Resolution of 28 May 2026 by the Executive Committee of the Bank of Spain amending the Resolution of 4 July 2022 approving uniform participation conditions for TARGET-Banco de España

III. OTHER PROVISIONS BANK OF SPAIN 12414 Resolution of 28 May 2026, by the Executive Committee of the Bank of Spain, amending the Resolution of 4 July 2022 approving the uniform participation conditions for TARGET-Banco de España.

On 4 July 2022, the Executive Committee of the Bank of Spain approved the resolution by which the uniform participation conditions for TARGET-Banco de España were approved. TARGET-Banco de España is the Spanish payment system integrated into the new generation automated trans-European real-time gross settlement automated transfer system (TARGET). This resolution aims, among other things, to implement the uniform participation conditions for TARGET established in Annex I of Guideline (EU) 2022/912 of the European Central Bank of 24 February 2022 on the new generation automated trans-European real-time gross settlement automated transfer system (TARGET) (ECB/2022/8).

On 4 May 2026, the Governing Council of the European Central Bank approved Guideline ECB/2026/11, which updates the aforementioned Guideline (EU) 2022/912 with effect from 15 June 2026, although some of the modifications will not apply until 14 November 2026. In particular, in addition to introducing some editorial adjustments and changes to certain definitions, Guideline ECB/2026/11 modifies the uniform participation conditions for TARGET so that participants can automate liquidity transfers between their MCA (Main Current Accounts) and their TIPS (Target Instant Payment System) DCA (Designated Current Accounts) when a minimum or maximum limit set by the participant is breached; to update the fees applicable to holders of RTGS (Real-Time Gross Settlement) DCA; to clarify the eligibility of entities subject to restrictive measures adopted by the Council or by an EU Member State with effects analogous to insolvency; and to allow, from 14 November 2026, the use of TIPS to send and receive payments under the One-Leg Out scheme of the European Payments Council (EPC Inst) within the SEPA (Single Euro Payments Area) instant credit transfer scheme.

These changes make it necessary to amend the aforementioned Resolution of 4 July 2022, approving the uniform participation conditions for TARGET-Banco de España, to reflect them in said uniform conditions. Furthermore, these changes have also led to the update of several technical applications, specifically: the one collecting applicable fees; the one establishing technical specifications for the processing of cash transfer orders; the one relating to accounts and liquidity flows between them; and finally, the one relating to the settlement of orders placed regarding MCAs, RTGS DCAs, T2S DCAs, and TIPS DCAs.

Therefore, in compliance with the provisions of Article 2 of the aforementioned Guideline ECB/2026/11; pursuant to the provisions of letters a) and h) of paragraph 1 of Article 23 of Law 13/1994, of 1 June, on the Autonomy of the Bank of Spain, and of letters a) and i) of paragraph 1 of Article 66 of the Internal Regulations of the Bank of Spain; and taking into account the provisions of Article 32 of Part I of the uniform participation conditions for TARGET-Banco de España, approved by resolution of the Executive Committee of the Bank of Spain of 4 July 2022,

The Executive Committee of the Bank of Spain agrees as follows:

First. Modification of the uniform participation conditions for TARGET-Banco de España.

Include the modifications set out below in the current version of the uniform participation conditions for TARGET-Banco de España, which are set out in the Annex to the Resolution of the Executive Committee of the Bank of Spain of 4 July 2022, as amended by Resolutions of 16 November 2022, 31 October 2023, 18 November 2024, and 23 September 2025:

1. Paragraph 1 of Article 4 (Access Conditions) of Part I is amended, which shall read as follows:

"1. The following types of entities may be participants in TARGET-Banco de España upon request: a) credit institutions established in the EU or in the EEA, even when acting through a branch established in the EU or in the EEA; b) credit institutions established outside the EEA, provided they act through a branch established in the EU or in the EEA; c) NCBs (National Central Banks) of EU Member States and the ECB; provided that the entities referred to in letters a) and b) above are not subject to restrictive measures adopted by the Council or by any EU Member State in accordance with Article 65(1)(b), Article 75, or Article 215 of the Treaty on the Functioning of the European Union, the effect of which is to suspend or limit transfers or payments to or from the entity in a manner analogous to suspensions or limitations in insolvency proceedings."

2. Article 5 (Application Procedure) of Part I is amended as follows:

(a) Letters f) and g) of paragraph 1 are amended, which shall read as follows:

"f) if applying for a TIPS DCA, having adhered to the SEPA Instant Credit Transfer scheme and, where applicable, to the OCT Inst scheme, by signing the respective adherence agreements; g) if applying for a TIPS SV (Service Provider) technical account, demonstrating that it has submitted to the European Payments Council a declaration of its intention to be a clearing and settlement mechanism that meets the requirements of SCT Inst and, where applicable, OCT Inst;"

(b) Letters c) and d) of paragraph 2 are amended, which shall read as follows:

"c) if applying for a TIPS DCA, proof of its adherence to the SEPA Instant Credit Transfer scheme and, where applicable, to the OCT Inst scheme, by signing the respective adherence agreements; d) if applying to use the settlement procedure for TIPS SV, proof of having submitted to the European Payments Council a declaration of its intention to be a clearing and settlement mechanism that meets the requirements of SCT Inst and, where applicable, OCT Inst;"

3. Paragraph 2 of Article 15 (Minimum and Maximum Amounts) of Part I is amended, which shall read as follows:

"2. The participant may opt to receive a notification if the minimum or maximum amount is breached. Furthermore, for MCAs, RTGS DCAs, or TIPS DCAs, the participant may opt for such a breach to trigger a liquidity transfer order based on a rule."

4. Letter b) of paragraph 1 of Article 18 (Entry of cash transfer orders into the system and irrevocability) of Part I is amended, which shall read as follows:

"b) immediate payment orders placed with TARGET-Banco de España shall be considered accepted and irrevocable at the moment the corresponding funds are reserved in the participant's TIPS DCA or in their TIPS SV technical account;"

5. Paragraph 4 of Article 6 (Liquidity transfer orders based on a rule) of Part II is amended, which shall read as follows:

"4. The holder of an MCA may authorize a debit to be applied to their MCA if the minimum amount is breached in one or more RTGS DCAs, TIPS DCAs, or MCAs of the same liquidity transfer group of TARGET-Banco de España or of another system integrated into TARGET. By authorizing a debit to be applied to their account, the holder of the MCA gives the Bank of Spain the instruction to execute a liquidity transfer order based on a rule by which a credit is applied to the RTGS DCAs, TIPS DCAs, or MCAs whenever the minimum amount is breached."

6. Paragraph 3 of Article 1 (Opening and management of TIPS DCAs) of Part V is amended, which shall read as follows:

"3. The holder of a TIPS DCA shall inform the Bank of Spain before exercising their option to accept immediate payment orders in accordance with the OCT Inst scheme."

7. Paragraphs 1, 2, and 3 of Article 3 (Accessible Entities) of Part V are amended, which shall read as follows:

"1. Holders of TIPS DCAs may designate one or more accessible entities and shall inform the Bank of Spain if any of them accepts immediate payment orders in accordance with the OCT Inst scheme. Accessible entities must have adhered to the SEPA Instant Credit Transfer scheme and, where applicable, to the OCT Inst scheme by signing the respective adherence agreements. 2. Holders of TIPS DCAs shall provide the Bank of Spain with proof of adherence of any designated accessible entity to the SEPA Instant Credit Transfer scheme and, where applicable, to the OCT Inst scheme. 3. Holders of TIPS DCAs shall inform the Bank of Spain when any designated accessible entity ceases to adhere to the SEPA Instant Credit Transfer scheme or, where applicable, the OCT Inst scheme, and shall promptly take measures to prevent that entity from accessing the TIPS DCA."

8. Letter a bis) of Article 4 (Operations processed through TIPS DCAs) of Part V is deleted.

9. Paragraphs 3 and 5 of Article 6 (Processing of cash transfer orders through TIPS DCAs) of Part V are amended, which shall read as follows:

"3. Once an immediate payment order has been validated in accordance with Article 17 of Part I above, TARGET-Banco de España shall check whether there are sufficient funds in the payer's TIPS DCA to effect settlement, and the following shall apply: a) if there are insufficient funds, the immediate payment order shall be rejected; b) if there are sufficient funds, the corresponding amount shall be reserved while awaiting the beneficiary's response. In the event of the beneficiary's acceptance of an immediate payment order, the order shall be settled and the reservation lifted simultaneously. In the event of the beneficiary's rejection of an immediate payment order, or of no timely response in accordance with the SEPA Instant Credit Transfer scheme or the OCT Inst scheme, the immediate payment order shall be rejected and the reservation lifted simultaneously."

"5. Without prejudice to the provisions of letter b) of paragraph 3 above, the Bank of Spain shall reject an immediate payment order if its amount exceeds the balance of the applicable credit memorandum."

10. A new Article 7 bis is added between Articles 7 (Request for revocation) and 8 (TIPS Directory) of Part V, which shall read as follows:

"Article 7 bis. Part V. Liquidity transfer orders based on a rule.

1. The holder of a TIPS DCA may specify a minimum or maximum amount for their TIPS DCA.

2. By setting a maximum amount and opting for a liquidity transfer order based on a rule, if, after the settlement of an immediate payment order, a positive revocation response, or a liquidity transfer order, the maximum amount is breached, the holder of the TIPS DCA gives the Bank of Spain the instruction to execute a liquidity transfer order based on a rule by which a credit is applied to an MCA designated by the holder of the TIPS DCA. The MCA to which the credit is applied may belong to another participant in TARGET-Banco de España or in another system integrated into TARGET.

3. By setting a minimum amount and opting for a liquidity transfer order based on a rule, if, after the settlement of an immediate payment order, a positive revocation response, or a liquidity transfer order, the minimum amount is breached, a liquidity transfer order based on a rule is initiated by which a debit is applied to an MCA authorized by the holder of the MCA. The MCA to which the debit is applied may belong to another participant in TARGET-Banco de España or in another system integrated into TARGET. The holder of the MCA to which the debit is to be applied must authorize debits to be applied to their MCA in this manner."

4. Paragraph 1 of Article 8 (TIPS Directory) of Part V is amended, which shall read as follows:

"1. The TIPS directory is a list of BICs (Bank Identifier Codes) used for routing information and comprises the BICs of: a) holders of TIPS DCAs and b) accessible entities. The TIPS directory shall include, for each BIC, information on whether the holder of the TIPS DCA or the accessible entity accepts immediate payment orders in accordance with the OCT Inst scheme."

12. Paragraph 4 of Article 10 (Processing of cash transfer orders in the event of suspension or extraordinary termination) of Part V is amended, which shall read as follows:

"4. The Bank of Spain shall process immediate payment orders from the holder of a TIPS DCA whose participation in TARGET-Banco de España has been suspended or terminated in accordance with paragraphs 1 or 2 of Article 25 of Part I above, and with respect to which the Bank of Spain has reserved funds in the TIPS DCA in accordance with letter b) of paragraph 3 of Article 6 of this Part V before the suspension or termination."

13. Paragraphs 1, 5, and 6 of Article 1 (Opening and management of a TIPS SV technical account) of Part VII are amended, which shall read as follows:

"1. At the request of an SV that settles instant payments in its own books in accordance with the SEPA Instant Credit Transfer scheme and, where applicable, the OCT Inst scheme, and, where applicable, near-instant payments, the Bank of Spain may open and manage one or more TIPS SV technical accounts. If holders of TIPS SV technical accounts exercise their option to accept immediate payment orders in accordance with the OCT Inst scheme, they shall inform the Bank of Spain."

"5. The SV may send immediate payment orders and positive revocation responses to any holder of a TIPS DCA or TIPS SV technical account, and may send immediate payment orders in accordance with the OCT Inst scheme to any holder of a TIPS DCA or TIPS SV technical account that has opted to receive them. 6. The SV shall receive and process immediate payment orders, revocation requests, and positive revocation responses from any holder of a TIPS DCA or TIPS SV technical account. If it has informed the Bank of Spain of the exercise of its option in accordance with paragraph 1 above, it shall accept immediate payment orders in accordance with the OCT Inst scheme from any holder of a TIPS DCA or TIPS SV technical account that has opted to send them."

14. Paragraphs 3 and 5 of Article 4 (Processing of cash transfer orders through TIPS SV technical accounts) of Part VII are amended, which shall read as follows:

"3. Once an immediate payment order has been validated in accordance with paragraph 1 of Article 17 of Part I above, the Bank of Spain shall check whether there are sufficient funds in the payer's TIPS SV technical account to effect settlement, and the following shall apply: a) if there are insufficient funds, the immediate payment order shall be rejected; b) if there are sufficient funds, the corresponding amount shall be reserved while awaiting the beneficiary's response. In the event of the beneficiary's acceptance of an immediate payment order, it shall be settled and the reservation lifted simultaneously. In the event of the beneficiary's rejection of an immediate payment order or of no timely response in accordance with the SEPA Instant Credit Transfer scheme or the OCT Inst scheme, the immediate payment order shall be rejected and the reservation lifted simultaneously."

"5. Without prejudice to the provisions of letter b) of paragraph 3 above, the Bank of Spain shall reject an immediate payment order if its amount exceeds the balance of the applicable credit memorandum."

15. Paragraph 2 of Article 5 (Request for revocation) of Part VII is amended, which shall read as follows:

"2. The request for revocation shall be sent to the beneficiary of the settled immediate payment order, who may give a positive or negative response."

16. Article 7 (Accessible entities through a TIPS SV technical account) of Part VII is amended as follows:

(a) Paragraphs 1 and 2 are amended, which shall read as follows:

"1. Holders of TIPS SV technical accounts may designate one or more accessible entities. Accessible entities must have adhered to the SEPA Instant Credit Transfer scheme and, where applicable, to the OCT Inst scheme by signing the respective adherence agreements, and, if they are accessible in TARGET as holders of RTGS DCAs, holders of accessible BICs, or entities referred to in letter a) of paragraph 1 of Article 3 of Part III above that have been authorized to use an RTGS DCA through multiple account access, must have a TIPS DCA or be accessible through a TIPS DCA. 2. Holders of TIPS SV technical accounts shall provide the Bank of Spain with proof of adherence of any designated accessible entity to the SEPA Instant Credit Transfer scheme and, where applicable, to the OCT Inst scheme."

(b) A new paragraph 3 bis is added between paragraphs 3 and 4, which shall read as follows:

"3 bis. Holders of TIPS SV technical accounts shall inform the Bank of Spain when any designated accessible entity ceases to adhere to the OCT Inst scheme."

17. Letter d) of paragraph 1 of Article 8 (Operations processed through TIPS SV technical accounts) of Part VII is deleted.

18. Paragraph 1 of Article 9 (TIPS Directory) of Part VII is amended, which shall read as follows:

"1. The TIPS directory is a list of BICs used for routing information and comprises the BICs of: a) holders of TIPS DCAs and b) accessible entities. The TIPS directory shall include, for each BIC, information on whether the holder of the TIPS DCA or the accessible entity accepts immediate payment orders in accordance with the OCT Inst scheme."

19. Paragraph 4 of Article 11 (Processing of cash transfer orders in the event of suspension or extraordinary termination) of Part VII is amended, which shall read as follows:

"4. The Bank of Spain shall process immediate payment orders from the holder of a TIPS SV technical account whose participation in TARGET-Banco de España has been suspended or terminated in accordance with paragraphs 1 or 2 of Article 25 of Part I above, and with respect to which the Bank of Spain has reserved funds in the TIPS SV technical account in accordance with letter b) of paragraph 3 of Article 4 of this Part VII before the suspension or termination."

20. Paragraph 1 of Article 12 (Announcements) of Part VII is amended, which shall read as follows:

"1. Holders of TIPS SV technical accounts may use the announcement function offered by TIPS, which allows the holder of a TIPS DCA or a TIPS SV technical account to send to all other holders of TIPS DCAs and TIPS SV technical accounts an announcement of the following categories: a) 'Immediate start of interruption' b) 'Immediate end of interruption' or c) 'Planned interruption'."

21. In Annex I (Definitions), the wording of the definitions of the terms 'investment firm' and 'liquidity transfer order based on a rule' is amended, which shall read as follows:

"– 'investment firm': As defined in Article 122 of Law 6/2023, of 17 March, on Securities Markets and Investment Services, excluding the entities referred to in Article 123 of said legal text, and provided that the investment firm in question: a) is authorized and supervised by a recognized competent authority, designated as such in accordance with Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, and b) is authorized to carry out the activities referred to in letters b), c), e), and f) of paragraph 1 of Article 125 of Law 6/2023, of 17 March, on Securities Markets and Investment Services, to the extent applicable to the investment firm;"

"– 'liquidity transfer order based on a rule': The liquidity transfer order that occurs when: a) the balance of an MCA, an RTGS DCA, or a TIPS DCA breaches a predefined minimum or maximum limit, or b) there are insufficient funds to cover pending urgent payment orders, SV transfer orders, or high-priority payment orders in an RTGS DCA;"

22. In Annex I (Definitions), the wording of the definitions of the terms 'ordering entity', 'payment order', 'immediate payment order', 'cash transfer order', and 'near-instant payment' is amended, which shall read as follows:

"– 'ordering entity': The entity designated as such by the holder of a TIPS DCA or the holder of a TIPS SV technical account and authorized to place or receive immediate payment orders or liquidity transfer orders on behalf of that holder or an accessible entity of that holder;"

"– 'payment order': The instruction of a participant, or of an entity acting on its behalf, to make a sum of money available to a recipient from an account by means of an entry in another account, and which is not an SV transfer order, a liquidity transfer order, an immediate payment order, or a positive revocation response; – 'immediate payment order': In accordance with the SEPA Instant Credit Transfer scheme or the OCT Inst scheme, the cash transfer order that can be executed 24 hours a day, every calendar day, with immediate or near-immediate settlement and notification to the payer, and which includes: i. immediate payment orders between TIPS DCAs, ii. immediate payment orders from a TIPS DCA to a TIPS SV technical account, iii. immediate payment orders from a"