Migration to TARGET2-BE : introduction
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1 Migration to TARGET2-BE : introduction May 2016 Sophie HELBIG Payments and securities
2 Agenda TARGET 2 : basics Current situation Future situation Steps to open a PM account Timeline of the project Decisions to take 2
3 TARGET 2 : basics Video of the Eurosystem : 3
4 TARGET 2 : basics Real-time gross settlement (RTGS) system Owned and operated by Eurosystem Central bank money Single technical platform Relationships between participants and National Central Banks (NCB s) Access via the GUI of TARGET2 : ICM (Information and Controle Module) 4
5 TARGET 2 : basics Monetary policy operations Open market operations Minimum Reserve Management Standing Facilities Interbank payments Customer payments Payments related to Ancillary Systems (like CEC) Payments related to T2S (cash side and liquidity transfers) 5
6 6
7 TARGET 2 : basics In Belgium : TARGET 2 BE Relation with the National Bank of Belgium (NBB) Legal documentation : Terms & Conditions TARGET 2 BE INFORMATION GUIDE for TARGET2 users : 2_users_Version_9.0.pdf Internet Site NBB-TARGET2 : 7
8 Your current situation Your institution holds 3 accounts in the NBB internal current-accounts application : Main current-account (100-00NNxxx-xx) Deposit account ( xxx-xx) Reserve account ( xxx-xx) Your institution is required to hold minimum reserves with the NBB (in the current-accounts application) Your payment business is settled As an indirect or addressable participant in T2 As a customer of a bank 8
9 Current situation NBB Current accounts Deposit account MINIMUM RESERVES + standing facilities Principal account Reserve account Credit institution (you) PAYMENTS T2S CASH Direct participant PAYMENTS T2S CASH TARGET2-BE 9
10 Your future situation Your institution becomes a direct participant in TARGET2-BE 1 new main account will be opened (with access to 4 modules : PM,RM,SF,CM) and represented by the BIC code of the participant Your minimum reserves are hold and managed in TARGET2-BE as direct participant 10
11 Your future situation 2 Options Technical direct participant Current set-up for payments remains TARGET2 : Only for minimum reserve, standing facilities, open-market operations, billing Direct participant Current set-up will disappear TARGET2 : For payments and any other business 11
12 Future situation as technical direct participant NBB TARGET2-BE Deposit Credit institution (you) MINIMUM RESERVES + standing facilities PAYMENTS T2S CASH Direct participant PAYMENTS T2S CASH Your direct PM account Marginal lending 12
13 OR Future situation as direct active participant NBB TARGET2-BE Credit institution (you) MINIMUM RESERVES + standing facilities PAYMENTS T2S CASH Your direct PM account Your DCA Deposit Marginal lending 13
14 Special cases «CASH» transactions : cash withdrawals or deposits at the NBB using an account « nnn»: the funding can be done by the Target2 account DCA : if you have already a DCA in T2S linked to another RTGS account, you can possibly use your own account and you are already a legal T2 participant (capacity opinion not needed) Creditline and open-market operations: if you wish to use a creditline facility, collateral deposit will be needed (see documentation at 14
15 Steps to open a PM Account (3-6 months) Connection SWIFT / AllianceLite2 (e-ordering) or internet (electronic certificates) Legal documentation T & C : written application + capacity opinion Static data forms (for test and production) Mandatory tests Going Live : first day of a new minimum reserve period 15
16 Tentative timeline May 2016 : Infosessions Until 25 January 2017: Early migration September -December 2017: Waves 1,2 and 3 September 2016 : Decision on options January- June 2017 : registration and tests 2018 : Current accounts application closes 16
17 3 Decisions to take (by written consultation) Connection to TARGET2: SWIFT / AllianceLite2 Internet Direct PM Account : DIRECT participant : Published in the T2 Directory (=>payments traffic) Technical DIRECT participant :Non published in the T2 Directory => no payments => additional BIC (branch code) Migration : As soon as possible before 25/01/2017 In the second half of 2017 : mandatory waves 17
18 Questions? 18
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