2008年-ECB欧洲央行_TARGET_Annual_Report_2007_71页_1mb

TARGET Annual Report 2007 Summary

Core Content

TARGET is the Trans-European Automated Real-time Gross settlement Express Transfer system, serving as the RTGS (real-time gross settlement) system for the euro. Since its launch in 1999, it has become a key infrastructure for large-value payments in the euro area, supporting the implementation of the single monetary policy and contributing to the integration of the euro financial markets.

Main Developments in 2007

• TARGET2 Launch: On 19 November 2007, TARGET2 was successfully launched, connecting the first migration group consisting of national central banks and their user communities in Austria, Cyprus, Germany, Latvia, Lithuania, Luxembourg, Malta, and Slovenia.
• Traffic Growth: In 2007, TARGET processed over 93 million transactions with a total value of €616.731 trillion, representing a daily average of 366,179 payments totaling €2.4 trillion.
• Market Share: TARGET accounted for 89% of the value and 61% of the volume of all large-value euro payment systems.
• Intra-Member State Traffic: Over 72 million intra-Member State payments with a total value of €395 trillion were processed, with a daily average of 284,606 payments totaling €1.551 trillion. This marked a 13% increase in both value and volume compared to 2006.
• Inter-Member State Traffic: Over 20.8 million inter-Member State payments with a total value of €221.319 trillion were processed, representing a 20% increase in value and a 9% increase in volume compared to 2006.
• Payment Value Bands: A significant portion of TARGET transactions were for low-value payments, with over 64% of payments valued at €50,000 or less. Payments above €1 million represented 11% of the total traffic.
• Intraday Payment Patterns: The highest volume of inter-Member State payments was processed between 7 and 10 a.m., while the highest value was processed between 4 and 5 p.m. By 5 p.m., 99.4% of the total volume and 93% of the total value of inter-Member State payments had been settled.
• Liquidity Management: Banks used the last hour of operations to manage liquidity surpluses and deficits, with interbank payments increasing in value from €6.6 million to €122.2 million during the day.
• Customer Payments: The average value of customer payments rose from €0.3 million in the first two hours to €2.2 million in the last two hours before the cut-off time at 5 p.m., indicating the importance of corporate cash management activities.
• Reliability and Safety: The availability rate of TARGET improved to 99.90% in 2007, and the Eurosystem ensured robust business continuity and risk management measures were in place.

Key Information

• Participants: In 2007, TARGET had 1,072 direct and 9,322 indirect participants.
• Global Reach: Over 52,761 banks worldwide (including branches and subsidiaries) could be addressed via TARGET.
• Systemic Importance: TARGET is critical for financial stability in the EU, and its compliance with the "Core Principles for Systemically Important Payment Systems" was verified as part of the oversight process.
• Regional Variations:
  • Germany: Processed half of all intra-Member State payments.
  • Italy and Netherlands: Used TARGET extensively for low-value customer payments.
  • France: Typically processed low-value payments outside of TARGET.
• Seasonal Trends: Traffic levels followed a consistent pattern, with increased activity in the first quarter, stable levels in the second and third quarters, and higher activity in the final quarter.
• External Events: The UK's decision not to join TARGET2 led to a sharp decrease in its TARGET component traffic, as some participants migrated to TARGET2 earlier than expected.

Conclusion

The 2007 report highlights TARGET's continued role as a central hub for euro payments, its significant growth in traffic, and its adaptability to new demands through the introduction of TARGET2. The system's reliability, robustness, and efficient liquidity management practices were maintained, supporting the smooth operation of the euro money market and the Eurosystem's monetary policy.