Recital 5

(5)Directive 98/26/EC and Directive (EU) 2015/2366 do not grant NB-PSPs automatic access to the Eurosystem’s payment systems that are operated under the fourth indent of Article 3.1 and Articles 17, 18 and 22 of the Statute of the ESCB such as the new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET). TARGET is structured as a multiplicity of payment systems and provides accounts for settlement in euro in central bank money, and therefore plays an essential role in the performance of certain basic Eurosystem tasks, including the promotion of the smooth operation of payment systems. The access criteria and rules for participation in TARGET are set out in Guideline (EU) 2022/912 of the European Central Bank (ECB/2022/8) ⁴ .