<P> The availability and cost of liquidity are two crucial issues for the smooth processing of payments in RTGS systems . In TARGET2, liquidity can be managed very flexibly and is available at low cost since fully remunerated minimum reserves--which credit institutions are required to hold with their central bank--can be used in full for settlement purposes during the day . The averaging provisions applied to minimum reserves allow banks to be flexible in their end - of - day liquidity management . The overnight lending and deposit facilities also allow for continuous liquidity management decisions . The Eurosystem provides intraday credit . This credit must be fully collateralised and no interest is charged . However, all Eurosystem credit must be fully collateralised, i.e. secured by other assets . The range of eligible collateral is very wide . Assets eligible for monetary policy purposes are also eligible for intraday credit . Under Eurosystem rules, credit can only be granted by the national central bank of the Member State where the participant is established . Banks' treasury managers have a keen interest in the use of automated processes for the optimisation of payment and liquidity management . They need tools that will allow them to track activity across accounts and, where possible, make accurate intraday and overnight funding decisions from a single location--e.g. their head office. TARGET2 users have, via the Information and Control Module, access to comprehensive online information and easy - to - use liquidity management features that meet their business needs . </P> <P> TARGET2 has a range of features allowing efficient liquidity management, including payment priorities, timed transactions, liquidity reservation facilities, limits, liquidity pooling and optimisation procedures . </P> <P> The access criteria for TARGET2 aim to allow broad levels of participation by institutions involved in clearing and settlement activities . Supervision by a competent authority ensures the soundness of such institutions . Supervised credit institutions established within the European Economic Area are the primary participants . Supervised investment firms, clearing and settlement organisations which are subject to oversight and government treasuries can also be admitted as participants . </P> <P> There are two pricing schemes: </P>

Trans-european automated real-time gross settlement express transfer calendar