2002年-ECB欧洲央行_TARGET_Annual_Report_2001_52页_1mb

TARGET Annual Report 2001 Summary

Core Content

The TARGET Annual Report 2001 provides an overview of the system's business and technical performance, as well as major developments in its operational framework. The report highlights the continued growth and stability of TARGET, which serves as the real-time gross settlement (RTGS) system for euro payments within the Eurosystem.

Main Business Performance Highlights

• Payment Flows: In 2001, TARGET processed a daily average of 211,282 payments with a total value of €1,299 billion, representing a 26% increase in value and a 12% increase in volume compared to 2000.
• Traffic Trends:
  • Domestic Payments: Increased by 32% in value and 12% in volume.
  • Cross-border Payments: Increased by 17% in value and 13% in volume.
• Market Share:
  • TARGET accounted for 75% of the total value of large-value euro payments.
  • 63% of all payments in TARGET were of €50,000 or less, indicating its use for both low and high-value transactions.
• Direct and Indirect Participants:
  • Over 1,560 direct participants and 5,000 indirect participants.
  • More than 37,000 banks (including branches and subsidiaries) are addressable via TARGET.
• Impact of Events:
  • The adoption of the euro by Greece on 1 January 2001 led to significant growth in HERMES (Greece's RTGS system).
  • The tragic events of 11 September 2001 had no significant impact on TARGET's operations, as most transactions were already settled by that time.

Key Developments

• System Consolidation:
  • Euro Access Frankfurt (EAF) was merged with the German RTGSplus system in November 2001.
• Compliance with Core Principles:
  • The IMF published a report assessing TARGET's compliance with the Core Principles for Systemically Important Payment Systems.
• Organisational and Operational Changes:
  • Interbank Straight-through Processing (STP) was introduced, enhancing automation and efficiency.
  • Contingency Measures were strengthened to handle new business requirements, particularly in preparation for the CLS Bank (CLSB) launch.
• Calendar and Market Coverage:
  • The TARGET calendar was updated, and the system's market coverage expanded significantly.
  • The Guideline of the European Central Bank on TARGET was published, improving transparency and coordination with users.

Technical Performance

• System Availability:
  • TARGET's overall availability increased in 2001.
• Contingency Procedures:
  • Enhanced contingency procedures were put in place to ensure system resilience.
• Intraday Flow Patterns:
  • 50% of cross-border payments were processed in the first three hours (7–10 a.m.).
  • Two peaks in value were observed: one between 11–12 a.m. and another between 4–5 p.m..
  • By 5 p.m., 99% of the total volume and 93% of the total value were settled.
• Intraday Fluctuations:
  • Periodical transactions (e.g., term deposits) caused traffic increases on the last days of quarters, semesters, and the year.
  • US public holidays led to a 19% decrease in value and 14% decrease in volume, but these were offset by a 12% and 9% increase on the following business day.
  • TARGET holidays also affected traffic, with a 5% increase on the day before and an 16% increase on the day after.
  • Euro area public holidays had a 63% decrease in value and 73% decrease in volume, but the system remained operational, avoiding a sharp rebound.

Cross-border Intraday Flows

• Volume:
  • The highest daily volume was recorded on 28 December 2001 with 380,146 payments totaling €2,040 billion.
  • The lowest daily volume was on 4 June (Whit Monday) with 101,581 payments totaling €1,480 billion.
• Value:
  • The highest daily value was recorded on 29 June 2001 with €751 billion.
  • The lowest daily value was on 15 August (Assumption Day) with €589 billion.
• Intraday Pattern:
  • Interbank payments increased in value throughout the day, from €7 million in the first hour to €99 million in the last hour.
  • Customer payments saw a significant increase in value from €367,000 in the first three hours to €2.9 million just before the cut-off time at 5 p.m.

Conclusion

The report concludes that TARGET continued to perform well in 2001, with a strong increase in payment flows and improved system availability. The system's resilience was demonstrated during the 9/11 events, and its role as the preferred system for high-value euro payments was reaffirmed. The integration of national systems and enhanced contingency procedures were key steps in strengthening the TARGET infrastructure.