Legal documentation

Please find DNB's legal documentation on TARGET-NL below. For more information about the legal basis, see the ECB's website(Refers to an external site)(Refers to an external site)

The Conditions for TARGET-NL are based on Guideline (EU) 2022/912 of the European Central Bank of 24 February 2022 on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET) published on European Central Bank - EUR-Lex (europa.eu)(Refers to an external site)

TARGET-NL has been designated as a system under the Settlement Finality Directive. Cash transfers are settled irrevocably.

• List of designated authorities, payment systems and securities settlement systems (europa.eu)(Refers to an external site)

TARGET provides the following accounts for settlement in euro in central bank money,

(a) Main cash accounts (MCAs) for the settlement of central bank operations;

(b) Real-time gross settlement dedicated cash accounts (RTGS DCAs) for large-value real-time gross settlement of payments and sub-accounts if required for ancillary system (AS) settlement;

(c) TARGET2-Securities dedicated cash accounts (T2S DCAs) for cash payments in relation to securities settlement;

(d) TARGET instant payment settlement dedicated cash accounts (TIPS DCAs) for the settlement of instant payments; and

(e) the following accounts for AS settlement: (i) RTGS AS technical accounts, (ii) AS guarantee fund accounts, and (iii) TIPS AS technical accounts.

Institutions who fulfil the access criteria and would like to open certain accounts need to take the below actions:

Send a duly signed letter to:

• De Nederlandsche Bank N.V.

Head of Department Payments & Collateral Services
P.O. Box 98
1000 AB Amsterdam

• Sign the Declaration of Agreement with the General Terms and Conditions of DNB, the Conditions for TARGET-NL and Monetary Policy Transactions Conditions, also deed of pledge
• Sign the Credit Agreement (Conditional in case of credit provision)
• Provide a Capacity Opinion as referred to in appendix III of the Conditions for TARGET-NL.
• If applicable: Provide a Country Opinion as referred to in appendix III of the Conditions for TARGET-NL.

Contact via de TARGET-NL National Service Desk:

• E: targetservices@dnb.nl
• T: +31 20 524 3564