2005年-ECB欧洲央行_TARGET_Annual_Report_2004_66页_1mb

TARGET Annual Report 2004 Summary

Core Content

TARGET, the Trans-European Automated Real-time Gross settlement Express Transfer system, is the RTGS system for the euro. Since its launch in 1999, it has been the preferred system for large-value payments in the euro area, contributing significantly to financial market integration and the conduct of monetary policy.

Main Points

• Market Share: In 2004, TARGET accounted for 88% of the value and 58% of the volume of all large-value payment systems operating in the euro area.
• Payment Volume and Value:
  • TARGET processed 69.2 million transactions with a total value of €444 trillion.
  • Daily average: 267,234 payments with a total value of €1.7 trillion.
• Participants:
  • 1,059 direct and 9,440 indirect participants.
  • Over 48,500 banks worldwide (and their customers) are addressable in TARGET.
• Traffic Trends:
  • Intra-Member State traffic: 52.4 million payments with a value of €298 trillion.
  • Inter-Member State traffic: 16.8 million payments with a value of €146 trillion.
• Value Distribution:
  • 65% of intra-Member State payments were ≤ €50,000.
  • 66% of inter-Member State payments were ≤ €50,000.
  • Payments > €1 million made up 12% of the total value in 2004.
• Growth in Traffic:
  • Overall value: 4% increase compared to 2003.
  • Overall volume: 2% increase.
  • Inter-Member State value: 9% increase.
  • Inter-Member State volume: 10% increase.
• Intraday Pattern:
  • Peak volume occurred between 7 and 10 a.m..
  • Peak value occurred between 4 and 5 p.m..
  • 99.5% of the total volume was processed by 5 p.m..
  • 93.1% of the total value was processed by 5 p.m..
• Liquidity Management:
  • Banks use the last hour of operations for liquidity management.
  • This helps in reusing incoming liquidity for outgoing payments, reducing overall liquidity needs.
• Impact of Periodical Transactions:
  • Traffic increased significantly on the last day of each quarter, especially Q2 with a 45% value increase and 36% volume increase.
  • Traffic decreased in Q4 due to limited market activity, with a 15% value decrease and 32% volume decrease.
• Public Holidays:
  • US holidays and TARGET holidays significantly affect traffic.
  • Traffic on the business day after US holidays increased by 14% in value and 14% in volume.
  • Traffic on the business day after TARGET holidays increased by 15% in value and 15% in volume.
  • Traffic on regional public holidays increased by 14% in value and 14% in volume.
• System Robustness:
  • Availability rate improved to 99.81% in 2004.
  • The Eurosystem has robust business continuity and contingency measures in place.
  • Risk management framework ensures secure processing of payments.
  • Compliance with the "Core Principles for Systemically Important Payment Systems" is verified as part of oversight.

Key Developments

• TARGET2:
  • Launched in 2005, it was designed to meet the needs of the 10 new EU Member States that joined in 2004.
  • The Single Shared Platform for TARGET2 was approved in December 2004.
  • All euro area central banks confirmed their participation in TARGET2.
• Technical Developments:
  • The current system underwent various technical upgrades.
  • These developments aimed to enhance system efficiency and security.

Summary of Traffic by Type

• Interbank Payments:
  • Represented 95% of the total value and 49% of the total volume of inter-Member State payments.
  • Average value of interbank payments: €8.7 million.
• Customer Payments:
  • Represented 5% of the total value and 51% of the total volume of inter-Member State payments.
  • Average value of customer payments: €5.7 million.
• Intra-Member State Payments:
  • 65% of all TARGET payments were for values less than €50,000.
  • Average value of intra-Member State payments: €5.7 million.
  • Germany, Spain, and France accounted for 90% of intra-Member State payments.

Oversight and Safety

• The Eurosystem ensures the reliability and safety of TARGET.
• Oversight includes checking compliance with the "Core Principles for Systemically Important Payment Systems".
• The system's availability, continuity, and risk management are continuously monitored and improved.

Conclusion

TARGET continues to be the dominant RTGS system for large-value euro payments. It supports both interbank and customer transactions, and its robustness and reliability are key factors in maintaining financial stability in the euro area. The system is also preparing for future expansion with the TARGET2 project, which aims to enhance its capacity and efficiency to meet the growing needs of the euro area and new Member States.