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Article 3 - Accounts in central bank operated payment systems and non-offering of safeguarding accounts

Article 3
Accounts in central bank operated payment systems and non-offering of safeguarding accounts

1.Eurosystem central banks shall not offer or provide safeguarding accounts to NB-PSPs or to crypto-asset service providers.

2.Eurosystem central banks shall not open accounts other than accounts in central bank operated payment systems for NB-PSPs that are eligible to participate in such central bank operated payment systems.

3.TARGET accounts offered for the purposes of real-time gross settlement ancillary system settlement procedure D as referred to in Annex I, Part VI, Article 6, to Guideline (EU) 2022/912 (ECB/2022/8) (hereinafter ‘RTGS AS settlement procedure D’) and TARGET accounts offered for the purposes of TARGET instant payment settlement (TIPS) ancillary system (TIPS AS) settlement procedures under Annex I, Part VII, to that Guideline (hereinafter ‘TIPS AS settlement procedures’) shall not be considered safeguarding accounts for the purposes of paragraph 1.

4.The Eurosystem central banks shall, no later than►M131 March 2026◄, terminate access for NB-PSPs registered as addressable business identifier code (BIC) holders or reachable parties on the Eurosystem central banks’ own account in TARGET.

5.Subject to Article 2(4), the Eurosystem central banks shall provide access, direct or otherwise, for NB-PSPs to central bank operated payment systems excluding TARGET on the same basis as such access is offered for other eligible participants.

6.The remuneration of holdings on all accounts held by NB-PSPs in each payment system operated by a Eurosystem central bank shall be in accordance with Decision (EU) 2024/1209 of the European Central Bank (ECB/2024/11) 4.

  1. 4 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). ↩
Official text · consolidated version 11/06/2025 (in force) Open full page ↗
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