The following “Special terms and conditions” contain the legal requirements for internet-based participation in TARGET2-Bundesbank. Due to the Eurosystem’s attempt to standardise the legal requirements for participation in TARGET2 as far as possible (see section above), this document was prepared on the basis of the “Supplemental and modified harmonised conditions for the opening and operation of a PM account in TARGET2 using internet-based access”, which were adopted within the framework of the TARGET2 Guideline. Beside the necessary editorial changes, solely a minimal amount of provisions which were not relevant to TARGET2-Bundesbank were deleted.

Der Konsolidierung im deutschen Bankensektor hat sich 2017 fortgesetzt. Die Gesamtzahl der Kreditinstitute in Deutschland verringerte sich im um 65 auf 1.823 Institute.

The Bundesbank’s October 2018 Monthly Report comments on trends in state government finances, the implementation of the debt brake and future budgetary surveillance. It also analyses the macroeconomic impact of uncertainty as well as the activities of multinationals against the backdrop of national economic statistics. Furthermore, the report contains an article on the growing importance of exchange-traded funds on the financial markets.