2007年-ECB欧洲央行_TARGET_Annual_Report_2006_68页_1mb

TARGET Annual Report 2006 Summary

Core Content

TARGET, the Trans-European Automated Real-time Gross settlement Express Transfer system, is the RTGS (real-time gross settlement) system for the euro. Since its launch in 1999, it has become the preferred system for large-value payments in the euro area and is one of the world's largest RTGS systems.

Main Points

1. Payment Business in TARGET

• Traffic Growth: In 2006, TARGET processed over 83 million transactions with a total value of almost €534 trillion, corresponding to a daily average of 326,196 payments with a total value of €2.1 trillion.
• Market Share: TARGET accounted for 89% of the value and 60% of the volume of all large-value payment systems in the euro area.
• Participants: There were 1,058 direct and 9,317 indirect participants, with 52,114 banks worldwide using the system.
• Payment Types:
  • Intra-Member State Payments: Over 64 million transactions with a total value of almost €349 trillion, representing 65% of the value and 77% of the volume of overall TARGET traffic.
  • Inter-Member State Payments: Over 19 million transactions with a total value of almost €185 trillion, representing 35% of the value and 23% of the volume of overall TARGET traffic.
• Value Bands:
  • Intra-Member State: 63% of payments were for values ≤ €50,000, while payments above €1 million accounted for 10%.
  • Inter-Member State: Payments ≤ €50,000 made up 42%, while those above €1 million accounted for 26%.
• Intraday Patterns:
  • Volume: The highest volume was processed between 7 and 10 a.m., with over 18,000 inter-Member State payments processed in the first hour.
  • Value: The highest value was processed between 4 and 5 p.m., with an average value of €128.3 million in the last hour.
  • Customer Payments: By 5 p.m., 99.4% of customer payments had been processed, with an average value of €1.2 million in the last two hours before cut-off.
  • Interbank Payments: These accounted for 95% of the value and 47% of the volume of inter-Member State payments, with the average value of interbank payments increasing slightly.

2. Robustness, Resiliency, and Oversight

• Availability Rate: The availability rate improved to 99.87% in 2006.
• Business Continuity and Contingency Measures: The Eurosystem ensured that these measures were fully operable to manage potential disruptions.
• Risk Management: A secure risk management framework was in place to process TARGET payments safely.
• Oversight: Compliance with the "Core Principles for Systemically Important Payment Systems" was verified as part of the oversight process.

3. TARGET Developments

• TARGET2: The long-term strategy for TARGET was approved in 2002, and the development of the Single Shared Platform (SSP) was nearing completion.
• Migration to TARGET2: The first wave of countries was scheduled to migrate to the SSP on 19 November 2007.
• EU Enlargement: The system was designed to accommodate new Member States, and all NCBs had confirmed their participation in TARGET2.

Key Information

• Average Daily Turnover: Increased by 10% in 2006, with a daily average of 326,196 payments and a total daily value of €2.1 trillion.
• Country-Specific Trends:
  • Spain: Experiencing a steep increase due to the closure of SPI and the shift to gross settlement for large transfers.
  • Netherlands: Recorded a slight decrease in payments from/to non-residents and in cash legs from the securities settlement system.
  • Belgium: Experiencing a decrease in inter-Member State payments due to the use of alternative channels.
• Interbank vs. Customer Payments:
  • Interbank payments accounted for 95% of the value and 47% of the volume of inter-Member State traffic.
  • Customer payments made up 48% of the value and 73% of the volume of inter-Member State traffic.
• Liquidity Management:
  • Banks used the last hour of operations to manage liquidity surpluses or deficits.
  • This aligns with the liquidity management guidelines of the European Banking Federation (EBF).

Statistical Highlights

• Overall Traffic:
  • Value: €534 trillion
  • Volume: 83 million transactions
• Intra-Member State Traffic:
  • Value: €349 trillion
  • Volume: 64 million transactions
• Inter-Member State Traffic:
  • Value: €185 trillion
  • Volume: 19 million transactions
• Intraday Trends:
  • Customer Payments: 99.4% processed by 5 p.m.
  • Interbank Payments: 93% of total value processed by 5 p.m.
• Annual Growth:
  • Value: 9% increase compared to 2005
  • Volume: 10% increase compared to 2005

Conclusion

TARGET continued to be the backbone of the euro money market in 2006, playing a crucial role in the implementation of the single monetary policy. It processed a significant share of large-value and time-critical payments, and its robustness and reliability were maintained through comprehensive oversight and risk management frameworks. The system was also preparing for the migration to TARGET2, which was expected to enhance its functionality and accommodate new EU members.