ANNEX TERMS AND CONDITIONS OF TARGET2-ECB

Appendix V OPERATING SCHEDULE

1. TARGET2 is open on all days, except Saturdays, Sundays, New Year's Day, Good Friday and Easter Monday (according to the calendar applicable at the seat of the ECB), 1 May, Christmas Day and 26 December.

2. The reference time for the system is European Central Bank time, i.e. the local time at the seat of the ECB.

3. The current business day is opened during the evening of the previous business day and operates to the following schedule:

a Daytime operations means daytime processing and end-of-day processing.
b Ends 15 minutes later on the last day of the reserve maintenance period.
c Starts 15 minutes later on the last day of the reserve maintenance period.
Time	Description
6.45-7.00	Business window to prepare daytime operationsa
7.00-18.00	Daytime processing
17.00	Cut-off time for customer payments (i.e. payments where the originator and/or the beneficiary of a payment is not a direct or indirect participant as identified in the system by the use of an MT 103 or MT 103+ message)
18.00	Cut-off time for interbank payments (i.e. payments other than customer payments)
18.00-18.45b	End-of-day processing
18.15b	General cut-off time for the use of standing facilities
(Shortly after) 18.30c	Data for the update of accounting systems are available to CBs
18.45-19.30c	Start-of-day processing (new business day)
19.00c-19.30b	Provision of liquidity on the PM account
19.30c	‘Start-of-procedure’ message and settlement of the standing orders to transfer liquidity from the PM accounts to the sub-account(s)/mirror account (ancillary system-related settlement)
19.30c-22.00	Execution of additional liquidity transfers via the ICM before the ancillary system sends the ‘start-of-cycle’ message; settlement period of night-time ancillary system operations (only for ancillary system settlement procedure 6)
22.00-1.00	Technical maintenance period
1.00-6.45	Settlement procedure of night-time ancillary system operations (only for ancillary system settlement procedure 6)

4. The ICM is available for liquidity transfers from 19.30(1) until 18.00 the next day, except during the technical maintenance period from 22.00 until 1.00.

5. The operating hours may be changed in the event that business continuity measures are adopted in accordance with paragraph 5 of Appendix IV.

(1)

Starts 15 minutes later on the last day of the reserve maintenance period.