TARGET2-LIETUVOS BANKAS is a real-time system for settlements in euro. It is part of TARGET2 – Trans-European Automated Real-time Gross settlement Express Transfer system – which is the main European platform for processing large-value payments. TARGET2-LIETUVOS BANKAS was launched in Lithuania on 19 November 2007.
Payments are executed via TARGET2-LIETUVOS BANKAS to implement Eurosystem monetary policy instruments and settle cash transactions between the Bank and Lithuania and credit institutions. The system is also used for executing urgent payment orders of payment service provider customers and for the settlement of the cash leg of securities transactions, concluded in the NASDAQ OMX (Vilnius), and of payment orders executed via CENTROlink.
The Bank of Lithuania is in charge of the operation of TARGET2-LIETUVOS BANKAS: we register, administer and consult TARGET2-LIETUVOS BANKAS participants, provide assistance, coordinate the preparation of these participants for the annual TARGET2 updates, perform necessary system tests, and coordinate the activity of the TARGET2 National User Group.
Comprehensive information about the operation of TARGET2-LIETUVOS BANKAS, requirements for participants, their rights and obligations, system schedule and business continuity measures is provided in the system’s Rules of Operation. The regularly-updated list of TARGET2-LIETUVOS BANKAS participants is provided in the official list of systems and their participants, while all TARGET2 participants are indicated in a list prepared by the Eurosystem, which is available on the ECB website and updated on a quarterly basis.
- Rules for opening and managing a Payments Module (PM) account in TARGET2-LIETUVOS BANKAS
- Rules for opening and managing a special funds account in TARGET2-LIETUVOS BANKAS
Fees for direct participants
TARGET2-LIETUVOS BANKAS fees are agreed with and approved by the ECB Governing Council.
Fees for direct participants
- The monthly fee for processing of payment orders in TARGET2-LIETUVOS BANKAS for direct participants, depending on which option they have chosen, is either:
- EUR 150 per PM account plus a flat fee of EUR 0.80 per transaction (debit entry); or
- EUR 1 875 per PM account plus a fee per transaction (debit entry) determined as follows, based on the volume of transactions (number of processed items) per month:
|1||1||10 000||EUR 0.60|
|2||10 001||25 000||EUR 0.50|
|3||25 001||50 000||EUR 0.40|
|4||50 001||100 000||EUR 0.20|
|5||more than 100 000||-||EUR 0.125|
Liquidity transfers between a participant’s PM account and its sub-accounts are free of charge.
- The monthly fee for multi-addressee access is EUR 80 for each 8-digit BIC address other than the BIC of the direct participant’s account.
- Direct participants who do not wish the BIC of their account to be published in the TARGET2 directory are to pay an additional monthly fee, amounting to EUR 30 per account.
- A direct participant is to pay a monthly fee for each registration of an indirect participant in the TARGET2 directory, amounting to EUR 20.
- Branches of direct and indirect participants, branches of correspondents and addressable BIC holders that are members of the same group are to pay a one-off fee for each registration in the TARGET2 directory of an addressable BIC holder, amounting to EUR 5.
- A correspondent is to pay a monthly fee for each registration of an addressable BIC holder in the TARGET2 directory, amounting to EUR 5.