The update directly concerns TARGET, a core European real-time gross settlement infrastructure system, including amendments to settlement rules, liquidity management, and fee structures for RTGS and TIPS dedicated cash accounts.
The rule-based liquidity transfers and instant payment settlement functionality have secondary relevance to cross-border payment flows, though the update is primarily infrastructure-focused.
Specialism
The update concerns operational changes to TARGET settlement infrastructure including liquidity transfer rules and fee structures, which relates to payment system operations but lacks clear regulatory compliance or supervisory oversight elements.
Low confidence — requires human review. The directive updates settlement mechanics and pricing but does not clearly establish new reporting obligations or supervisory frameworks typical of core regulatory categories.
Keywords
news central bank malta
2026-06-16 08:01:16·tojuri@vixio.com
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TITLE: Malta's Central Bank Updates Directive on Trans-European Automated Real-Time Gross Settlement Express Transfer System
BODY:
On June 15, 2026, the Central Bank of Malta published an updated version of Directive No. 6 on the New Generation Trans-European Automated Real-Time Gross Settlement Express Transfer System (TARGET). The update implements amendments introduced by Guideline ECB/2026/11, which the Governing Council of the European Central Bank adopted on May 4, 2026.
The directive introduces rule-based liquidity transfers for TARGET Instant Payment Settlement Dedicated Cash Accounts (TIPS DCAs), modelled on the existing facility for Real-Time Gross Settlement Dedicated Cash Accounts (RTGS DCAs). Under the amendments, participants using TIPS DCAs may now opt for a breach of floor or ceiling amounts to trigger a rule-based liquidity transfer order, aligning the functionality with existing options available for Main Cash Accounts (MCAs) and RTGS DCAs. The update also revises the fee structure for RTGS DCA holders, reflecting the revised T2/RTGS pricing policy approved by the Governing Council on April 28, 2026.
The amendments related to rule-based liquidity transfers entered into force on June 15, 2026. The revised fee structure for RTGS DCA holders, as outlined in Annex I, Appendix VI of the updated Directive No. 6, takes effect on July 1, 2026. These changes apply to all participants in the TARGET system operating within Malta's jurisdiction and affect payment service providers and financial institutions utilising the system's settlement infrastructure.
News - Central Bank of Malta Main Menu About Us Monetary Policy Financial Stability Payments Market Operations Currency Statistics Economics Regulatory Compliance Home News News - News Releases 2026 15/06/2026 08:30:00 Central Bank of Malta updates Directive No. 6 The Central Bank of Malta has today published an updated version of Directive No. 6 on New Generation Trans-European Automated Real-Time Gross Settlement Express Transfer System (TARGET) , implementing a number of amendments introduced by Guideline ECB/2026/11, which the Governing Council of the European Central Bank adopted on 4 May 2026. These amendments include, inter alia : The introduction of rule-based liquidity transfers for TIPS DCAs (TARGET Instant Payment Settlement Dedicated Cash Account), modelled on the existing facility for RTGS DCAs (Real-Time Gross Settlement Dedicated Cash Account). This entails, where necessary, the insertion of references to TIPS DCAs, including in the definition of rule-based liquidity transfer order. For TIPS DCAs, participants may now, as is already the case for MCAs (Main Cash Accounts) and RTGS DCAs, opt for a breach of the floor or ceiling amounts to trigger a rule-based liquidity transfer order. The revision of the fee structure for RTGS DCA holders. On 28 April 2026, the Governing Council approved a revised T2/RTGS pricing policy. This revised pricing policy was subsequently reflected in Guideline ECB/2026/11 and, accordingly, the related changes have been incorporated into Annex I, Appendix VI of the updated Directive No. 6. The amendments related to rule-based liquidity transfers shall enter into force on 15 June 2026. However, the revised fee structure for RTGS DCA Holders under Annex I, Appendix VI of the updated Directive No. 6 shall take effect on 1 July 2026. Back to Archive