From a legal perspective, the DCAs in TIPS belong to TARGET. For this reason, the terms and conditions for TIPS are part of the “Terms and conditions for participation in TARGET-Bundesbank”.

The Eurosystem’s approach, which attempts to harmonise the legal requirements as far as possible, is followed. Therefore, the TARGET-Bundesbank terms and conditions are a literal copy of the “Harmonised conditions for participation in TARGET”, which were adopted within the framework of the TARGET Guideline. The Bundesbank simply made the necessary editorial changes and deleted a minimal number of provisions which were not relevant to TARGET-Bundesbank.