The European Central Bank has published in the Official Journal of the European Union on April 22nd, its Decision of March 19th on the establishment of the TARGET2-Securities Programme Board (ECB/2009/6). The T2S Programme Board is established as a streamlined management of the Eurosystem with the task of developing proposals for the Governing Council on key strategic issues and executing tasks of a purely technical nature in relation to T2S.

In line with the Treaty and the Statute of the European System of Central Banks and of the European Central Bank, the Eurosystem aims to offer its T2S Services to central securities depositaries (CSD) in Europe no later than 2013. The T2S services will allow for the pan-European settlement of securities transactions (core, neutral and borderless) on a delivery-versus-payment (DVP) basis in central bank money, on a single technical platform integrated with the real-time gross settlement systems settling in central bank money of each participating currency.

Based on this mandate, the T2S Programme Board ensures that the TARGET2-Securities Programme is implemented in accordance with market expectations, as reflected in the user requirement document (URD) dated May 21st 2008, as amended from time to time, within the budget defined by the Governing Council, and no later than June 2013.

T2S Programme Board Responsibilities and Tasks

In view of meeting its objectives, the T2S Programme Board is responsible for:

• Submitting proposals to the ECB decision-making bodies on T2S issues that are of a strategic nature and might have an impact on the timely and successful implementation of the T2S programme within the agreed parameters.
• Managing the T2S programme on a daily basis.
• Managing the relations with T2S clients and external stakeholders.
• Reporting on the T2S programme to the ECB decision-making bodies on a regular and structured basis.
• Interacting with the 4CB.

Executive tasks are assigned to the T2S Programme Board

• Elaboration of proposals for ultimate decision by the Governing Council
• Programme management
• Relations with external stakeholders
• Reporting

The T2S Programme Board is composed of eight members. The mandate of a T2S Programme Board member lasts for eighteen months and may be renewed. Members of the Governing Council and the Governors of central banks that have committed to settle their national currency via T2S may present candidates for the T2S Programme Board.

The T2S Programme Board will start its work from mid-May 2009.