Legal Framework

Terms and conditions

From a legal perspective, TARGET consists of a number of TARGET component systems. Based on the Eurosystem’s approach, and in an attempt to standardise the legal requirements for participation as far as possible, the “Terms and conditions for participation in TARGET-Bundesbank” are, however, a literal copy of the “Harmonised conditions for participation in TARGET-Bundesbank”, which were adopted within the framework of the TARGET Guideline. The Bundesbank simply made the necessary editorial changes (such as inserting the terms “Bundesbank” and “TARGET-Bundesbank”, for example) and deleted a minimal amount of provisions which were not relevant to TARGET-Bundesbank.