2005年-ECB欧洲央行_TARGET_-_the_current_system_brochure_update_2005_4页_1mb

报告摘要

THE CURRENT TARGET SYSTEM SUMMARY

What is TARGET?

TARGET (Trans-European Automated Real-time Gross settlement Express Transfer) is the leading euro payment system and one of the largest in the world. It is designed to support the conduct of the single monetary policy and the creation of a unified money market in the euro area.

TARGET operates as a decentralised system, connecting 16 national real-time gross settlement (RTGS) systems and the ECB payment mechanism (EPM). It is owned by the Eurosystem, which includes the European Central Bank (ECB) and the 12 national central banks (NCBs) of the euro area.

Benefits of TARGET

Immediate Finality: Payments are settled with immediate finality in central bank money, eliminating settlement risks between participants.
Real-Time Settlement: TARGET enables real-time transfers of large amounts of money between bank accounts in euro area countries, Denmark, Poland, Sweden, and the United Kingdom.
No Value Limits: There are no upper or lower value limits for transactions processed through TARGET.
High Availability: The system is highly reliable, with an average availability of 99.81% in 2004.
Liquidity Access: Liquidity is widely accessible, with the Eurosystem providing unlimited intraday credit free of interest.
Support for STP Standards: TARGET fully supports SWIFT standards for straight-through processing (STP), facilitating automated payment processing.
Wide Coverage: It covers 1,001 direct participants and connects to approximately 50,800 banks (including branches and subsidiaries) across the euro area.

Key Facts

One of the world's largest payment systems.
Provides real-time settlement and processing.
Average daily volume/value (2004): 267,000 transactions / €1,714 billion.
Operated by the ECB and 16 national central banks.

TARGET Structure

TARGET's structure is decentralised, linking national RTGS systems and the ECB payment mechanism. It supports both interbank (MT202) and customer payments (MT103/103+), ensuring a comprehensive and flexible payment infrastructure.

TARGET Traffic – Volumes and Values

Daily Averages: The system processes a significant volume of transactions and value.
Operating Hours: TARGET is open from 7 a.m. to 6 p.m. C.E.T., with a cut-off time of 5 p.m. for customer payments.
Source: Data from the ECB.

Importance of TARGET

TARGET has played a crucial role in the harmonisation of business practices in the EU and has become the preferred system for large-value euro payments. It is one of the two largest wholesale payment systems globally, alongside the Fedwire system in the United States.

The Future of the TARGET System

The Eurosystem is developing the next generation of TARGET: TARGET2, which aims to enhance safety and efficiency through a harmonised technical structure. TARGET2 is expected to start operations in the second half of 2007. In the meantime, the current system will continue to operate at a high performance level, with regular updates to keep pace with changes in SWIFT messaging and standards.