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2022-11-22

Decision No. 2022-06 of 21 November 2022 amending Decision No. 2022-05 of 6 July 2022 on harmonized conditions for participation in the new generation TARGET system

The Governor of the Bank of France issued Decision No. 2022-06 to amend the harmonized conditions for participation in the new generation TARGET system. This decision modifies Article 36 of Decision No. 2022-05, setting the effective date of these conditions to March 20, 2023, and explicitly extending applicability to French overseas departments and regions, Saint-Barthélemy, Saint-Martin, Saint-Pierre-et-Miquelon, and the Principality of Monaco. The decision entered into force on November 21, 2022, and was published in the Bank of France's official publication register.

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1 Decision No. 2022-06 of 21 November 2022 amending the decision of the Governor of the Bank of France No. 2022-05 of 6 July 2022 on the harmonized conditions for participation in the new generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET)

THE GOVERNOR OF THE BANK OF FRANCE

Having regard to:

  • the Treaty on the Functioning of the European Union, and in particular Article 127(2), first and fourth indents,
  • the Statute of the European System of Central Banks and of the European Central Bank, and in particular Articles 3.1, 17, 18 and 22 thereof,
  • ECB Guideline (EU) 2022/912 of 24 February 2022 on the new generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) and repealing Guideline 2013/47/EU (ECB/2012/27) (ECB/2022/8),
  • ECB Guideline (EU) 2022/2250 of 9 November 2022 amending Guideline (EU) 2022/912 on the new generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) (ECB/2022/8) (ECB/2022/39),
  • the Monetary Agreement between the European Union and the Principality of Monaco of 29 November 2011,
  • the Monetary and Financial Code, and in particular Article L. 142-8 thereof,
  • the decision of the Governor of the Bank of France No. 2022-05 of 6 July 2022 on the harmonized conditions for participation in the new generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET).

HEREBY DECIDES:

Article 1 Modifications

The decision of the Governor of the Bank of France No. 2022-05 of 6 July 2022 on the harmonized conditions for participation in the new generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) is amended as follows:

In Part One, Article 36: a) paragraph 1 is replaced by the following text:

"1. These conditions shall take effect as of 20 March 2023."

2 b) the following paragraph 4 is inserted:

"4. This decision shall apply in the overseas departments and regions, in Saint-Barthélemy, in Saint-Martin, in Saint-Pierre-and-Miquelon, as well as in the Principality of Monaco."

Article 2 Publication and entry into force

  1. This decision shall be published in the Official Publication Register of the Bank of France.
  2. It shall enter into force on 21 November 2022.
  3. This decision shall apply in the overseas departments and regions, in Saint-Barthélemy, in Saint-Martin, in Saint-Pierre-and-Miquelon, as well as in the Principality of Monaco.

Done in Paris, 21 November 2022

The Governor of the Bank of France François VILLEROY de GALHAU

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