2004年-ECB欧洲央行_TARGET_Annual_Report_2003_62页_852kb

TARGET Annual Report 2003 Summary

Core Content

TARGET, the Trans-European Automated Real-time Gross settlement Express Transfer system, is the RTGS system for the euro and has been the market's preferred system for large-value payments since 1999. It is one of the world's largest large-value payment systems.

Main Points

• Market Share: In 2003, TARGET accounted for 87% in terms of value and 58% in terms of volume of all large-value euro payment systems.
• Transaction Volume: TARGET processed 67 million transactions with a total value of €421 trillion in 2003, averaging 261,208 payments daily with a total value of €1.65 trillion.
• Participants: There were 1,525 direct and 1,826 indirect participants, with 43,450 banks worldwide using TARGET.
• Payment Types: TARGET is used for both interbank and customer payments, with 64% of payments being low-value (≤ €50,000) and 11% being high-value (> €1 billion).
• Intra-Member State Payments: These accounted for 67% in value and 77% in volume of overall TARGET traffic. The daily average was 201,392 payments with a total value of €1,113 billion.
• Inter-Member State Payments: These represented 33% in value and 23% in volume of overall TARGET traffic. The daily average was 59,816 payments with a total value of €537 billion.
• Payment Value Bands: The distribution of payment values remained relatively stable in 2003 compared to 2002.
• Intraday Patterns: The highest volume of payments was processed in the first hour of operations (between 7 and 8 a.m.), and the highest value in the last hour (between 5 and 6 p.m.). By 5 p.m., 99.5% of the total volume had been processed.
• Growth Trends: The overall growth in TARGET traffic was 6% in value and 3% in volume compared to 2002. Inter-Member State payments saw the highest growth at 11% in both value and volume.
• Seasonal Variations: Activity in TARGET declined in the third quarter due to summer holidays, with a notable drop in December 2003 due to a decrease in intra-Member State payments.
• System Reliability: The availability rate for TARGET in 2003 was 99.79%, and the Eurosystem continued to improve its business continuity and contingency measures.
• Risk Management: A new risk management framework was established based on internationally recognized standards to ensure the secure processing of TARGET payments.
• Oversight: The Eurosystem verified that TARGET complied with the "Core Principles for Systemically Important Payment Systems".
• TARGET2 Development: The Governing Council of the ECB decided on a long-term strategy for the next generation of TARGET (TARGET2) in 2002. The pre-project phase started in 2003 and will be completed in 2004, followed by the project/system development phase. The testing/migration phase for TARGET2 is expected to start in early 2006, with live operations planned for January 2007.
• Collaboration: The development of TARGET and its future improvements were significantly supported by close cooperation with the banking industry.

Key Information

• Interbank vs. Customer Payments: Intra-Member State payments had an average value of €5.5 million, while inter-Member State interbank payments had an average of €16.6 million and customer payments €0.8 million.
• Regional Differences: Germany and Italy processed a large number of intra-Member State payments, but with lower average values compared to France and Spain.
• Liquidity Management: Banks used the last hour of operations to manage liquidity surpluses or deficits, which helped maintain the smooth functioning of the interbank market.
• Intraday Flows: The first peak of payment volume was between 7 and 8 a.m., and the second between 9 and 10 a.m. The highest value was processed between 4 and 5 p.m.
• Public Holidays Impact: US holidays and TARGET holidays affected payment flows, with a noticeable drop in volume on the business day after US holidays.
• Periodical Transactions: These, such as term deposits, had a significant impact on TARGET traffic, especially at the end of quarters, half-years, and years.

Annexes Highlights

• TARGET Statistics: Detailed data on payment flows, value bands, and intraday patterns.
• Chronology of Developments: A timeline of events and milestones in TARGET's evolution.
• Organisation and Management Structure: Overview of the structure and governance of TARGET.
• General Terms and Acronyms: Definitions of key terms and acronyms used in the report.
• Glossary: Clarification of payment-related terms.
• TARGET-Related Documents: Additional publications and reports by the ECB related to TARGET.

Conclusion

The report highlights the robust growth and increased usage of TARGET in 2003, emphasizing its central role in the euro area financial system. It also outlines the preparations for TARGET2, the next-generation system, and the ongoing efforts to ensure the security, reliability, and efficiency of the TARGET system.