Section 5 Selected interbank funds transfer systems

Open market operation an operation executed on the initiative of the central bank in the financial markets involving one of the following transactions ( 1 ) buying or selling assets outright ( spot or forward ) ( 2 ) buying or selling assets under a repurchase agreement

1 . Participation in selected interbank funds transfer systems

Payments processed by selected interbank funds transfer systems

Payments processed by selected interbank funds transfer systems Tables 8 and 9 comprise data on transactions submitted to and processed in an interbank funds transfer system .

Section 5 Selected interbank funds transfer systems Interbank funds transfer systems ( IFTSs ) are included , whether managed by a central bank or a private operator .

RTGS ( real time gross settlement ) system a settlement system in which processing and settlement take place on an order by order basis ( without netting ) in real time ( continuously ) .

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Solvency risk the risk of loss owing to the failure ( bankruptcy ) of an issuer of a financial asset or to the insolvency of the counterparty . Standard tender a tender procedure used by the Eurosystem in its regular open market operations .

Strip ( separate trading of interest and principal ) a zero coupon bond created in order to trade separately the claims on particular cash flows of a security and the principal of the same instrument .

The Eurosystem offers two overnight standing facilities the marginal lending facility and the deposit facility . Start date the date on which the first leg of a monetary policy operation is settled .

Standard tender a tender procedure used by the Eurosystem in its regular open market operations . Standard tenders are carried out within a time frame of 24 hours .

Solvency risk the risk of loss owing to the failure ( bankruptcy ) of an issuer of a financial asset or to the insolvency of the counterparty . Standard tender a tender procedure used by the Eurosystem in its regular open market operations .

Settlement is the transfer of funds between the payer and the payee ( and between the payer 's bank and the payee 's bank ) .

Internal rate of return shall mean a rate at which the accounting value of a security is equal to the present value of the future cash flow .

Tables 8 and 9 comprise data on transactions submitted to and processed in an interbank funds transfer system .

Interest rate future shall mean an exchange traded forward contract .

Nevertheless , investors can obtain a daily quotation of the shares and withdraw funds at this price .

The ECB would therefore advise specifying that any funds received can only be used for the sole purpose of electronic transfer of funds from the e money holder to its payees .

( d ) cover payments to request the movement of funds between financial institutions related to an underlying customer credit transfer .

Multi purpose prepaid card a stored value card which can be used for a wide range of purposes and which has the potential to be used on a national or international scale , but which may sometimes be restricted to a certain area . A reloadable multi purpose prepaid card is also known as an electronic purse ( see also electronic money ) .

Insurance corporations and pension funds comprise non monetary financial corporations and quasi corporations principally engaged in financial interme diation as a consequence of the pooling of risks ( ESA 95 , paragraphs 2.60 2.67 ) .

Loans are funds lent by reporting agents to borrowers that are not evidenced by documents or are represented by a single document ( even if it has become negotiable ) .

A securities trade typically results in the delivery of securities ( securities leg ) and the transfer of cash funds ( cash leg ) .

Settlement agent an institution that manages the settlement process ( e.g. the determination of settlement positions , monitoring the exchange of payments , etc .) for transfer systems or other arrangements that require settlement . Settlement risk a general term used to designate the risk that settlement in a transfer system will not take place as expected .

M2 Interbank funds transfer systems ( IFTSs ) are included , whether managed by a central bank or a private operator .

The consistent rise in the price of grain during the 16th century encouraged the transfer of capital from trade to the land.

the accessing and operation of payment systems for the purposes of transferring , clearing and settling funds , including any instruments and procedures relating to the systems .

Variable rate issues include all coupon paying issues where the coupon or principal is periodically re fixed by reference to an independent interest rate or index .

Nevertheless , investors know the daily quotation of the shares and can withdraw funds at this price .

Nevertheless , investors know daily the quotation of the shares and can withdraw funds at this price .

The surge in stock price was fueled mainly by individual investors, as opposed to large institutional investors and mutual funds.

Other equity comprises all transactions in other equity that are not covered by quoted and unquoted shares ( ESA 95 , paragraphs 5.94 5.95 ) .

( c ) the accessing and operation of payment systems for the purposes of transferring , clearing and settling funds , including any instruments and procedures relating to the systems .

investment funds broken down by type of investment equity funds ( 11 ) , bond funds ( 12 ) , mixed funds ( 13 ) , real estate funds ( 14 ) and other funds ( 15 )

Social security funds Social security funds Social security funds

The gold flows relating to these collateralised transactions shall not be recorded in the financial statements and the difference between the spot and forward prices of the transaction shall be treated on an accruals basis .

TARGET ( Trans European Automated Real time Gross settlement Express Transfer system ) the real time gross settlement ( RTGS ) system for the euro .

Reserve ratio the ratio defined by the central bank for each category of eligible balance sheet item included in the reserve base .

Transfer of banknotes

Control transfers.

Official Journal of the European Union TABLE 7 Participation in selected interbank funds transfer systems ( ) Items Non TARGET payment system Refer to list of payment systems

Once the home central bank has been informed by the correspondent central bank that the collateral has been received , it transfers the funds to the counterparty .

Various studies show that in 2001 , the average price of a cross border transfer of EUR 100 in the Union remains higher than EUR 20 .

Nevertheless , investors know the daily quotation of the shares and can withdraw funds at this price .