General Council one of the decision making bodies of the ECB . It comprises the President and the VicePresident of the ECB and the governors of all EU NCBs .

The reimbursement payments under the scheme shall be calculated so as to reach a result whereby such a receiving participant will be paid at a rate representing the difference from day to day between the main refinancing operations rate and the marginal lending rate on the overdraft caused by the malfunctioning for the period of malfunctioning .

The initial linking has in many cases been succeeded by veritable integration .

M2 B Article 4 Interlinking provisions The provisions of this Article shall apply to the arrangements for crossborder payments effected or to be effected through interlinking .

Kiirti is one example of a layer between citizens with complaints, civil society organizations.

Margin call a procedure related to the application of variation margins , implying that if the value , as regularly measured , of the underlying assets falls below a certain level , the central bank requires counterparties to supply additional assets ( or cash ) .

Maximum bid limit the limit on the largest acceptable bid from an individual counterparty in a tender operation . The Eurosystem may impose maximum bid limits in order to avoid disproportionately large bids from individual counterparties .

Marginal swap point quotation the swap point quotation at which the total tender allotment is exhausted .

Maintenance period the period over which compliance with reserve requirements is calculated . The ECB publishes a calendar of the reserve maintenance periods at least three months before the start of each year .

Article 4 Arrangements for cross border payments effected via interlinking The provisions of this Article shall apply to the arrangements for crossborder payments effected or to be effected via interlinking .

Maturity date the date on which a monetary policy operation expires . In the case of a repurchase agreement or swap , the maturity date corresponds to the repurchase date .

Lump sum allowance a fixed amount which an institution may deduct in the calculation of its reserve requirement within the minimum reserve framework of the Eurosystem . M1 , M2 , M3 see monetary aggregates .

Target is composed of the national RTGS systems , the ECB payment mechanism and interlinking .'

The Single Market and especially the introduction of the euro have inevitably led to a linking of the systems .

It is a decentralised system consisting of national RTGS systems , the ECB payment mechanism ( EPM ) and the interlinking mechanism .

The atrium serves as the communication hub with interconnecting platforms and communal areas .

Target is composed of the national RTGS systems , the ECB payment mechanism and interlinking .

Already have been episodes which highlight the high levels of inter linkage between EU stock markets .

Target is composed of the national RTGS systems , the ECB payment mechanism and interlinking .

RTGS systems may connect to Target via interlinking or through a bilateral link .

TARGET is composed of the national RTGS systems , the ECB payment mechanism and interlinking .

RTGS systems may connect to TARGET via interlinking or through a bilateral link .

Such an agreement is similar to collateralised borrowing , although it differs in that the seller does not retain ownership of the assets .

The fact that the euro area is becoming more interconnected than ever before is changing our views on Economic and Monetary Union .

It is a decentralised system consisting of 15 national RTGS systems , the ECB payment mechanism and the Interlinking mechanism .

In the framework of Economic and Monetary Union ( EMU ) , Parliament has mainly consultative powers .

It is a decentralised system consisting of 15 national RTGS systems , the ECB payment mechanism and the interlinking mechanism .

X.25 also provides X.25 and ITU T specified DTE optional user facilities defined and described in ITU T Recommendation X.7.

It also includes the payment mechanism of the ECB , the EPM , and an interlinking mechanism that enables the processing of cross border payments .

In electronics, tungsten is used as an interconnect material in integrated circuits, between the silicon dioxide dielectric material and the transistors.

The initial design of TARGET was based on the principle of minimum harmonisation and on a decentralised architecture , linking together the different systems that existed at national level .

TA R G E T 2 The current structure of TARGET was decided on in 1994 and was based on the principles of minimum harmonisation and interconnection of existing infrastructures .

Such interlinking components shall comply with the technical provisions and specifications available on the ECB 's website ( www.ecb.int ) and updated from time to time .

( ii ) the ECB payment mechanism shall be closed ( iii ) no settlement may be provided for large value net settlement systems in euro

Each payment passing through interlinking shall have a unique identifier to facilitate message identification and error handling .

The national RTGS systems will be interconnected via the Interlinking mechanism so as to enable same day cross border transfers throughout the euro area .

Each payment passing via interlinking shall have a unique identifier to facilitate message identification and error handling .

Raimundo Antunes Soares (Sorocaba Piedade) SP 91 270 Rodovia Dr. Celso Charuri (interligação entre as rodovias Raposo Tavares e Senador José Ermírio de Morais (Castelinho) SP 97 Rod.

The amalgamation of infrastructures for large value payments and the restructuring of interbank activities have already altered the traditional channels for contagion at the liquid end of the market . Page 7 of 10

Lump sum allowance a fixed amount which a credit institution deducts in the calculation of its reserve requirement within the minimum reserve framework of the Eurosystem . M1 , M2 , M3 see monetary aggregates .

For monetary policy purposes , the rate of growth of potential output may be considered to be the rate of real output growth consistent with price stability in the medium term ( i.e. no tendency for either inflationary or deflationary pressures to appear ) .

The national RTGS systems will be interconnected via the Interlinking mechanism so as to enable same day cross border transfers throughout the euro area .

referred to in the Stability and Growth Pact .

or ( iii ) where one or more access criteria for participation in the relevant national RTGS system are no longer fulfilled . ( b ) C u r r e n c y u n i t All cross border payments to be processed through interlinking shall be in the euro unit .

( g ) Reimbursement payments to the participants shall be made at , or as soon as reasonably practicable after , the time of the communication of the assessment to the participants , and in any event not later than five months after the malfunctioning , unless the Governing Council of the ECB decides otherwise and such decision is communicated to the participants concerned .