PRESS RELEASE

Information Guide for credit institutions using TARGET

9 July 2003

The European Central Bank (ECB) is today publishing a new edition of the "Information Guide for credit institutions using TARGET". This publication provides a standard set of information on TARGET functionality and answers the most frequently asked questions about TARGET. Its aim is to enable credit institutions to make the most efficient use of the TARGET system.

This edition of the Information Guide includes some significant changes compared with the previous edition. These present new information and incorporate information which has been available to TARGET participants separately.

The first major change is a section on the new TARGET Compensation Scheme, which came into force on 1 July and replaces the former reimbursement scheme. The Information Guide gives an overview of the new scheme and information on the procedures for TARGET participants to follow if they wish to make a claim following a malfunction in TARGET.

Another major change is the inclusion of the "Recommendations for CLS payments in euro", which were previously available separately. The explanatory memo on these recommendations has also been included as an annex to the Information Guide.

The final major change is the inclusion of a section on the European System of Central Banks' incident management procedures, which is intended to enable TARGET participants to better plan their own actions in the event of a TARGET malfunction.

The Information Guide has also been updated to take into account changes made in TARGET since the last edition was published, such as changes to the TARGET operating calendar.

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