guidelin european central bank april tran european autom real time gross settlement express transfer system target ecb ec govern council european central bank regard treati establish european commun hereinaft refer quot treati quot fourth indent articl thereof articl statut european system central bank european central bank hereinaft refer quot statut quot indent articl treati indent articl statut requir european system central bank escb defin implement monetari polici commun fourth indent articl treati fourth indent articl statut empow european central bank ecb nation central bank ncb promot smooth oper payment system articl statut entrust ecb ncb provis facil ensur effici sound clear payment system commun countri achiev singl monetari polici entail payment arrang monetari polici oper ncb 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 target govern legal framework appli start date stage iii econom monetari union emu guidelin replac guidelin ecb octob tran european autom real time gross settlement express transfer system target guidelin publish polici favour transpar offici public ecb legal instrument addit exist escb arrang secur financi oper intern escb aspect includ guidelin accord articl statut ecb guidelin form integr part commun law adopt guidelin articl definit purpos guidelin quot nation rtg system quot real time gross settlement 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 quot entiti direct access nation rtg system rtg account ncb concern case ecb payment mechan ecb includ ncb ecb capac settlement agent quot particip member state quot member state adopt singl currenc accord treati quot ncb quot nation central bank member state adopt singl currenc accord treati quot eurosystem quot ecb nation central bank member state adopt singl currenc accord treati quot network servic provid quot undertak appoint ecb provid computeris network connect interlink quot inter ncb account quot account ncb ecb open respect book oper cross border target payment inter ncb account held benefit ecb ncb account open quot domest payment quot payment effect effect nation rtg system ecb payment mechan quot cross border payment quot payment effect effect nation rtg system nation rtg system ecb payment mechan quot rtg rule quot regul contractu provis appli nation rtg system 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 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 receiv particip quot particip design send particip particip rtg account amount relev payment order credit quot receiv ncb ecb quot ecb ncb receiv particip maintain rtg account quot eea quot european econom area defin agreement european econom area conclud european commun member state member state european free trade associ amend protocol adjust agreement european econom area march quot remot particip quot institut establish eea countri particip directli nation rtg system eu member state quot host member state quot purpos rtg account euro ncb host member state necessarili establish branch host member state quot indirect particip quot institut rtg account recognis nation rtg system subject rtg rule directli address target transact indirect particip settl account particip defin fourth indent articl accept repres indirect particip quot intradai credit quot credit extend reimburs period busi dai quot stand facil quot margin lend facil deposit facil organis eurosystem quot margin lend rate quot interest rate applic time time eurosystem margin lend facil quot deposit facil rate quot interest rate applic time time eurosystem deposit facil quot main refinanc oper rate quot margin interest rate applic time time eurosystem recent main refinanc oper margin interest rate interest rate total tender allot exhaust quot ccbm quot correspond central bank model cross border collater establish escb 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 final quot quot final quot settlement payment order revok revers made void 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 suspect period case insolv provid decid case case basi court compet jurisdict compet disput resolut bodi aris error 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 event relat nation rtg system ecb payment mechan interlink 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 target reimburs scheme quot quot reimburs scheme quot quot scheme quot scheme reimburs case malfunct target refer articl guidelin 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 establish guidelin ecb np novemb target amend repeal replac guidelin ecb np target henceforth govern guidelin rtg system eu member state exist member eu start stage iii emu adopt singl currenc allow connect target rtg system compli minimum common featur set articl guidelin process euro foreign currenc alongsid respect nation currenc connect target 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 european parliament council march relat take pursuit busi credit institut 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 purpos guidelin quot public sector quot mean articl council regul ec decemb definit applic prohibit refer articl treati iii invest firm defin articl council direct eec invest servic secur field establish eea authoris supervis recognis compet author design term abovement council direct exclus institut defin articl abovement direct provid invest firm question entitl carri activ refer item section annex direct eec iv organis provid clear settlement servic subject oversight compet author 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 currenc unit cross border payment process interlink euro unit ncb ensur payment order denomin respect nation currenc unit euro effect interlink convert transmit euro unit 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 calendar applic seat ecb easter mondai calendar applic seat ecb labour dai christma dai decemb decemb appli interlink close ii ecb payment mechan close iii settlement provid larg net settlement system euro iv nation rtg system close member state subject articl particip member state decemb public holidai ncb endeavour close nation rtg system deem imposs ncb question submit propos execut board govern council ecb outlin limit domest payment activ assess propos execut board govern council relev nation legisl account vi stand facil ncb remain open limit activ vii ccbm close 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 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 margin lend rate penalti 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 elig collater asset instrument subject valuat risk control rule prescrib elig collater 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 articl direct ec appli monetari polici oper nation central bank eu member state rtg system connect target pursuant articl allow establish maintain list elig asset institut particip relev nation rtg system connect target collateralis euro credit grant nation central bank provid asset list meet qualiti standard subject valuat risk control rule prescrib elig collater monetari polici oper nation central bank question submit list elig asset prior approv ecb 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 relev ncb decid access particip intradai credit suspend termin decis respect elig counterparti eurosystem monetari polici oper approv ecb effect 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 intradai credit asset euro area ecb authoris ncb grant intradai credit asset euro area contain list approv ecb refer articl provid asset locat eea countri ii issu entiti establish eea countri iii denomin eea currenc wide trade currenc ncb receiv authoris accept asset list asset set annex authoris ecb subject condit preserv oper effici exercis control specif legal risk relat asset mechan prevent asset monetari polici oper ii asset cross border basi counterparti asset receiv fund directli nation central bank authoris ecb grant intradai credit asset iii addit asset particip secur intradai credit grant relev ncb secur overnight credit case intradai credit secur asset extend overnight asset question substitut collater elig monetari polici oper prescrib relev guidelin ecb extens overnight credit occur asset simultan substitut elig collater monetari polici oper penalti set accord impos particip particip commit violat time month period relev ncb promptli impos penalti particip calcul rate percentag point margin lend rate amount overnight credit secur asset particip repeatedli violat penalti interest rate appli particip increas percentag point time violat occur month period refer invest firm credit institut refer articl iv commit violat penalti set articl iii articl iv appli particip target reimburs scheme establish target reimburs scheme event malfunct target derog articl guidelin rule constitut target reimburs scheme appli purpos scheme applic term quot reimburs quot quot reimburs quot quot reimburs payment quot denot payment made particip scheme order adjust address neg effect malfunct reimburs scheme intend exclud possibl particip avail legal mean claim compens case malfunct particip accept arrang scheme receipt reimburs payment thereund legal action ii reject arrang scheme particip wish seek legal mean compens damag extent reimburs payment scheme made condit receipt payment full final settlement particip claim aris specif payment affect malfunct scope applic scheme case malfunct neg affect domest cross border payment scheme appli categori affect payment target reimburs arrang offer member escb convers ncb appli altern regim case malfunct affect domest payment malfunct nation rtg system scheme send particip receiv particip nation rtg system recours subject articl stand facil due malfunct target scheme cover indirect particip indirect particip recours stand facil due malfunct target condit elig scheme condit send particip elig receiv reimburs scheme establish enter payment order process dai ii return success complet dai due malfunct target iii trigger debit send particip account payment order enter nation rtg system execut return dai due malfunct case stop send statu nation rtg system send particip altern enter payment order particip lodg claim scheme provid particip submit support evid ncb nation rtg system show satisfact escb intent enter payment order question unabl due malfunct stop send messag condit receiv particip elig receiv reimburs scheme establish expect receiv payment target result payment order enter nation rtg system relev date provid articl receiv payment relev date due malfunct target rule calcul reimburs scheme event malfunct target send particip temporari excess liquid send ncb whilst ncb receiv particip provid amount fail payment receiv particip deposit facil activ case margin lend facil case case rate appli favour escb market rate purpos scheme consid main refinanc oper rate amount reimburs particip scheme determin appli differ rate dai dai main refinanc oper rate rate appli eurosystem amount lent deposit stand facil margin lend rate deposit rate ii amount repres effect relev stand facil send receiv particip amount payment order process result malfunct target period start date enter payment order date payment order successfulli complet quot period malfunct quot send particip scheme exclud reimburs amount particip fulfil reserv requir amount repres loss particip incur deposit excess fund market receiv particip scheme exclud compens amount repres loss particip incur due borrow market scheme cover loss incur result underli contractu arrang particip particip parti reimburs payment scheme send receiv particip made ncb ecb malfunct nation rtg system addit rule calcul reimburs scheme case send particip nation rtg system particip member state counterparti eurosystem monetari polici oper receiv reimburs scheme loss incur due particip remain remuner current account hold respect ncb hold result malfunct target provid particip question fulfil reserv requir ii longer access eurosystem deposit facil dai question result malfunct particip nation rtg system particip member state monetari polici counterparti access stand facil appli send particip remain excess fund ncb end dai due malfunct target receiv reimburs rate repres differ dai dai main refinanc oper rate interest rate applic amount fund result malfunct remain settlement account ncb period malfunct ii receiv particip expect receiv payment target receiv reimburs rate repres differ dai dai main refinanc oper rate interest rate applic amount borrow respect ncb overdraft settlement account ncb respect amount fund receiv result malfunct period malfunct receiv particip remain debit posit ncb end dai part applic penalti rate margin lend rate spillov intradai credit overnight posit stipul applic rtg rule waiv disregard futur case spillov extent spill attribut occurr malfunct scheme appli send particip unabl recov fund debit rtg account subsequ block overnight nation rtg system due malfunct case reimburs made period fund return send particip basi payment respect unavail fund send particip main refinanc oper rate applic scheme particip nation rtg system particip member state send particip nation rtg system particip member state particip incur addit posit end dai balanc respect ncb due case malfunct receiv reimburs scheme set limit remuner aggreg amount overnight deposit rtg account particip ncb particip member state disregard extent amount attribut malfunct ii rate interest respect deposit calcul reimburs payment send particip nation rtg system particip member state main refinanc oper rate iii reimburs payment repres amount equal differ dai dai main refinanc oper rate deposit rate period malfunct appli amount margin increas deposit send particip respect ncb result malfunct receiv particip nation rtg system particip member state part applic penalti rate margin lend rate stipul applic rtg rule case spillov intradai credit overnight waiv disregard futur case spillov extent spill attribut malfunct occurr spillov purpos access intradai credit continu particip nation rtg system concern reimburs payment scheme calcul reach result receiv particip paid rate repres differ dai dai main refinanc oper rate margin lend rate overdraft caus malfunct period malfunct procedur rule request reimburs lodg particip support inform order enabl proper assess thereof includ address statu particip particip counterparti eurosystem monetari polici oper ii time place circumst surround submiss relev payment order ncb ecb system oper relev transmiss target iii address counterparti receiv particip case claimant send particip send particip case claimant receiv particip iv amount recours stand facil eurosystem made equival amount particip nation rtg system particip member state equival amount particip nation rtg system particip member state monetari polici counterparti evid recours stand facil place due malfunct target applic amount remuner fund current account hold remain ncb ecb ow closur deposit facil confirm reserv requir fulfil vi applic amount fund block target system return particip date vii amount calcul claim made reimburs particip request reimburs submit week date malfunct question request duli submit time deem incomplet claimant requir ncb nation rtg system claimant particip provid addit inform need time frame week particip submit request reimburs ncb ecb particip payment order receiv payment irrespect compon target malfunct occur ncb ecb malfunct nation rtg system manag reimburs procedur claim receiv ncb ecb transmit assess order ensur harmonis approach level plai field final assess reimburs request receiv scheme carri respons govern council ecb close cooper ncb malfunct nation rtg system ncb ecb malfunct nation rtg system commun outcom assess respect claim particip concern ncb ecb involv promptli week malfunct govern council ecb decid decis commun particip concern reimburs payment particip made practic time commun assess particip event month malfunct govern council ecb decid decis commun particip concern payment made target particip reimburs scheme made accord nation law procedur applic abovement pai ncb ecb interest payabl amount reimburs scheme respect time period occurr case malfunct actual payment reimburs particip articl interlink provis provis articl appli arrang cross border payment effect effect interlink provis guidelin appli cross border arrang extent provis relev 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 unit 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 user requir addit conting measur refer articl term condit 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 secur provis ncb compli ensur respect nation rtg system compli provis secur strategi secur requir 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 entitl determin term condit cross border payment system nation rtg system cross border facil target connect target govern council ecb assist payment settlement system committe quot pssc quot matter relat target system purpos pssc set subgroup compos ncb repres nation rtg 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 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 errorhandl procedur refer articl forc majeur event reason effort mitig effect event take place articl disput resolut prejudic right prerog govern council ecb disput aris ncb ncb ecb connect target settl agreement parti involv disput notifi govern council ecb refer concili pssc refer articl event disput ncb ncb ecb respect right oblig relat payment order process target matter refer guidelin determin rule procedur refer guidelin annex ii supplementari sourc disput cross border payment interlink law member state seat receiv ncb ecb articl final provis guidelin address nation central bank particip member state guidelin enter forc june date guidelin ecb repeal replac guidelin publish offici journal european commun frankfurt main april behalf govern council ecb presid willem duisenberg oj oj oj annex nation rig system gt tabl gt 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 settlment 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 settlment risk process euro leg foreign exchang deal involv asian currenc cut 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 annex list quot quot collater gt tabl gt