When the UK left the EU, legislation.gov.uk published EU legislation that had been published by the EU up to IP completion day (31 December 2020 11.00 p.m.). On legislation.gov.uk, these items of legislation are kept up-to-date with any amendments made by the UK since then.
Point in time view as at 31/12/2020.
There are currently no known outstanding effects by UK legislation for Decision of the European Central Bank of 24 July 2007 concerning the terms and conditions of TARGET2-ECB (ECB/2007/7) (2007/601/EC).
1.TARGET2-ECB may only:
(a)process the ECB's own payments;
(b)process payments of customers of the ECB; and
[F1(c) supply settlement services to entities managing ancillary systems, including entities established outside the EEA, provided that they are subject to oversight by a competent authority, they comply with the oversight requirements for the location of infrastructures offering services in euro, as amended from time to time and published on the ECB's website (1) , and their access to TARGET2-ECB has been approved by the Governing Council.]
[F22. The ECB may only accept central banks, European and international organisations, and, pursuant to an ad-hoc decision of the Governing Council, central governments of the European Union Member States or public entities designated by such central governments to act on their behalf as customers.]
Textual Amendments
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.
[F12. 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/2012/27 (2) .]
Textual Amendments
The terms and conditions for the opening and operation of a PM account in TARGET2-ECB shall be those contained in Annex I to this Decision. The terms and conditions for the opening and operation of a T2S Dedicated Cash Account in TARGET2-ECB shall be those contained in Annex II to this Decision. The terms and conditions for the opening and operation of a TIPS Dedicated Cash Account in TARGET2-ECB shall be those contained in Annex III to this Decision.]
Textual Amendments
1. ‘ Guarantee Funds ’ means funds provided by an ancillary system's participants, to be used in the event of the failure, for whatever reason, of one or more participants to meet their payment obligations in the ancillary system.
2. Guarantee Funds shall be remunerated at the deposit facility rate.]
Textual Amendments
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.
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