TITLE: Greece's Hellenic Banks Association Announces Amendments to TARGET-GR Payment System Operating Rules
BODY:
On June 17, 2026, the Hellenic Banks Association published amendments to the operating rules of the TARGET-GR system (Σύστημα Ταχείας Μεταφοράς Κεφαλαίων και Διακανονισμού σε Συνεχή Χρόνο). The amendments were adopted through Decision 137/4.6.2026 of the Monetary Policy Council of the Bank of Greece and published in the Official Journal of the Hellenic Republic (ΦΕΚ Β' 3400) on June 15, 2026.
The amendments introduce modifications to the TARGET-GR system's operational framework, which facilitates rapid capital transfer and real-time settlement. The changes are being implemented in two phases to allow market participants adequate time for system adjustments and compliance. The first tranche of amendments became effective on June 15, 2026, affecting specific operational articles including provisions on system access, transaction processing, and participant obligations. The second tranche of amendments will take effect on November 14, 2026, introducing more substantial operational changes across multiple areas of the system's functioning, including settlement procedures, participant requirements, and system governance provisions.
TARGET-GR serves as Greece's critical payment infrastructure, enabling financial institutions to conduct high-value transactions and settlements in real time. The amendments reflect evolving operational requirements and regulatory standards within Greece's banking system. All payment system participants, including credit institutions operating in Greece, should review the amended operating rules to ensure full compliance with the new requirements. The complete text of Decision 137/2026 and detailed amendments are available in the Official Journal publication ΦΕΚ Β' 3400.