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Regulatory text · European Central Bank · Authoritative (T1)

TARGET Guideline: Guideline (EU) 2022/912 (ECB/2022/8), as amended

Current version As amended by Guideline (EU) 2026/1473 (ECB/2026/11) · entry recorded 8 Oct 2026

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Systems it applies to

Publisher: ECB / Eurosystem →

Versions ClearingPost holds (2)

  1. As amended by Guideline (EU) 2026/1473 (ECB/2026/11)effective date not recordedcurrent

    What changed: Guideline (EU) 2026/1473 of 4 May 2026, published in the Official Journal of the European Union (L series) on 1 July 2026, amends the TARGET Guideline. It takes effect on notification to the euro area national central banks, which apply the measures in Annexes I and II from 15 June 2026 and those in Article 1(1) and (2) and Annexes III and IV from 14 November 2026. From 1 July 2026 holders of RTGS dedicated cash accounts (DCAs) choose between a monthly fee of EUR 400 with a fixed fee of EUR 0.80 per payment order and a monthly fee of EUR 5,000 with volume-based transaction fees. The Bank of Finland made corresponding changes to the rules of its TARGET component system (TARGET-Suomen Pankki), in force from 15 June 2026. EUR-Lex gives 15 June 2026 as the date of the current consolidated version of the TARGET Guideline.

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  2. As amended by Guideline (EU) 2025/1889 (ECB/2025/28)effective 6 Oct 2025

    What changed: Guideline (EU) 2025/1889 of 31 July 2025, published in the Official Journal (L series) on 19 September 2025; euro area national central banks apply its measures from 6 October 2025. It allows euro area central banks, at their discretion, to admit non-bank payment service providers established in the Union or the EEA as TARGET participants, with maximum holding amounts and penalties for breaching them, provides for TIPS One-Leg Out (OLO) credit transfer orders, and records that TIPS can operate on a cross-currency basis from 5 October 2025. Superseded as the latest amendment by Guideline (EU) 2026/1473. Earlier amending Guidelines (2024/2616, 2023/2415, 2022/2250) and the original Guideline of 24 February 2022 are not recorded as separate versions.

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