Annual Report 2004

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use of SWIFTNet Single Window 9 now also facilitates liquidity management in real time and the secure transmission of data files on top of financial transaction messaging. After the Electronic Banking Communication system EBK 10 had been replaced by SWIFTNet FIN in November 2003, the number of messages processed by the OeNB more than quadrupled. In 2004, AustriaÕs transaction growth rate of 32.4% was the highest worldwide. In terms of total messaging volume, Austria is ranked 18 th in an international comparison. TARGET2 — Austria in Favor of Standardization of Large-Value Payments In 2002, the Governing Council of the ECB laid the foundation for todayÕs integration via an interlinking system of the RTGS systems operated by national central banks in the EU. Compared with the existing TARGET system, the next generation, TARGET2, will offer an extended core service that has been harmonized across Europe as well as a single price structure for national and cross-border payments effected in the entire Eurosystem. Connecting the most important European ancillary systems to TARGET2 via two real-time and four batch-processing models is another milestone in the harmonization and integration of payments in the euro area. In December 2004, the Governing Council of the ECB approved the establishment of a Single Shared Platform (SSP) for TARGET2 on Integration of Payment Services in Europe and Consolidation of Cash Distribution Structures in Austria the basis of the joint offer made by the Deutsche Bundesbank, the Banca dÕItalia and the Banque de France. The OeNB expressed its interest in participating to the ECB as early as August 2003 and notified the ECB in January 2005 of its intent to use the coreserviceoftheSSP.TheOeNB anticipates that TARGET2 will process large-value euro payments in real time more efficiently compared with todayÕs (decentralized) TARGET system. In 2004, the TARGET2 project team focused on the identification of the systemÕs functionality in cooperation with the European financial sector as well as on the technical development of the SSP. The Governing Council adopted the General Functional Specifications (GFS) for TAR- GET2 in July 2004. The User Detailed Functional Specifications (UDFS) are likely to be finalized in April 2005. TARGET2 will offer comprehensive liquidity management functions that allow banks operating in several European countries to better control 9 Unlike in the past, when differing data formats, interfaces, security models and telecommunication networks were used to communicate between different counterparties and market infrastructures, financial market participants today may exchange information via a standardized (uniform) network using a single communication window. 10 Proprietary Austrian system for the transfer of payment orders. Single Shared Platform for TARGET2 Functional TARGET2 specifications Annual Report 2004 × 53
Integration of Payment Services in Europe and Consolidation of Cash Distribution Structures in Austria TARGET2 pricing model OeNB sets up national TARGET2 migration team in cooperation with the banking industry TARGET2 road map their euro liquidity. The new intraday liquidity pooling feature will enable banks based in the euro area to monitor their accounts held with Eurosystem central banks from a single master account. Euro area banks will be able to group individual accounts and pool the available intraday liquidity for the benefit of all members of the group of accounts. This could reduce banksÕ need to have recourse to intraday credit. In addition to the higher level of service, TARGET2 will be based on a state-of-the-art business continuity concept ensuring that in the event of wide-scale regional disruption transactions will be processed via another country. With a view to the transition to TARGET2, the OeNB formed a national migration team (NMT) in May 2004. In close cooperation with Austrian banks, the NMT evaluated TARGET2 functionality and efficient ways of connecting the Austrian financial marketplace to the SSP. Starting from January 2, 2007, TARGET users are scheduled to migrate to TARGET2 in waves at several predefined dates. Each Òmigration windowÓ will consist of a group of national banking communities, includ- Total Value of Euro Banknotes and Coins in Circulation EUR billion 600 500 400 300 200 100 0 2002 Banknotes Coins 2003 2004 Source: ECB. ing the central bank and commercial banks. The current RTGS systems and the SSP will coexist during the migration phase. The individual EU countries will be grouped for migration in a way which minimizes project risk. Two pricing models are likely to apply to TARGET2. Participants will be able to choose between transaction fees only and lower transaction fees plus a periodic fee. The dual pricing scheme should permit recovery of a very large part of the total TARGET2 costs. The fee per transaction will range from EUR 0.25 to EUR 0.80; separate fees will be charged on optional TARGET2 functions, such as the liquidity pooling feature. The OeNBÕs Regional Network Ensures Smooth Cash Supply and Cash Handling At year-end 2004, a total of 9.7 billion euro banknotes (equivalent to EUR 501.3 billion in value terms) and 56.2 billion euro coins (EUR 15.4 billion) were in circulation. This compares with 9 billion euro banknotes (EUR 436.1 billion) and 49 billion euro coins (EUR 14.1 billion) at 54 × Annual Report 2004
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ance with Article 69 paragraph 1 of
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The Annual Report of the OeNB provi
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Annual Report 2004

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