account central secur depositori invest firm question subject liquid deadlin amount intradai credit subject ceil invest firm reason unabl reimburs intradai credit time subject penalti set accord invest firm debit balanc rtg account close busi target time month period appli relev ncb promptli impos penalti particip calcul rate percentag point margin lend rate amount debit balanc invest firm repeatedli debit posit penalti interest rate appli particip increas percentag point time debit posit occur month period refer iv supervis credit institut refer articl elig counterparti eurosystem monetari polici oper access margin lend facil provis penalti regim set articl iii invest firm appli ident credit institut reason unabl reimburs intradai credit time organis provid clear settlement servic subject oversight compet author condit arrang grant intradai credit organis submit advanc govern council ecb approv ncb provid intradai credit mean collateralis intradai overdraft ncb intradai repurchas transact ncb complianc criteria laid minimum common featur govern council ecb time time intradai credit base adequ collater collater asset instrument subject valuat risk control rule prescrib elig asset monetari polici oper treasuri depart public sector bodi refer articl ii ncb accept underli asset debt instrument issu guarante particip entiti counterparti close link defin gener document eurosystem monetari polici instrument procedur appli monetari polici oper govern council ecb exempt treasuri depart refer articl requir collateralis relat provis intradai credit set articl propos relev ncb intradai credit provid accord articl free interest intradai credit grant remot particip rtg rule ground basi ncb suspend termin particip access intradai credit ncb decid suspend termin access counterparti elig eurosystem monetari polici oper ecb approv decis effect except urgent circumst ncb suspend monetari polici counterparti access intradai credit effect case ncb concern immedi notifi ecb action write ecb power revers ncb decis ncb receiv ecb decis ten oper dai ecb receipt notif ecb deem approv ncb decis case automat suspens termin claus automat event default insolv similar measur ncb concern immedi notifi ecb write ground suspens termin cover event entail system risk endang smooth oper payment system includ particip enter insolv proceed ii particip breach rtg rule question iii entitl particip particip nation rtg system suspend termin iv case particip elig counterparti eurosystem monetari polici oper particip ceas elig exclud suspend access oper articl arrang cross border payment effect interlink provis articl appli arrang cross border payment effect effect interlink descript interlink ecb ncb oper interlink compon enabl process cross border payment target interlink compon compli technic provis specif ecb websit www ecb int updat time time open oper inter ncb account held ncb ecb ecb ncb open inter ncb account book ncb ecb support entri made inter ncb account ncb ecb grant unlimit uncollateralis credit facil effect cross border payment send ncb ecb credit inter ncb account receiv ncb ecb held send ncb ecb receiv ncb ecb debit inter ncb account send ncb ecb held receiv ncb ecb inter ncb account maintain euro oblig send ncb ecb verif send ncb ecb delai check detail contain payment order order payment execut accord technic provis specif refer articl syntact error ground reject payment order detect send ncb ecb handl data payment order accord rtg rule nation rtg system payment pass interlink uniqu identifi facilit messag identif error handl settlement send ncb ecb check valid payment order refer articl provid fund overdraft facil send ncb ecb delai debit amount payment order rtg account send particip credit inter ncb account receiv ncb ecb maintain book send ncb ecb point time send ncb ecb carri debit refer settlement time nation rtg system appli block fund procedur settlement time point time block take place refer articl purpos guidelin prejudic provis irrevoc refer articl payment final defin articl guidelin relat send particip concern settlement time oblig receiv ncb ecb verif receiv ncb ecb check delai detail contain payment order credit entri made rtg account receiv particip includ uniqu identifi order avoid doubl credit receiv ncb ecb process payment order made error notifi send ncb ecb payment order payment receiv pursuant thereto return payment receiv delai settlement receiv ncb ecb check valid payment order refer articl receiv ncb ecb delai debit amount payment order inter ncb account send ncb ecb book credit amount payment order rtg account receiv particip deliv posit acknowledg send ncb ecb purpos guidelin prejudic provis irrevoc refer articl payment final defin articl guidelin relat receiv particip concern moment rtg account refer credit transfer respons payment order respons execut payment order pass receiv ncb ecb receipt send ncb ecb posit acknowledg receiv ncb ecb regim error error handl procedur ncb compli ensur respect nation rtg system compli error handl procedur adopt govern council ecb ecb ensur ecb payment mechan addit conting measur ncb ensur respect nation rtg system procedur compli term condit addit conting measur procedur adopt govern council ecb ecb ensur ecb payment mechan relat network servic provid ncb ecb connect entri point network servic provid ncb ecb assum liabil failur network servic provid respons ncb ecb suffer loss claim compens network servic provid ncb make claim ecb articl arrang cross border payment effect servic provid ncb provis articl appli arrang cross border payment effect effect bilater link descript connect effect cross border payment bilater link servic provid ncb regard receiv send ncb case oblig liabil relat process cross border payment interlink vi vi send receiv ncb ecb connect ncb regard receiv ncb send ncb case oblig liabil relat credit debit receiv send particip rtg account open oper account connect ncb servic provid ncb open account euro book connect ncb servic provid ncb grant unlimit uncollateralis credit facil connect ncb effect cross border payment initi particip connect ncb rtg system servic provid ncb debit connect ncb account credit rtg account servic provid ncb particip credit receiv ncb ecb inter ncb account held servic provid ncb effect cross border payment particip connect ncb rtg system servic provid ncb debit send ncb ecb inter ncb account debit rtg account servic provid ncb particip credit connect ncb account oblig liabil servic provid ncb connect ncb verif connect ncb servic provid ncb respons accuraci syntax data provid agre standard appli data receipt payment order submit connect ncb servic provid ncb check delai detail contain payment order process servic provid ncb detect syntact error ground reject payment order process payment order handl data payment order accord specif rule agre servic provid ncb connect ncb settlement effect cross border payment initi particip connect ncb rtg system connect ncb debit particip account accord term condit agre connect ncb servic provid ncb submit payment order servic provid ncb servic provid ncb check valid payment order submit pursuant articl servic provid ncb delai debit connect ncb account ii send posit acknowledg connect ncb debit connect ncb account servic provid ncb delai credit rtg account particip nation rtg system process payment order interlink accord articl servic provid ncb receiv posit neg acknowledg receiv ncb ecb forward acknowledg connect ncb effect cross border payment initi particip servic provid ncb rtg system particip connect ncb rtg system servic provid ncb credit connect ncb account immedi receipt payment order connect ncb immedi credit account particip connect ncb rtg system effect cross border payment initi particip rtg system servic provid ncb rtg system particip connect ncb rtg system servic provid ncb receipt payment order send ncb ecb carri procedur articl ii credit connect ncb account notifi connect ncb thereof iii send posit acknowledg send ncb ecb receipt notif pursuant point ii connect ncb immedi credit account particip rtg system servic provid ncb measur agre connect ncb order ensur inform data credit account particip connect ncb rtg system circumst made connect ncb hour oper connect ncb rtg system compli specif laid annex iv final final cross border payment process bilater link determin accord rule laid articl transfer respons execut payment order cross border payment initi particip connect ncb rtg system respons execut payment order pass connect ncb servic provid ncb moment connect ncb account servic provid ncb debit pass receiv ncb ecb accord articl cross border payment particip connect ncb rtg system respons execut payment order pass send ncb servic provid ncb receipt send ncb ecb posit acknowledg articl iii regim error regim articl appli connect ncb relat network servic provid connect ncb connect entri point network servic provid connect ncb respons claim compens network servic provid connect ncb suffer loss result breach rule connect ncb submit claim directli network servic provid inform particip ncb inform particip rtg system posit acknowledg issu servic provid ncb relat cross border payment particip connect ncb rtg system certifi credit connect ncb account servic provid ncb certifi credit receiv particip account connect ncb extent ncb amend nation rtg rule articl secur provis ncb compli ensur respect nation rtg system compli provis secur polici secur requir control target ecb ensur ecb payment mechan articl audit rule intern auditor ecb ncb assess complianc function technic organis featur includ secur provis relev target compon arrang refer guidelin articl manag target direct manag control target fall compet govern council ecb govern council determin term condit cross border payment system nation rtg system cross border facil target connect target govern council ecb assist payment settlement system committe pssc group compos ncb repres nation rtg system target manag work group tmwg matter relat target system daili manag target entrust ecb target coordin ncb settlement manag ncb ecb appoint settlement manag administr monitor respect nation rtg system case ecb ecb payment mechan settlement manag respons daili manag nation rtg system case ecb ecb payment mechan handl abnorm situat error ecb appoint ecb target coordin daili manag central function target articl target compens scheme gener principl event malfunct target direct indirect particip purpos articl hereinaft refer quot target particip quot entitl submit claim compens accord rule laid articl target compens scheme appli nation rtg system rtg system connect target interlink bilater link ecb payment mechan target particip includ target particip nation rtg system particip member state counterparti eurosystem monetari polici oper target particip nation rtg system particip member state relat target payment distinguish domest payment cross border payment target compens scheme appli custom ecb payment mechan accord term condit govern ecb payment mechan ecb websit updat time time decid govern council ecb target compens scheme appli malfunct target caus extern event control escb ii failur parti oper nation rtg system malfunct occur ca purpos articl ii servic provid ncb regard parti offer target compens scheme compens offer compens offer escb case malfunct target compens scheme exclud possibl target particip avail legal mean claim compens case malfunct target accept compens offer target particip constitut irrevoc agreement waiv claim includ claim consequenti damag member escb accord nation law receipt compens payment full final settlement claim target particip indemnifi escb amount receiv target compens scheme compens claim target particip respect payment order make compens offer payment constitut admiss liabil ncb ecb respect malfunct connect ncb process cross border payment due malfunct servic provid ncb rtg system servic provid ncb regard quot malfunct ncb quot mean ncb nation rtg system malfunct occur relat payment condit compens respect send target particip claim administr fee interest compens consid due malfunct dai process payment order complet ii target particip show intent enter payment order target unabl due stop send statu nation rtg system respect receiv target particip claim administr fee consid due malfunct target particip receiv target payment expect receiv dai malfunct event claim interest compens consid target particip recours margin lend facil target particip access margin lend facil target particip left debit balanc spill intradai credit overnight credit rtg account close busi target borrow amount respect ncb ii malfunct ncb receiv ncb malfunct occur late target oper dai technic imposs impractic receiv target particip recours monei market calcul compens compens send target particip compens offer target compens scheme consist administr fee administr fee interest compens administr fee determin eur payment order complet process date case multipl adjust eur payment order eur payment order administr fee determin refer receiv target particip interest compens determin appli rate refer rate dai dai whichev lower eonia rate euro overnight index averag margin lend rate amount payment order process result malfunct dai period start date enter intend enter payment order target end date payment order successfulli complet period malfunct calcul interest compens proce actual fund recours deposit facil case target particip nation rtg system particip member state counterparti eurosystem monetari polici oper remuner receiv excess fund settlement account case target particip nation rtg system particip member state remuner receiv incur addit posit end dai balanc rtg account deduct amount compens case place fund market fund fulfil minimum reserv requir target particip receiv interest compens respect send target particip nation rtg system particip member state limit remuner aggreg amount overnight deposit rtg account target particip disregard extent amount attribut malfunct compens receiv target particip compens offer target compens scheme consist administr fee administr fee interest compens amount administr fee determin paragraph administr fee determin refer send target particip calcul method interest compens refer paragraph appli interest compens base differ margin lend rate refer rate calcul amount recours margin lend facil result malfunct respect receiv target particip nation rtg system particip member state counterparti eurosystem monetari polici oper ii nation rtg system particip member state extent debit balanc spill intradai credit overnight credit borrow amount respect ncb attribut malfunct part applic penalti rate stipul applic rtg rule case margin lend rate waiv disregard futur case spill target particip nation rtg system refer ii purpos access intradai credit continu particip nation rtg system concern procedur rule claim compens submit claim form content form determin made public ecb time time relev inform evid requir send target particip submit separ claim form respect receiv target particip receiv target particip submit separ claim form respect send target particip claim relat specif target payment submit direct indirect particip behalf direct particip behalf indirect particip target particip submit claim form ncb rtg account debit credit maintain home ncb week date malfunct addit inform evid request home ncb suppli week request made govern council ecb carri assess claim receiv decid compens offer made decid govern council ecb commun target particip assess made twelv week malfunct malfunct ncb commun result assess refer relev target particip assess compris compens offer target particip concern week commun offer reject offer accept respect payment order compris claim sign standard letter accept content form determin made public ecb time time letter receiv malfunct ncb week period target particip concern treat reject compens offer compens payment made malfunct ncb receipt target particip letter accept interest payabl compens payment articl forc majeur liabil part ncb ecb complianc guidelin extent long inabl perform oblig question guidelin oblig subject suspens delai ow occurr event aris reason reason control includ limit equip failur malfunct act god natur disast strike labour disput provid prejudic respons place back facil requir guidelin carri error handl procedur refer articl forc majeur event reason effort mitig effect event take place articl resolut oper technic disput prejudic right prerog govern council ecb oper technic disput aris ncb ncb ecb connect target settl agreement parti involv disput notifi govern council ecb refer concili pssc articl applic law event disput aris ncb ncb ecb connect target respect right oblig relat payment order process target matter refer guidelin determin rule procedur laid guidelin ii supplementari sourc disput cross border payment interlink law member state seat receiv ncb ecb locat articl final provis guidelin address ncb guidelin ecb repeal refer guidelin ecb constru refer guidelin guidelin enter forc januari appli march frankfurt main decemb govern council ecb presid ecb jean claud trichet oj guidelin amend guidelin ecb oj oj oj oj oj direct amend direct ec oj annex nation rtg system member state system settlement agent locat belgium electron larg interbank payment system ellip banqu national de belgiqu national bank van belgië brussel germani rtgsplu deutsch bundesbank frankfurt greec hellen real time monei transfer express system herm bank greec athen spain servicio de liquidación del banco de españa slbe banco de españa madrid franc transfert banqu de franc tbf banqu de franc pari ireland irish real time interbank settlement system iri central bank financi servic author ireland dublin itali sistema di regolamento lordo birel banca italia rome luxembourg luxembourg interbank payment system lip gross banqu central du luxembourg luxembourg netherland top de nederlandsch bank amsterdam austria austrian real time interbank settlement system arti oesterreichisch nationalbank vienna portug sistema de pagamento de grand transacçõ spgt banco de portug lisbon finland bank finland bof rtg suomen pankki helsinki annex ii domest payment fee price domest rtg transfer euro continu determin nation level refer principl cost recoveri transpar discrimin take account fact price domest cross border transfer euro broadli rang affect singl monei market nation rtg system disclos fee structur ecb particip ncb particip nation rtg system interest parti methodolog determin cost nation rtg system harmonis adequ level annex iii cross border payment fee fee exclud vat charg cross border payment target direct particip base number transact particip singl rtg system degress scale degress scale eur transact month eur transact month eur subsequ transact excess month purpos applic degress tariff payment volum consid number transact enter legal entiti singl rtg system payment transact enter entiti execut settlement account applic tariff scheme review time time fee charg send ncb ecb send particip nation rtg system ecb payment mechan epm fee charg receiv ncb ecb receiv particip charg inter ncb transfer send ncb ecb act behalf fee cover queu payment instruct applic debit sender credit inter ncb account receiv ncb ecb book send ncb ecb send payment settlement messag request psmr interlink network debit inter ncb account send ncb ecb book receiv ncb ecb credit rtg particip send payment settlement messag notif psmn interlink network commun payment messag rtg particip receiv confirm settlement applic cross border target fee structur cover cost telecommun link sender nation rtg system sender particip fee telecommun link continu paid domest rule nation rtg system charg fee convers transfer order nation currenc unit euro unit vice versa rtg system charg extra fee addit servic provid enter paper base payment instruct possibl appli fee time execut payment instruct consid basi experi gain oper system annex iv target hour oper target ncb nation rtg system particip connect target appli rule respect time oper refer time target quot european central bank time quot defin local time seat ecb target common oper hour earli open place prior notif ecb domest reason order facilit settlement secur transact settl balanc net settlement system settl domest transact batch transact channel ncb rtg system night ii escb relat reason dai except payment volum expect order reduc foreign exchang settlement risk process euro leg foreign exchang deal involv asian currenc cut time custom payment domest cross border hour normal target close time appli remain time interbank payment domest cross border transfer liquid particip custom payment defin payment messag mt format equival nation messag format mt format cross border transmiss implement cut time domest payment decid ncb cooper bank commun addit ncb continu process domest custom payment queue cut time cross border custom payment particip connect ncb rtg system servic provid ncb cut time cross border inter bank payment particip connect ncb rtg system servic provid ncb