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Terms and conditions

Terms and conditions for the opening and operation of a PM account in TARGET2-Bundesbank

valid from 13.11.2017

From a legal perspective, TARGET2 consists of a number of TARGET2 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 a PM account” are, however, a literal copy of the “Harmonised conditions for the opening and operation of a PM account in TARGET2”, which were adopted within the framework of the TARGET2 Guideline. The Bundesbank simply made the necessary editorial changes (such as inserting the terms “Bundesbank” and “TARGET2-Bundesbank”, for example) and deleted a minimal amount of provisions which were not relevant to TARGET2-Bundesbank.

Terms and conditions for the opening and operation of a PM account in TARGET2-Bundesbank

valid from 30.11.2018

Special terms and conditions for the opening and operation of a PM account in TARGET2-Bundesbank using internet-based access

valid from 13.11.2017

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.

Special terms and conditions for the opening and operation of a PM account in TARGET2-Bundesbank using internet-based access

valid from 30.11.2018

Terms and conditions for the opening and operation of a T2S dedicated cash account in TARGET2-Bundesbank

valid from 13.11.2017

From a legal perspective, the DCAs in TARGET2-Securities belong to TARGET2. The TARGET2 Guideline thus also regulates the “Harmonised conditions for the opening and operation of a dedicated cash account in TARGET2”. Here, too, the ECB wanted to standardise the legal requirements as far as possible. The “Terms and conditions for a DCA” are a literal copy of the harmonised conditions. Beside the necessary editorial changes, solely a minimal amount of provisions which were not relevant to TARGET2-Bundesbank were deleted.

Terms and conditions for the opening and operation of a T2S dedicated cash account in TARGET2-Bundesbank

valid from 30.11.2018

Terms and conditions for the opening and operation of a TIPS dedicated cash account in TARGET2-Bundesbank

valid from 30.11.2018

Terms and Conditions for Auto-Collateralisation Operations

The following "Terms and Conditions for Auto-Collateralisation Operations" contain the legal requirements for the usage of the TARGET2-Securities "Auto-Collateralisation" feature.

Terms and Conditions for Auto-Collateralisation Operations

valid from 30.11.2018

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