Regulatory Alerts2008-01-25
Circular 1/2008 of the Bank of Spain on the compensation system for TARGET system malfunction and repeal of SLBE circulars
The Bank of Spain issues this circular to repeal regulations governing the extinct Settlement Service of the Bank of Spain (SLBE) and to adapt the TARGET compensation system rules in light of the transition to TARGET2. It establishes new definitions for TARGET malfunction and modifies claim submission procedures and ECB evaluation timelines to align with ECB Guideline ECB/2007/2. The document also repeals ten previous SLBE circulars effective February 18, 2008, while maintaining the old compensation system for malfunctions occurring between the circular's publication and that date.
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