Decision of the European Central Bank of 24 July 2007 concerning the terms and conditions of TARGET2-ECB (ECB/2007/7) (2007/601/EC)

Article 1 Scope

1. TARGET2-ECB may only:

(a) process the ECB's own payments;

(b) process payments of customers of the ECB; and

(c) supply settlement services to clearing and settlement organisations, including entities established outside the EEA, provided that they are subject to oversight by a competent authority and their access to TARGET2-ECB has been approved by the Governing Council.

2. The ECB may only accept central banks and European and international organisations as customers.

Article 2 Intraday credit

1. The ECB may only grant intraday credit to customers that are European or international organisations through overdrafts on such customers' account(s). Overdrafts shall not at any time during the day exceed the amount defined in the agreement with the customer for each of the accounts. Intraday credit granted by the ECB shall remain limited to the day in question, with no possibility of an extension to overnight credit.

2. Any granting of intraday credit by the ECB shall be done in accordance with the rules on the provision of intraday credit laid down in Annex III to Guideline ECB/2007/2.

Article 3 Terms and conditions of TARGET2-ECB

The terms and conditions of TARGET2-ECB shall be those contained in the Annex to this Decision.

Article 4 Entry into force

1. This Decision shall enter into force on 19 May 2008.

2. Decision ECB/1999/NP  3 of 16 March 1999 on the European Central Bank Payment Mechanism and Decision ECB/2003/NP  2 of 28 January 2003 amending Decision ECB/1999/NP3 on the European Central Bank Payment Mechanism shall be repealed with effect from the date of entry into force of this Decision and references to Decisions ECB/1999/NP3 and ECB/2003/NP2 shall be construed as references to this Decision.

Done at Frankfurt am Main, 24 July 2007.

The President of the ECB

Jean-Claude Trichet