Decision No. 2026-06 of 15 June 2026 amending Decision No. 2022-05 of 6 July 2022 on the harmonised conditions for participation in the new generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET)

Decision No. 2026-06 of 15 June 2026 amending Decision No. 2022-05 of 6 July 2022 on the harmonised 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) 2023/2415 of 7 September 2023 amending Guideline (EU) 2022/912 on the new generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) (ECB/2022/8) (ECB/2023/22), ECB Guideline (EU) 2024/2616 of 30 July 2024 amending Guideline (EU) 2022/912 on the new generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) (ECB/2022/8) (ECB/2024/20), ECB Guideline (EU) 2025/28 of 31 July 2025 amending Guideline (EU) 2022/912 on the new generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) (ECB/2022/8), and ECB Guideline (EU) 2026/11 of 4 May 2026 amending Guideline (EU) 2022/912 on the new generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) (ECB/2022/8),
• 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,
• Decision No. 2022-05 of 6 July 2022 of the Governor of the Bank of France on the harmonised conditions for participation in the new generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET), as amended.

DECIDES

Article 1
Modifications

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

1. In Part One:
   a) in Article 4, paragraph 1 is replaced by the following text:
   "1. The following categories of entities meet the criteria to become participants in TARGET-Banque de France:
   a) credit institutions established in the Union or the EEA, including when they act through a branch established in the Union or the EEA; b) credit institutions established outside the EEA, provided that they act through a branch established in the Union or the EEA; c) NCBs of Member States and the ECB; provided that the entities referred to in points (a) and (b) are not subject to restrictive measures adopted by the Council of the European Union or by a Member State under Article 65(1)(b), Article 75 or Article 215 of the Treaty, the implementation of which would have the effect of suspending or imposing limitations on transfers or payments made to or by an entity that would be similar to the suspensions or limitations imposed in the context of insolvency proceedings."

   b) in Article 15, paragraph 2 is replaced by the following text:
   "2. The participant may choose to receive a notification in the event of a breach of the floor or the ceiling. Furthermore, for MCAs, RTGS DCAs or TIPS DCAs, the participant may choose that the breach triggers a rule-based liquidity transfer order."

   c) in Article 27, paragraph 2, point (b) is replaced by the following text:
   "b) any other case of default or event referred to in Article 25(2) that has led to the termination or suspension of the participant's participation, notwithstanding the opening of insolvency proceedings against a participant and notwithstanding any assignment, judicial seizure or other measure affecting the participant's rights or relating to those rights,"

2. In Part Two:
   a) in Article 6, paragraph 4 is replaced by the following text:
   "4. An MCA holder may authorise its MCA to be debited in the event of a breach of a floor in one or more specified RTGS DCAs, TIPS DCAs or MCAs located within the same liquidity transfer group in TARGET-Banque de France or another TARGET component system. By authorising the debit of its account, the MCA holder instructs the Bank of France to execute a rule-based liquidity transfer order that credits the RTGS DCA(s), TIPS DCA(s) or MCA(s) each time the floor is breached."

   b) Article 11 is replaced by the following text:
   "Article 11
   Eligible Collateral for Credit
   Intraday credit and access to the credit facility of central counterparties are based on eligible collateral. Eligible collateral consists of the same assets as those eligible for Eurosystem monetary policy operations and is subject to the same valuation and risk control rules as those provided for in Decision No. 2015-01 of 22 April 2015 on the implementation of the Bank of France's monetary policy and overnight credit."

3. In Part Five, the following Article 7a is inserted:
   "Article 7a
   Rule-based Liquidity Transfer Orders

   1. A TIPS DCA holder may set a floor or a ceiling for its TIPS DCA.
   2. Due to the setting of a ceiling and the choice of a rule-based liquidity transfer order, if the ceiling is breached following the settlement of an instant payment order, a positive response to a recall request, or a liquidity transfer order, the TIPS DCA holder instructs the Bank of France to execute a rule-based liquidity transfer order, which credits an MCA designated by the holder of that TIPS DCA. The credited MCA may belong to another participant of TARGET-Banque de France or another system component of TARGET.
   3. Due to the setting of a floor and the choice of a rule-based liquidity transfer order, if the floor is breached following the settlement of an instant payment order, a positive response to a recall request or a liquidity transfer order, a rule-based liquidity transfer order is issued, which debits an MCA authorised by the MCA holder. The debited MCA may belong to another participant of TARGET-Banque de France or may be part of another system component of TARGET. The holder of the debited MCA must authorise the debit of its MCA in this manner."

4. In Part Seven, Article 12, paragraph 1, is replaced by the following text:
   "1. TIPS technical account holders of an SE may use the broadcast message function offered by TIPS, which allows a holder of a TIPS DCA or a holder of a TIPS technical account of an SE to send a message to all other holders of a TIPS DCA and holders of TIPS technical accounts of an SE, in order to send broadcast messages in the following categories:
   a) "Immediate start of downtime"; b) "Immediate end of downtime"; c) "Planned downtime"."

5. Annex VI to Decision No. 2022-05 of 6 July 2022 on the harmonised conditions for participation in the new generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) is amended in accordance with Annex I to this Decision;

6. Annex VIII to Decision No. 2022-05 of 6 July 2022 on the harmonised conditions for participation in the new generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) is amended in accordance with Annex II to this Decision.

Article 2
Publication and Entry into Force

1. This Decision is published in the Official Publication Register of the Bank of France.
2. It enters into force on 15 June 2026.
3. This Decision is applicable 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 on
Emmanuel MOULIN

ANNEX I

Annex VI to Decision No. 2022-05 of 6 July 2022 on the harmonised conditions for participation in the new generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) is amended as follows:

1. In Section 3, paragraph 1, the introductory formula is replaced by the following text:
   "1. Until 30 June 2026, RTGS DCA holders choose one of the following two tariff options:"

2. In Section 3, the following paragraph 1a is inserted:
   "1a. From 1 July 2026, RTGS DCA holders choose one of the following two tariff options:
   a) a monthly fee, plus a fixed amount for each payment order (debit entry).
   Monthly fee: 400 EUR
   Amount per payment order: 0.80 EUR

   b) a monthly fee, plus an amount per transaction based on the volume of payment orders (debit entries) and calculated cumulatively, as indicated in the table below. For participants of a billing group, the monthly volume of payment orders (debit entries) for all participants in that group is aggregated. Monthly fee: 5,000 EUR Monthly volume of payment orders:
   Tier From To Amount per payment order (EUR)

   1. 1 10,000 0.60
   2. 10,001 35,000 0.50
   3. 35,001 80,000 0.40
   4. 80,001 135,000 0.20
   5. 135,001 200,000 0.125
   6. 200,001 300,000 0.08
   7. More than 300,000 0.05"

ANNEX II

Annex VIII to Decision No. 2022-05 of 6 July 2022 on the harmonised conditions for participation in the new generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) is amended as follows:

Point 55) is replaced by the following text:
"55) 'rule-based liquidity transfer order': a liquidity transfer order triggered by: a) a balance, on an MCA, or on an RTGS DCA or a TIPS DCA, exceeding a predefined ceiling or floor; or b) insufficient funds available to cover orders queued on an RTGS DCA that are either urgent payment orders, SE transfer orders, or high-priority payment orders;".