A retail payment system is a funds transfer system which handles a large volume of payments of relatively low value in such

Open market operation an operation executed on the initiative of the central bank in the financial markets involving one of the following transactions ( 1 ) buying or selling assets outright ( spot or forward ) ( 2 ) buying or selling assets under a repurchase agreement

The mass transfer dominates the evolution of the system.

Quick tenders are executed within a time frame of one hour and are restricted to a limited set of counterparties .

Solvency risk the risk of loss owing to the failure ( bankruptcy ) of an issuer of a financial asset or to the insolvency of the counterparty . Standard tender a tender procedure used by the Eurosystem in its regular open market operations .

Strip ( separate trading of interest and principal ) a zero coupon bond created in order to trade separately the claims on particular cash flows of a security and the principal of the same instrument .

The Eurosystem offers two overnight standing facilities the marginal lending facility and the deposit facility . Start date the date on which the first leg of a monetary policy operation is settled .

Standard tender a tender procedure used by the Eurosystem in its regular open market operations . Standard tenders are carried out within a time frame of 24 hours .

Settlement agent an institution that manages the settlement process ( e.g. the determination of settlement positions , monitoring the exchange of payments , etc .) for transfer systems or other arrangements that require settlement . Settlement risk a general term used to designate the risk that settlement in a transfer system will not take place as expected .

Solvency risk the risk of loss owing to the failure ( bankruptcy ) of an issuer of a financial asset or to the insolvency of the counterparty . Standard tender a tender procedure used by the Eurosystem in its regular open market operations .

Projects will introduce methodologies and organisational decisions , faciUtating to collate and convert the existing credit transfer system into the European credit transfer system (ECTS).

RTGS ( real time gross settlement ) system a settlement system in which processing and settlement take place on an order by order basis ( without netting ) in real time ( continuously ) .

Settlement date the date on which a transaction is settled . The settlement might take place on the same day as the trade ( same day settlement ) or can occur one or several days after the trade ( the settlement date is specified as the trade date ( T ) the settlement lag ) .

The price system was a market based and decentralized system.

Factors affecting throughput The throughput of a communication system will be limited by a huge number of factors.

Settlement date the date on which a transaction is settled . The settlement might take place on the same day as the trade ( same day settlement ) or can occur one or several days after the trade ( the settlement date is specified as the trade date ( T ) the settlement lag ) .

Structural operation an open market operation executed by the Eurosystem mainly in order to adjust the structural liquidity position of the financial sector vis à vis the Eurosystem .

Solvency risk the risk of loss owing to the failure ( bankruptcy ) of an issuer of a financial asset or to the insolvency of the counterparty .

ECB The implementation of monetary policy in the euro area September 2006 ANNEX 2 Standardised deduction the fixed percentage of the amount outstanding of debt securities with an agreed maturity of up to two years ( including money market paper ) which can be deducted from the reserve base by the issuers which cannot present evidence that such outstanding amount is held by other institutions subject to the minimum reserve system of the Eurosystem , by the ECB or by a national central bank .

Securities settlement system a system which permits the transfer of securities either free of charge or against payment . 1

The start date corresponds to the purchase date for operations based on repurchase agreements and foreign exchange swaps . Strip ( separate trading of interest and principal ) a zero coupon bond created in order to trade separately the claims on particular cash flows of a security and the principal of the same instrument .

Start date the date on which the first leg of a monetary policy operation is settled . The start date corresponds to the purchase date for operations based on repurchase agreements and foreign exchange swaps .

Multi purpose prepaid card a stored value card which can be used for a wide range of purposes and which has the potential to be used on a national or international scale , but which may sometimes be restricted to a certain area . A reloadable multi purpose prepaid card is also known as an electronic purse ( see also electronic money ) .

Development of infra and inter university credit transfer system compatible with the ECTS.

Pricing scheme and various ways of participation in TARGET2

In order to promote co ordination of the policies of Member States to the full extent needed for the functioning of the internal market , Article 109c of the Treaty lists a set of areas where the Monetary Committee was to contribute to the preparation of the work of the EU Council . At the start of Stage Three of EMU the Monetary Committee was dissolved and the Economic and Financial Committee established .

Payments processed by selected interbank funds transfer systems Tables 8 and 9 comprise data on transactions submitted to and processed in an interbank funds transfer system .

Price gains and losses due to the transfer of assets from the NCBs to the ECB shall be considered as realised .

Operation and supervision of payment systems payment systems are a means to transfer money within the banking system .

TARGET ( Trans European Automated Real time Gross settlement Express Transfer system ) the real time gross settlement ( RTGS ) system for the euro .

Reserve ratio the ratio defined by the central bank for each category of eligible balance sheet item included in the reserve base .

Tables 8 and 9 comprise data on transactions submitted to and processed in an interbank funds transfer system .

Further details of the TARGET2 pricing scheme will be defined in 2005 .

Repurchase operation ( repo ) a liquidity providing reverse transaction based on a repurchase agreement .

Engineering experiments included propellant transfer system tests with implications for future operation of the freight carrying Progress spacecraft.

Settlement date the date on which a transaction is settled . The settlement might take place on the same day as the trade ( same day settlement ) or one or several days after the trade ( the settlement date is specified as the trade date ( T ) the settlement lag ) .

The Eurosystem offers two overnight standing facilities the marginal lending facility and the deposit facility .

Monetary Committee a consultative Community body which was composed of two representatives from each Member State in a personal capacity ( normally one from the government and one from the central bank ) and two representatives of the European Commission . It was created in 1958 on the basis of Article 105 of the EEC Treaty .

As a process variable, heat is a characteristic of a process, not a property of the system it is not contained within the boundary of the system.

Securities settlement system ( SSS ) a system which permits the holding and transfer of securities or other financial assets , either free of payment ( FOP ) or against payment ( delivery versus payment ) .

The Eurosystem offers two overnight standing facilities the marginal lending facility and the deposit facility . Structural operation an open market operation executed by the Eurosystem mainly in order to adjust the structural liquidity position of the financial sector vis à vis the Eurosystem .

The envisaged pricing scheme for the core service aims to meet two main objectives .

Transfer of banknotes

Control transfers.

Treaty the Treaty establishing the European Community ( or EC Treaty ) .