Instruction No. 6/2023

Bank of Portugal amends Instruction No. 3/2015 to align with the TARGET system consolidation implemented on March 20, 2023, replacing references to TARGET2 with TARGET and TARGET2-PT with TARGET-PT. Counterparties must open specific accounts in the Central Liquidity Management (CLM) system for permanent deposit and liquidity lending facilities, replacing the previous segregated access module. The amendment updates eligibility criteria, operational requirements, and sanction provisions to reflect the new TARGET framework and ECB Guidance 2022/8.

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Instruction No. 6/2023
Official Gazette No. 2/2023, 2nd Supplement • 2023/03/01
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Topics
Markets :: Money Markets
Mod. 99999940/T – 01/14

Index
Text of the Instruction
Text of the Instruction
Subject: Amendment to Instruction No. 3/2015

On March 20, 2023, the consolidation of the TARGET services will be implemented through Instruction No. 16/2022, which will impact counterparties' access to permanent facilities: the Standing Facilities Module (in which access to the two types of permanent facilities cannot be segregated) will cease to exist, and counterparties will have to request the opening of specific accounts in the CLM (Central Liquidity Management) for the settlement of permanent facilities, one for the deposit facility and another for the liquidity lending facility.

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Lineage: In force

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Source: Banco de Portugal — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works