TARGET2 offers its participants settlement services in euro, with settlement in central bank money. Every euro payment that is to be settled in real time and in central bank money can be settled via TARGET2.

The Eurosystem may conduct fine-tuning operations in order to smooth unexpected liquidity fluctuations rapidly.

Alle zu den GLRG‑II verfügbaren Dokumente auf einen Blick

Hier finden Sie Verfahrensbeschreibungen und Formulare des Imagegestützte Scheckeinzugsverfahrens (ISE).

Pursuant to Eurosystem rules, auctions may be used alongside bilateral transactions as a supplementary procedure for specific market segments under the public sector purchase programme (PSPP). Within this framework, the Bundesbank conducts one multi-ISIN auction covering up to 10 securities on the second and fourth Thursday of every month. Advance notice for the auctions is issued on the Friday prior to the relevant auction.

The International Monetary Fund (IMF) approved an extremely large general allocation of special drawing rights (SDRs) to its member states. The new allocation triples the total stock of SDRs to a new level of roughly SDR 660 billion. Germany is set to receive around €30 billion worth of additional SDRs.

Macroprudential tools can usually be distinguished by the legal binding force of intervention that they entail. They can be broken down into "soft" (communication), "medium" (warnings and recommendations) and "hard" (intervention) tools.

Der Zinssatz des GLRG-II orientiert sich an der Nettokreditvergabe der Institute. Eine Übersicht finden Sie hier.

The Deutsche Bundesbank checks on a daily basis the eligibility of all of the securities admitted for trading or traded in Germany against the eligibility criteria and reports eligible securities to the ECB. Every business day (at 18.15), the ECB publishes its list of eligible marketable assets.

The Retail Payment System (RPS) is a payment transaction platform operated by the Deutsche Bundesbank for the cost-effective settlement of non-urgent payments.

Counterfeit banknote detectors range from magnifying glasses to UV lamps to electronic devices with built-in testers. When choosing what device to buy, it is usually advisable to give preference to devices which can check more than one banknote security feature.

Pictures and information on the national sides of the coins in circulation in Luxembourg.

Pictures and information on the national sides of the coins in circulation in Finland.

The Deutsche Bundesbank generally provides to other central banks the same range of services available to cash business partners. Moreover, the Deutsche Bundesbank and the Banco de España provide services to national central banks through the Cash Processing Center (CPC).

Pictures and information on the national sides of the coins in circulation in Estonia.

With the amending directive to the BRRD (Directive (EU) 2017/2399), the creditor hierarchy was harmonised by the EU legislator (the new creditor hierarchy).

Resolution actions available to authorities and the conditions for applying them.

The underlying idea behind a securitisation is to bundle together a pool of assets, repackage them as tradable securities and place them in the capital market. This allows firms to sell their customer exposures, obtain funding from the capital market and invest the proceeds. Banks use securitisation for, amongst other things, refinancing, own funds relief, credit risk mitigation and portfolio management.

Since 2014, the Single Supervisory Mechanism has been responsible for supervising banks in the euro area. The new banking supervision system consists of the European Central Bank and the national competent authorities of the participating countries.

Commission Implementing Regulation (EU) No 680/2014 laying down implementing technical standards with regard to supervisory reporting of institutions was brought into line in 2020 with regard to the liquidity coverage requirement for credit institutions.

Pictures and information on the national sides of the coins in circulation in Portugal.

Here you will find general information about TIPS, for example how the processing of instant payments in TIPS works, what the participation model looks like or how the TIPS accounts are supplied with liquidity.

Geschäftspartner können im Rahmen der vier GLRG‑II insgesamt bis zu 30% ihres am 31. Januar 2016 ausstehenden Bestands anrechenbarer Kredite aufnehmen, abzüglich noch ausstehender, im Rahmen der ersten beiden GLRG im September und Dezember 2014 aufgenommener Kredite.

Der EZB-Rat hat beschlossen, weitere LTRO, genannt PELTRO (Pandemic emergency longer-term refinancing operation) durchzuführen, um die Liquiditätsbedingungen im Euroraum zu unterstützen und einen Beitrag zu leisten, das Funktionieren der Geldmärkte sicher zu stellen.

Die Teilnahme am GLRG-II kann entweder als Einzelinstitut oder in Form einer Bietergruppe erfolgen. Einzelinstitute müssen Zugang zu den geldpolitischen Tenderoperationen haben, bei einer Bietergruppe ist dies nur für das so genannte Leitinstitut erforderlich.

The online version of the student book "Geld und Geldpolitik" (Money and Monetary Policy) provides detailed information on the topics of cash, book money and the banks, the euro and the Eurosystem, the monetary and financial system and European monetary policy.

The certificate is self-signed with the SHA-256 algorithm and is valid for twelve years.

Documents and links

Notes