meta_id 3241505

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.