(1)

On 24 February 2022, the Governing Council adopted Guideline (EU) 2022/912 of the European Central Bank (ECB/2022/8) (1), which provides for the start of operations of a new-generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) from 21 November 2022.

(2)

Following the adoption of Guideline (EU) 2022/912 (ECB/2022/8), on 19 April 2022 the Executive Board adopted Decision (EU) 2022/911 of the European Central Bank (ECB/2022/22) (2), to implement changes to the terms and conditions of the European Central Bank’s TARGET2 component system (TARGET2-ECB), and to provide for the repeal of Decision ECB/2007/7 of the European Central Bank (3).

(3)

The Governing Council decided on 20 October 2022 to reschedule the start of operations of TARGET to commence from 20 March 2023 due to the need to allow users more time to complete their testing of the new technical platform in a stable environment, taking into account the systemic nature of TARGET.

(4)

On 9 November 2022, the Governing Council adopted Guideline (EU) 2022/2250 of the European Central Bank (ECB/2022/39) (4), amending Guideline (EU) 2022/912 (ECB/2022/8) to reflect the new date for the start of operations of TARGET.

(5)

It is therefore necessary to implement corresponding adjustments to Decision (EU) 2022/911 (ECB/2022/22), which should apply from 20 March 2023. Decision ECB/2007/7 should continue to apply until that date.

(6)

In order to ensure alignment with the provisions of Guideline (EU) 2022/2250 (ECB/2022/39), this Decision should enter into force without delay and apply from 21 November 2022.

(7)

Therefore, Decision (EU) 2022/911 (ECB/2022/22) should be amended accordingly,

(1)

Article 4 is replaced by the following:

(2)

in Article 5, the second sentence is replaced by the following:

‘It shall apply from 20 March 2023.’;

(3)

in Annex I, Part I, paragraph 1 of Article 35 is replaced by the following: