Terms and conditions TARGET Instant Payment Settlement

From a legal perspective, the DCAs in TIPS belong to TARGET2. The TARGET2 Guideline thus regulates the “Harmonised conditions for the opening and operation of a TIPS dedicated cash account in TARGET2”. The Eurosystem’s approach, which attempts to harmonise the legal requirements as far as possible, is followed. Therefore, the DCA terms and conditions, just like the PM account terms and conditions, are a literal copy of the “Harmonised conditions”. The Bundesbank simply made the necessary editorial changes and deleted a minimal number of provisions which were not relevant to TARGET2-Bundesbank.