2012年-ECB欧洲央行_TARGET_Annual_Report_2011_65页_2mb

TARGET2 Annual Report Summary (2011)

Core Content

The TARGET2 Annual Report 2011 provides an overview of the performance and developments of the TARGET2 system, which is the second-generation real-time gross settlement (RTGS) system for euro payments operated by the Eurosystem. It highlights the system's role in promoting financial integration, stability, and efficiency in the euro area.

Main Points

1. TARGET2 Overview

• Functionality: TARGET2 is a core payment settlement infrastructure of the Eurosystem, designed to settle large-value euro payments in real time, ensuring intraday finality.
• Purpose: It supports the smooth operation of payment systems, facilitates monetary policy transmission, and promotes financial stability.
• Structure: It provides a single pricing structure, harmonised services, and ancillary systems for cash settlement and liquidity management.

2. Performance in 2011

• Traffic Activity:
  • Total Value of Payments: €612,936 billion, with a daily average of €2,385 billion.
  • Total Number of Transactions: 89.6 million, with a daily average of 348,505.
• Growth Trends:
  • The total value of payments increased by 3.3% compared to 2010.
  • The number of transactions increased by 1.1%.
  • The growth rate was less than in 2010 (7.6%), partly due to the ongoing sovereign debt crisis and market volatility.
• System Availability: The availability of the Single Shared Platform (SSP) reached 99.89%, affected by one incident in July.

3. Traffic Patterns

• Seasonality:
  • The seasonality of TARGET2 traffic was more pronounced in 2011 than in 2010, with a deviation of 33% between peak and low values.
  • Peaks were typically observed on the last business day of the month or quarter, influenced by financial market deadlines and holidays.
  • The lowest values were recorded on national holidays such as Ascension Day (2 June) and Epiphany (6 January).
• Monthly Trends:
  • In the first quarter of 2011, the value of payments increased slightly compared to 2010.
  • The trend inverted in April, but recovered in August.
  • The last four months of 2011 showed a significant increase in turnover.

4. Transaction Value Distribution

• Value Bands:
  • Two-thirds of transactions were for values below €50,000.
  • Payments over €1 million accounted for 11% of traffic.
  • The median payment value was around €12,000.
• High-Value Transactions:
  • The average value of a payment in 2011 was €6.8 million.
  • The highest average value was recorded in 2008 at €7.2 million, due to exceptional financial conditions.
  • Payments over €1 billion averaged 271 per day, representing 0.08% of all transactions.

5. Market Share and Competition

• Market Share:
  • TARGET2 accounted for 91% of the total value of payments in large-value euro payment systems.
  • Its market share in terms of volume decreased slightly from 59.9% in 2010 to 59% in 2011.
• Competitors:
  • The only other major large-value euro payment system was EURO1.
  • Other systems such as Fedwire Funds (US) and CLS (global) are also compared in the report.

6. System Evolution and Risk Management

• System Evolution:
  • TARGET2 replaced the first-generation TARGET system in May 2008.
  • It was developed to improve the efficiency of inter-Member State payments and support monetary policy.
• Risk Management:
  • The Eurosystem manages risks through a framework that includes collateral requirements, haircuts, and central bank liquidity provision.
  • The residual risk is shared among Eurosystem national central banks (NCBs) according to their capital share in the ECB.

7. NCB Balances in TARGET2

• Balances:
  • TARGET2 balances reflect the net liquidity flows between NCBs and the ECB.
  • Some NCBs had negative balances (liabilities) due to euro outflows not being matched by inflows.
  • Others had positive balances (claims) due to net inflows.
• Liquidity Provision:
  • The Eurosystem provided liquidity to support sovereign debt crisis-affected banking systems.
  • This was done through non-standard monetary policy operations, ensuring that solvent banks were not liquidity-constrained.

Key Information

• TARGET2 is the main RTGS system for euro payments in the Eurosystem.
• The system provides intraday finality, harmonised services, and liquidity management tools.
• Sovereign debt crisis had a significant impact on the system's performance in 2011.
• Market share of TARGET2 remained high at 90.5% in terms of value.
• The system's availability was 99.89% in 2011.
• Seasonality in payment volumes was more pronounced in 2011 than in previous years.
• Collateral requirements and risk management are central to the system's operation.
• The TARGET2 balances reflect the net liquidity flows between NCBs and the ECB.
• The median payment value is around €12,000, indicating that many transactions are of low to medium value.
• The system supports both interbank and customer transactions, with the latter being the majority.

Conclusion

The report outlines the continued importance and efficiency of the TARGET2 system in the euro area. Despite the economic challenges posed by the sovereign debt crisis, the system maintained a dominant market share and provided essential liquidity support. The report also highlights the need for ongoing monitoring and adaptation of the system to ensure its continued effectiveness in promoting financial integration and stability.