Updated: 14 July 2017

The European Investment Bank (EIB), the bank of the European Union has moved to the Eurosystem’s single shared platform TARGET2 for the settlement of its core activity in EUR currency on 10 July 2017.

TARGET2 is the leading European platform for processing large-value payments and is used by both central banks and commercial banks to process real time gross settlement (RTGS) payments in EUR. Small size payments are also processed without constraints.

The EIB is directly accessing TARGET2 through its BIC (SWIFT code) BEILLULLXXX and via the national central bank of Luxembourg (Banque centrale du Luxembourg, BCL).

• How to perform your payments?

In order to perform your payments in favor of BEILLULLXXX you need to use the appropriate SWIFT message. Six cases are possible:

1-If you are NOT a financial institution and your bank is a direct participant to TARGET2 please make sure that you use a MT103. Find an example hereafter for a payment amount EUR 100:

Receiver: BEILLULLXXX
USER HEADER: 103:TGT
TEXT BLOCK:
:20:YOUR REFERENCE
:23B:CRED
:32A:YYMMDDEUR100,00
:33B:EUR100,00
:50K:/Your IBAN
Your name and address
:59A:BEILLULLXXX

2-If you are NOT a financial institution and your bank is a NOT direct participant to TARGET2 please make sure that you use a MT103 as follows:

Receiver: The correspondent bank of your bank that has a direct access to TARGET2

TEXT BLOCK:
:20:YOUR REFERENCE
:23B:CRED
:32A:YYMMDDEUR100,00
:33B:EUR100,00
:50K:/Your IBAN
Your name and address
:57A://RT
BEILLULLXXX
:59A:BEILLULLXXX

3- If you are NOT a financial institution and your bank is a direct participant to TARGET2 who requires an IBAN, find an example hereafter:

Receiver: BEILLULLXXX
USER HEADER: 103:TGT
TEXT BLOCK:
:20:YOUR REFERENCE
:23B:CRED
:32A:YYMMDDEUR100,00
:33B:EUR100,00
:50K:/Your IBAN
Your name and address
:59A:/LU929980000000000001
BEILLULLXXX

4- If you are NOT a financial institution and your bank is a NOT direct participant to TARGET2 who requires an IBAN please make sure that you use a MT103 as follows:

Receiver: The correspondent bank of your bank that has a direct access to TARGET2

TEXT BLOCK:
:20:YOUR REFERENCE
:23B:CRED
:32A:YYMMDDEUR100,00
:33B:EUR100,00
:50K:/Your IBAN
Your name and address
:57A://RT
BEILLULLXXX
:59A:/LU929980000000000001
BEILLULLXXX

5-If you are a financial institution with direct participation to TARGET2 please make sure that you use a MT202. Find an example hereafter:

Receiver: BEILLULLXXX
USER HEADER: 103:TGT
TEXT BLOCK:
:20:YOUR REFERENCE
:21:OUR TRANSACTION NUMBER
:32A:YYMMDDEUR100,00
:58A:BEILLULLXXX

6- If you are a financial institution and your correspondent bank has a direct participation to TARGET2 please make sure that you use a MT202. Find an example hereafter:

Receiver: The correspondent bank of your bank that has a direct access to TARGET2

TEXT BLOCK:
:20:YOUR REFERENCE
:21:OUR TRANSACTION NUMBER
:32A:YYMMDDEUR100,00
:57A://RT
BEILLULLXXX
:58A:BEILLULLXXX

• Are there any exceptions to the use by the EIB of TARGET2?

Only EIB own funds are concerned. The EIB also manages in different ledger third party mandates that will continue to settle EUR payment via commercial banks, as it is currently the case.

Payments via SEPA (the EBA Clearing’s STEP2 channel for retailing) are not allowed to TARGET2.

General Questions and Answers on TARGET2

• How to access TARGET2, reachability in both senses - to receive from the EIB and to pay to the EIB?

The two main ways for EIB clients to reach TARGET2 are:

    1-Directly: implies for clients to participate to the platform via their own national central bank.

    2-Indirectly: through a cash correspondent bank (CCB) who has a direct access.

• What are the operating rules and cut-off times of TARGET2?

TARGET2 is open for operations on business days between 7.00 and 18.00 CET.
Early processing of payment orders is required to assure timely settlements.

• Want to know more?

Find out more information about TARGET2 on the European Central Bank and BCL websites.

• Contact point at the EIB

Your dedicated GRM (general relationship manager) for credit operations at the EIB.