2006年-ECB欧洲央行_TARGET_Annual_Report_2005_67页_784kb

TARGET Annual Report 2005 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 to the integration of the euro money market and supporting the single monetary policy of the Eurosystem.

In 2005, TARGET processed over 76 million transactions with a total value of €489 trillion, averaging 296,306 payments per day with a total value of €1.9 trillion. It accounted for 89% of the value and 59% of the volume of all large-value euro payment systems, highlighting its central role in the financial system.

TARGET had 1,072 direct and 9,322 indirect participants, with 52,761 banks worldwide using it to initiate payments. The system is used for both large-value and time-critical interbank payments, as well as smaller-value customer payments.

Main Viewpoints

• Market Share: TARGET's market share increased slightly in 2005, with 10% growth in value and 11% in volume compared to 2004. This trend continued across all payment types.
• Payment Types: In 2005, 65% of intra-Member State payments were for values less than €50,000, while inter-Member State payments were more concentrated in higher-value transactions, with 14% growth in value and 6% in volume.
• Interbank vs. Customer Payments: Interbank payments made up 95% of the total value and 48% of the total volume of inter-Member State payments, while customer payments accounted for the remainder.
• Intraday Patterns: The intraday payment pattern showed a peak in the first hour (between 7 and 8 a.m.) for volume and a peak in the last hour (between 5 and 6 p.m.) for value. Over 93% of the total value and 99.4% of the total volume were processed by 5 p.m.
• Liquidity Management: Banks use the last hour of operations to manage liquidity surpluses or deficits, which is reflected in the higher value of interbank payments during this time.
• Public Holidays Impact: US public holidays had a 12% decrease in value and 9% in volume compared to 2004, but this was partially offset by increased traffic on certain business days.

Key Information

• TARGET2 Development: The long-term strategy for TARGET, known as TARGET2, was approved in 2002. It is designed to accommodate the ten new EU Member States that joined on 1 May 2004. The Single Shared Platform (SSP) is currently under development, with the first wave of migration scheduled for 19 November 2007.
• Robustness and Oversight: The Eurosystem ensured the robustness and resiliency of TARGET through business continuity and contingency measures, and the system's risk management framework was in place to ensure secure processing. The compliance with the "Core Principles for Systemically Important Payment Systems" was verified as part of the oversight process.
• Availability: In 2005, the availability rate reached 99.83%, indicating a high level of system reliability.
• Traffic Fluctuations: Traffic fluctuated due to periodical transactions, US public holidays, TARGET holidays, and major public holidays in multiple euro area countries. The largest fluctuations were seen on the last day of the half year, with a 44% increase in value and 40% in volume for the overall system.
• Regional Variations: Intra-Member State payment activity was concentrated in Germany, Spain, and France, with the German component processing over 50% of the intra-Member State payments.

Structure and Key Figures

Tables

• Table 1: TARGET payment flows (2004 vs. 2005)
• Table 2: Change in TARGET payment flows (2004 vs. 2003 and 2005 vs. 2004)
• Table 3: Payment value bands for TARGET as a whole (2004 vs. 2005)
• Table 4: Change in intra-Member State payment flows
• Table 5: Intra-Member State customer payment value bands
• Table 6: Inter-Member State payment flows (2004 vs. 2003 and 2005 vs. 2004)
• Table 7: Inter-Member State customer payment value bands
• Table 8: Inter-Member State interbank payment value bands
• Table 9: Average size of TARGET payments (2004 vs. 2005)
• Table 10: Impact of periodical transactions on TARGET traffic
• Table 11: TARGET traffic on US holidays
• Table 12: TARGET traffic on the business day after US holidays
• Table 13: TARGET traffic on the business day after TARGET holidays
• Table 14: TARGET traffic on regional public holidays

Charts

• Chart 1: TARGET as a whole - value of payments
• Chart 2: TARGET as a whole - volume of payments
• Chart 3: TARGET intra-Member State payments - value
• Chart 4: TARGET intra-Member State payments - volume
• Chart 5: TARGET inter-Member State payments - value
• Chart 6: TARGET inter-Member State payments - volume
• Chart 7: TARGET inter-Member State intraday payment pattern - value and volume
• Chart 8: TARGET inter-Member State intraday payment pattern - cumulative value and volume

Conclusion

The 2005 TARGET Annual Report outlines the system's continued growth and central role in the euro area's financial infrastructure. It emphasizes the importance of TARGET in facilitating large-value and time-critical payments, as well as its contribution to financial stability and market integration. The report also highlights the ongoing development of TARGET2 and the system's robustness, reliability, and compliance with international standards.