( ii ) operating payment systems

List of payment systems in tables 7 , 8 and 9 TARGET CC Country Name System reference Name PSS Codification Name System reference LVPS ( non TARGET ) Retail payment system

LVPS ( non TARGET ) System 1 LVPS ( non TARGET ) System 1

LVPS ( non TARGET ) System 1 LVPS ( non TARGET ) System 1

Payments processed by selected interbank funds transfer systems number of transactions ( ) Items Non TARGET payment system ( Refer to list of payment systems ) TARGET component LVPS ( 1 ) ( reported separately for each LVPS 1 , 2 ) Retail system ( Reported separately for each retail payment system 1 , 2 , 3 , 4 )

TABLE 9 Payments processed by selected interbank funds transfer systems value of transactions ( ) Items Non TARGET payment system ( Refer to list of payment systems ) TARGET component LVPS ( Reported separately for each LVPS 1 , 2 ) Retail system ( Reported separately for each retail payment system 1 , 2 , 3 , 4 )

Open source Document Management System

Foreign reserve management Teleconference system

TARGET component LVPS Reported separately for each LVPS 1 , 2

Manage your system tasks

Settlement date the date on which a transaction is settled . The settlement might take place on the same day as the trade ( same day settlement ) or one or several days after the trade ( the settlement date is specified as the trade date ( T ) the settlement lag ) .

LVPS ( non TARGET ) System 1

a description of the applicant 's risk management procedures

In order to systems or to participate in such systems .

Establishing a quality management system An additional objective of the zero production run was to substantiate the common quality management system .

Securities settlement system ( SSS ) a system which permits the holding and transfer of securities , either free of payment or against payment ( delivery versus payment ) or against another asset ( delivery versus delivery ) .

( 12 ) It is essential to the function of a payment service provider that it be able to operate within payment systems or to participate in such systems .

S E PA PAY M E N T I N S T R U M E N T S The EPC has defined two new payment schemes the SEPA credit transfer and SEPA direct debit schemes as well as a SEPA card framework .

Quick tenders are executed within a time frame of one hour and are restricted to a limited set of counterparties .

Retail system Reported separately for each retail payment system 1 , 2 , 3 , 4

The system provides a multicurrency service for the synchronous , i.e. payment versus payment ( PvP ) , settlement of payment instructions relating to foreign exchange transactions .

Governance The system 's governance arrangements should be effective , accountable and transparent .

( 12 ) It is essential to the function of a payment service ( 12 ) It is essential to the function of a payment service provider that it be able to operate within payment provider that it be able to operate within payment systems or to participate in such systems .

the gradual introduction of an integrated management system for external borders.

( c ) the gradual introduction of an integrated management system for external borders .

the gradual introduction of an integrated management system for external borders .

Nevertheless , the stock management system helped to prevent any disruption and paved the way for a permanent stock management system after the cash changeover .

It's a system that really ties together all the transportation assets into a single payment system.

TITLE IV MANAGEMENT OF PM ACCOUNTS AND PAYMENT ORDERS Article 12 Opening and management of PM accounts PROCESSING OF

2007O0002 EN 22.11.2010 003.001 29 B TITLE IV MANAGEMENT OF PM ACCOUNTS AND PAYMENT ORDERS Article 12 Opening and management of PM accounts PROCESSING OF

and ( iii ) registered in the NCB 's cash management system ( 1 ) .

Cash withdrawals from a payment account held either by the user 's payment service provider or by another payment service provider , as well as all the operations required for operating a payment account .

Member States shall ensure that a payment institutionate and shall not inhibit access more than is necessary to tion 's access to a payment system shall not be safeguard against specific risks and to protect the financial safety ( a ) restricted on a discriminatory basis , provided that the of the payment system . financial and operational safety of the payment Payment systems may not impose any of the following system is ensured

( 2 ) Cash withdrawals from a payment account held either by the user 's payment service provider or by another payment service provider , as well as all the operations required for operating a payment account .

( ii ) Cash withdrawals from a payment account held either by the user 's payment service provider or by another payment service provider , as well as all the operations required for operating a payment account .

Start date the date on which the first leg of a monetary policy operation is settled . The start date corresponds to the purchase date for operations based on repurchase agreements and foreign exchange swaps .

letters , numbers or symbols , determined by the payment service provider , in accordance with the protocols of the payment and settlement system or messaging system used to effect the transfer .

CONTINUOUS LINKED SETTLEMENT SYSTEM The Continuous Linked Settlement ( CLS ) system settles foreign exchange transactions on a payment versus payment basis , thus eliminating foreign exchange settlement risk to a very large extent .

Payment service is not linked to providing technical infrastructure ( e.g. telecommunication or payment terminals installed at retailers ) or to providing the settlement ( e.g. payment system ) .

This risk may comprise both credit and liquidity risk . Stability and Growth Pact the Stability and Growth Pact is intended to serve as a means of safeguarding sound government finances in Stage Three of Economic and Monetary Union in order to strengthen the conditions for price stability and for strong , sustainable growth conducive to employment creation .

A comprehensive preliminary oversight ECB Annual Report 2005

In addition , it could also become the interface with the Eurosystem collateral management system and thereby facilitate panEuropean liquidity management .

A revised system of internal management and control was put in place following the Commission 's Reform initiative on financial management .

Payment service is not linked to providing technical infrastructure ( e.g. telecommunication or payment terminals installed at retailers ) or to providing the settlement ( e.g. payment system ) .

In order to promote co ordination of the policies of Member States to the full extent needed for the functioning of the internal market , Article 109c of the Treaty lists a set of areas where the Monetary Committee was to contribute to the preparation of the work of the EU Council . At the start of Stage Three of EMU the Monetary Committee was dissolved and the Economic and Financial Committee established .