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.

The Deutsche Bundesbank has presented a balanced result for the year 2021. As in the previous year, the Bank is not transferring any profit to the Federal budget. Explaining this decision, Bundesbank President Joachim Nagel said it was necessary to further increase the risk provisions on account of the emergency monetary policy measures taken to counter the impact of the pandemic

The September 2020 edition of the Monthly Report analyses the impact of monetary policy on the euro exchange rate and investigates global financial interconnectedness as well as spillover effects between the G20 countries. In addition, it discusses the performance of German credit institutions in 2019.