Financial Wealth Ideas

TARGET. The system was delivered to the test in June 1997 and completed in June 1998, the system TARGET (Trans-automated rapid system of gross settlement in real time - Trans-European Automated Real-Time Gross Settlements Express Transfer - TARGET), through which runs about 25% of all cross-border payments in the EU are directly linked to national clearing systems, RTGS (Real-Time Gross Settlements), and enables payments in real time if there is sufficient cover for the payer's bank account. The main objective of TARGET - reduce the time of payments between financial institutions of the euro zone and the maximum guarantee their safety. The structure of TARGET is a decentralized payment system, with the responsibility of the ECB has remained the most common functions. A single system built from the telecommunications network of a specific EU country with the national system, and through its national lending institutions have access to the TARGET system for euro payments in real time. Real time is supported by all member countries of EMU, and guarantee the possibility of immediate payment in any country in the euro zone. National systems RTGS (ELS / Eil-ZV in Germany, TBF in France, BL-REL in Italy, TOP in the Netherlands and others) have structural differences. For example, a German e-ELS / Eil-ZV Governor of the Central Bank of federal lands and to carry out large payments to the euro and the deutsche mark. The French system TBF is a centralized system, administered by the Bank of France, and includes inter-bank payments, payments under the Central Bank, the local net-settlement system of the gross payments, payments on the debt securities. Great Britain has created its own system of CHAPS, which carried out the calculations in the euro in the country and create conditions for the movement of capital throughout the EU in real time, working in conjunction with the RTGS system in pounds sterling. EBA. The second system was a crucial Euro Banking Association (Euro Banking Association - EBA), which is a Euro-clearing system for net settlement under which the exchange of information took place during the day, a final settlement - at the end of the settlement day. Founded in 1985 in Paris to promote the commercial use of ECUs, it brings together 56 clearing banks from 16 countries. This is a very efficient and cost effective system that meets all the requirements of bilateral and multilateral netting (netting). After it was about a third of all cross-border payments in the EU. Depending on the types of financial transactions, replacing the national currencies of EMU euro during the transitional period 1999-2001. was either tightly bound to time or at the discretion given to the enterprises themselves. From 1 January 1999 at the Euro have been translated: a) The EU budget and the entire accounting system of European institutions; b) EU bonds, ECB, the European Investment Bank with a maturity after 1 January 1999, previously denominated in ECUs, and currency, the euro replaced, and payments on them; c) the new bond or other borrowing member countries of the euro area. Basic principles associated with the transition to a single currency were as follows: