Gross Clearingsysteme serve the day-same transfer the banks attached by funds between and are thus a condition for the modern exchange. "“Gross"” it means in this connection that each individual payment from the central bank assets of the bank placing the sales order is implemented.

Prehistory

After in the first years since the euro introduction the central banks of the participating countries had only networked their local Clearingsysteme (the old target net), became in the autumn 2002 by a EZB council decision the creation of a new, common platform for payments in euro decided.

The European central bank assigned thereupon the three issuing banks of France (Banque de France), Germany (Federal Bank) and Italy (Banca d'Italia) with the conversion of a new uniform technical platform, which already is in enterprise.

As starting date for the new platform 19 November 2007 was specified. Originally Target2 should be taken to at the beginning of of 2007 in enterprise.

Transition to Target2

The European central bank plans to accomplish a change of the national Zahlungssysteme on Target2 in four stages.

Group 1 (19 November 2007)

• Austria
• Cyprus
• Germany
• Latvia
• Lithuania
• Luxembourg
• Malta
• Slovenia

Group 2 (18 February 2008)

• Belgium
• Finland
• France
• Ireland
• The Netherlands
• Portugal
• Spain

Group 3 (19. May 2008)

• Denmark
• Estonia
• EZB
• Greece
• Italy
• Poland

Group 4 (15 September 2008)

• planned for Unvorgesehenes

Transaction prices

After a discussion with the banks the EZB advice will decide the height of the prices. The EZB however already expressed price conceptions in a report. Two models are therefore to be offered to the participants:

1. 100 euro per month plus 0,80 euro per transaction
2. 1,250 euro per month plus 0,20 to 0.60 euro per transaction (depending upon quantity of the transactions)

Articles in category "TARGET2"

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