AI-assisted research summary: This Decision changes how certain TARGET-ECB account balances and guarantee funds are remunerated, and it applies from 1 December 2024.
| Official Journal of the European Union | EN L series ---|---|--- * * * | 2024/2830 | 5.11.2024 ---|---|--- DECISION (EU) 2024/2830 OF THE EUROPEAN CENTRAL BANK of 29 October 2024 amending Decision (EU) 2022/911 concerning the terms and conditions of TARGET- ECB (ECB/2022/22) (ECB/2024/30) THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK, Having regard to the Treaty on the Functioning of the European Union, and in particular the first and fourth indents of Article 127(2) thereof, Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 3.1 and Articles 17, 22 and 23 thereof, Whereas: (1) | The Governing Council adopted Decision (EU) 2024/1209 of the European Central Bank (ECB/2024/11) (1) on 16 April 2024 as a single legal act containing provisions on the remuneration of non-monetary policy deposits in order to enhance transparency and consistency. Non-monetary policy deposits also encompass certain deposits falling within the scope of Guideline (EU) 2022/912 of the European Central Bank (ECB/2022/8) (2) and Decision (EU) 2022/911 of the European Central Bank (ECB/2022/22) (3). ---|--- (2) | On 30 July 2024, the Governing Council adopted Guideline (EU) 2024/2616 of the European Central Bank (ECB/2024/20) (4), which amends Guideline (EU) 2022/912 (ECB/2022/8) by, inter alia, replacing certain provisions on remuneration set out in that Guideline with references to the relevant provisions of Decision (EU) 2024/1209 (ECB/2024/11). ---|--- (3) | Consequently, certain provisions on remuneration set out in Decision (EU) 2022/911 (ECB/2022/22) should also be replaced by references to the relevant provisions of Decision (EU) 2024/1209 (ECB/2024/11). ---|--- (4) | Given that Decision (EU) 2024/1209 (ECB/2024/11) and Guideline (EU) 2024/2616 (ECB/2024/20) will apply from 1 December 2024, the provisions of this Decision should apply from the same date, to ensure legal certainty. ---|--- (5) | Therefore, Decision (EU) 2022/911 (ECB/2022/22) should be amended accordingly, ---|--- HAS ADOPTED THIS DECISION: Article 1 Amendment Article 12 of Annex I to Decision (EU) 2022/911 (ECB/2022/22) is replaced by the following: ‘Article 12 Remuneration of Accounts 1\. MCAs, DCAs and sub-accounts shall be remunerated at the rate set out in Article 2(3), point (b), of Decision (EU) 2024/1209 of the European Central Bank (ECB/2024/11) (*1). 2\. Overnight balances held on a TIPS AS technical account or on an RTGS AS technical account for AS settlement procedure D, and guarantee funds held by EEA financial market infrastructures, including those held on an AS guarantee fund account, shall be remunerated at the rate set out in Article 2(3), point (c), of Decision (EU) 2024/1209 (ECB/2024/11). Article 2 Entry into force 1\. This Decision shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. 2\. It shall apply from 1 December 2024. Done at Frankfurt am Main, 29 October 2024. The President of the ECB Christine LAGARDE * * * (1) Decision (EU) 2024/1209 of the European Central Bank of 16 April 2024 on the remuneration of non-monetary policy deposits held with national central banks and the European Central Bank (ECB/2024/11) (OJ L, 2024/1209, 3.5.2024, ELI: http://data.europa.eu/eli/dec/2024/1209/oj). (2) Guideline (EU) 2022/912 of the European Central Bank of 24 Februay 2022 on a new-generation Trans-European Automated Real-time Gross Settlement Expess Transfer system (TARGET) and repealing Guideline ECB/2012/27 (ECB/2022/8) (OJ L 163, 17.6.2022, p. 84, ELI: http://data.europa.eu/eli/guideline/2022/912/oj). (3) Decision (EU) 2022/911 of the European Central Bank of 19 April 2022 concerning the terms and conditions of TARGET-ECB and repealing Decision ECB/2007/7 (ECB/2022/22) (OJ L 163, 17.6.2022, p. 1, ELI: http://data.europa.eu/eli/dec/2022/911/oj). (4) Guideline (EU) 2024/2616 of the European Central Bank of 30 July 2024 amending Guideline (EU) 2022/912 on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET) (ECB/2022/8) (ECB/2024/20) (OJ L, 2024/2616, 4.10.2024, ELI: http://data.europa.eu/eli/guideline/2024/2616/oj). * * * ELI: http://data.europa.eu/eli/dec/2024/2830/oj ISSN 1977-0677 (electronic edition) * * *