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THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK,Having regard to the Treaty on the Functioning of the European Union,Having regard to the Rules of Procedure of the Executive Board of the European Central Bank, and in particular Article 5 thereof,Whereas:
(1)The European Central Bank (ECB) is responsible for accepting customers in its TARGET-ECB component system (TARGET-ECB), concluding agreements with those customers, and amending the agreements where necessary, in particular to align them with amendments to the terms and conditions of TARGET-ECB set out in Decision (EU) 2022/911 of the European Central Bank (ECB/2022/22)note.
(2)To ensure effective governance and operational efficiency, it is appropriate for the Executive Board to delegate its decision-making powers concerning amendments to agreements with customers of TARGET-ECB to one Executive Board member and to enable the sub-delegation of such decision-making powers to the senior management level.
(3)For the same reasons, it is also appropriate for the Executive Board to delegate its decision-making powers concerning the termination of agreements with customers of TARGET-ECB to one Executive Board member and to enable the sub-delegation of those decision-making powers to senior management level where such agreements must be immediately terminated without prior notice due to the commencement of insolvency proceedings as referred to in Article 24(1) of Annex I to Decision (EU) 2022/911 (ECB/2022/22) and/or the TARGET participant no longer meets the access criteria laid down in Article 4 of Annex I to that Decision,
HAS ADOPTED THIS DECISION:
Article 1Delegation and sub-delegation of decision-making powers#
1.The Executive Board hereby delegates to the member of the Executive Board responsible for market infrastructure and payments the decision-making powers to approve the termination of, and amendments to, agreements with customers of the TARGET-ECB component system (TARGET-ECB) on behalf of the ECB, in accordance with Article 2.
2.The Executive Board hereby authorises the member of the Executive Board responsible for market infrastructure and payments to sub-delegate the decision-making powers referred to in paragraph 1 to the Director-General, or in their absence the Deputy Director-General, Market Infrastructure and Payments.
Article 2Criteria for decisions related to TARGET-ECB customer agreements#
1.The delegation and sub-delegation of decision-making powers to approve the amendment of agreements with customers of TARGET-ECB shall be limited to amendments thereto that meet any of the following criteria:
(a)they are in line with the provisions of Decision (EU) 2022/911 (ECB/2022/22);
(b)they are of a purely technical nature, including updates to the operational manual, and they do not have a negative financial impact for the ECB.
2.The delegation and sub-delegation of decision-making powers to approve the termination of agreements with customers of TARGET-ECB shall be limited to terminations effected pursuant to Article 24(1) of Annex I to Decision (EU) 2022/911 (ECB/2022/22).
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