TIPS documents & links

<!DOCTYPE html> <html lang="en"> <head> <meta charset="utf-8"> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-Regular.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-SemiBold.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-Bold.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/ecb-iconset/ECB-icon-set.woff2" as="font" crossorigin> <link rel="icon" href="/fav.ico" sizes="16x16"> <link rel="icon" href="/favicon-16.png" sizes="16x16"> <link rel="icon" href="/favicon-32.png" sizes="32x32"> <link rel="icon" href="/favicon-64.png" sizes="64x64"> <link rel="icon" href="/favicon-128.png" sizes="128x128"> <link rel="icon" href="/favicon-192.png" sizes="192x192"> <link rel="icon" href="/favicon-256.png" sizes="256x256"> <link rel="shortcut icon" href="/favicon-196.png" sizes="196x196"> <link rel="apple-touch-icon" href="/favicon-152.png" sizes="152x152"> <link rel="apple-touch-icon" href="/favicon-180.png" sizes="180x180"> <title>TIPS documents & links</title> <meta name = "citation_title" content="TIPS documents & links"> <meta name = "citation_online_date" content="14 March 2024"> <meta property="article:published_time" content="2024-03-14"> <link rel="canonical" href="https://www.ecb.europa.eu/paym/target/target-professional-use-documents-links/tips/html/index.en.html"> <meta name="author" content="European Central Bank"> <meta name="description" content="The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency."> <meta name="viewport" content="width=device-width, initial-scale=1.0, viewport-fit=cover"> <script> var ECB = {}; ECB.currentLanguage = 'en'; ECB.isoLocalLanguageName = 'English'; ECB.isLive = true; ECB.version = '2728911'; ECB.navigationVersion = '1732551482'; ECB.clientTimeError = 1732993454 - (new Date().getTime()); ECB.availableLanguages = [{"en": "English"}]; </script> <link rel="stylesheet" href="/shared/dist/css/main-ecb.min.css?2728911" media="all"> <meta name="twitter:card" content="summary"> <meta name="twitter:site" content="@ecb"> <meta name="explainerDate" content="1 January 1970"> <meta property="og:type" content="article"> <meta property="og:type" content="website"> <meta property="og:title" content="TIPS documents & links"> <meta property="og:url" content="https://www.ecb.europa.eu/paym/target/target-professional-use-documents-links/tips/html/index.en.html"> <meta property="og:image:secure_url" content="https://www.ecb.europa.eu/paym/shared/img/socialmedia/social-default.jpg?5609fefdb059590b375eafe2c236bf5c"> <meta property="og:image" content="https://www.ecb.europa.eu/paym/shared/img/socialmedia/social-default.jpg?5609fefdb059590b375eafe2c236bf5c" > <meta property="og:image:width" content="1200"> <meta property="og:image:height" content="600"> <meta property="og:site_name" content="European Central Bank"> <noscript> <style> .accordion .content-box { display: block; } </style> </noscript> <script type="text/javascript"> /*! ecb - v2.0.0 - European Central Bank */ var ECB=window.ECB||{};ECB.fast=ECB.fast||{},ECB.slow=ECB.slow||{},ECB.supports=ECB.supports||{},ECB.fast.annexSwap=function(){var t,e,n=document.querySelector(".section-press .address-box + .definition-list");n&&(t=(e=(t=(e=(t=n.previousElementSibling).previousElementSibling)&&e.classList.contains("related-topics")?e:t).previousElementSibling)&&e.classList.contains("footnotes")?e:t).parentNode.insertBefore(n,t)},ECB.fast.attribution=function(n){var t=n.style.backgroundImage||n.src;t=(t=t.replace('url("',"")).replace('")',""),n.src&&(n=n.closest("picture"));t&&!function(t){t=t.replace('url("',"");var e=document.location.protocol+"//"+document.location.hostname;return(-1!==t.indexOf("http")||-1!==t.indexOf('url("//'))&&!t.startsWith(e)}(t)&&ECB.fast.exif.getArtist(t,function(t){var e;0<t.length&&!n.classList.contains("-attribution")&&(n.classList.add("-attribution"),n.insertAdjacentHTML("beforeend",'<span class="attribution"><span class="attribution-details">'+(t.startsWith("©")?"":"© ")+t+'</span> <button aria-label="Photographer"></button></span>'),(e=n.querySelector(".attribution button")).addEventListener("click",function(t){return e.parentElement.classList.toggle("-active"),t.preventDefault(),t.stopPropagation(),!1}))})},ECB.fast.authorMove=function(){let t=document.getElementById("side-authors");var e;t&&(e=Array.from(document.querySelectorAll("aside > *")).reduce(function(t,e){return t+e.clientHeight},0),t.style.marginTop=Math.max(110,e)+50+"px")},ECB.fast.connector=function(t){function e(t){t.classList.contains("-gradient-upper")&&(i="-gradient-upper"),t.classList.contains("-dark-grey")&&(o="-dark-grey"),t.classList.contains("-light-grey-blue")&&(i="-transparent-light-grey",o="-transparent-blue");var e="<div class='upper-connection "+i+"'></div> <div class='lower-connection "+o+"'></div>";t.insertAdjacentHTML("afterend",e)}function a(t,e){return t.classList.contains(e)}function n(t,e){for(var n=0;n<e.length;n++)if(a(t,e[n]))return 1}var r=(t=t||document).querySelectorAll(".connector"),i="-transparent-blue",o="-light-blue";if(0<r.length)e(r[r.length-1]);else{var s=Array.from(t.querySelectorAll(".contact-box, .see-also-boxes, .carousel, .promo-box, .contact-box, .explainer-box"));if(s.length){var l=s[0],c=l.previousElementSibling;if(c&&"DIV"==c.tagName&&!a(c,"title")){for(var u=l.nextElementSibling,g=!1;null!=u;)a(u,"in-this-section")||"SCRIPT"==u.tagName||"STYLE"==u.tagName||(-1==s.indexOf(u)?g=!0:g&&(c=(l=u).previousElementSibling,g=!1)),u=u.nextElementSibling;g||(c.classList.add("connector"),n(c,["section","intro","boxes","accordion","definition-list","tags"])&&c.classList.add("-gradient-upper"),n(c,["jumbo-box"])&&a(c,"-dark-blue")&&c.classList.add("-light-grey-blue"),a(l,".carousel")||c.classList.add("-dark-grey"),e(c))}}}},ECB.fast.exif=function(){function i(t,e,n){return function(t,e,n){var a,r,i,o="";for(n=e+n;e<n;)switch((a=t.getUint8(e++))>>4){case 0:case 1:case 2:case 3:case 4:case 5:case 6:case 7:o+=String.fromCharCode(a);break;case 12:case 13:r=t.getUint8(e++),o+=String.fromCharCode((31&a)<<6|63&r);break;case 14:r=t.getUint8(e++),i=t.getUint8(e++),o+=String.fromCharCode((15&a)<<12|(63&r)<<6|(63&i)<<0)}return o}(t,e,n)}function o(t,e,n){if("exif"!=i(t,e,4).toLowerCase())return!1;var a,e=e+(n?8:6);if(18761==t.getUint16(e))a=!1;else{if(19789!=t.getUint16(e))return!1;a=!0}return 42==t.getUint16(e+2,!a)&&(!((n=t.getUint32(e+4,!a))<8)&&function(t,e,n,a){for(var r,i=t.getUint16(n,!a),o=0;o<i;o++)if(315===t.getUint16(r=n+12*o+2,!a))return s(t,r,e,a);return""}(t,e,e+n,a))}var s=function(t,e,n,a){var r=t.getUint32(e+4,!a),n=t.getUint32(e+8,!a)+n;return i(t,4<r?n:e+8,r-1)};return{getArtist:function(t,e){function n(t){t=function(t){var e=new DataView(t),n=!1;if(1380533830==e.getUint32(0)&&1464156752==e.getUint32(8)&&1448097880==e.getUint32(12)){if(!(e.getUint8(20)&8))return!1;n=!0}else if(255!=e.getUint8(0)||216!=e.getUint8(1))return!1;var a=2,r=t.byteLength;if(n)for(a=16;a<r;){if(a+=e.getUint32(a,!0)+4,"EXIF"==i(e,a,4))return o(e,a,!0,e.getUint32(a,!0));a+=4}else for(;a<r;){if(255!=e.getUint8(a))return!1;if(225==e.getUint8(a+1))return o(e,a+4,!1,e.getUint16(a+2));a+=2+e.getUint16(a+2)}}(t);e.call(window,t||"")}var a=new XMLHttpRequest;a.onload=function(){200!=this.status&&0!==this.status||n(a.response),a=null},a.open("GET",t,!0),a.responseType="arraybuffer",a.send(null)}}}(),ECB.fast.isLoading=function(){for(var t=document.querySelectorAll(".-is-loading"),e=0;e<t.length;e++)t[e].insertAdjacentHTML("afterbegin","<div class='is-busy'> Loading ... </div>")},ECB.fast.langLinks=function(){if(ECB.fast.isEuLanguage=!!document.querySelector("#language-values a[lang="+ECB.currentLanguage+"]:not([specialLang])"),ECB.fast.isEuLanguage&&"en"!=ECB.currentLanguage)for(var t=document.querySelectorAll("a:not([lang]"),n=/\.[a-z]{2,3}(\.(html|pdf)([\?#].*)?)$/,e=0;e<t.length;e++){var a=t[e];a.hasAttribute("href")&&-1===a.getAttribute("href").indexOf(":")&&function(t){let e=t.getAttribute("href").match(n);return!!(e&&0<e.length)&&"en"==e[0].substr(1,2)}(a)&&a.setAttribute("href",a.getAttribute("href").replace(n,"."+ECB.currentLanguage+"$1"))}},ECB.fast.langSwitch=function(){var e,n;ECB.isLive&&(e=localStorage.getItem("lastLanguage"),(n=function(t){if(t&&ECB.currentLanguage!=t){t=document.querySelector("#language-values>a[lang="+t+"]");return t&&(document.location.href=t.href),!0}return!1})(e)||window.addEventListener("storage",function(t){"lastLanguage"==t.key&&t.newValue!=e&&n(t.newValue)}))},ECB.fast.loadImages=function(t){var n,e=t;t||(e=document);var a=function(t){var e=ECB.supports.webp&&t.getAttribute("data-image-webp")?t.getAttribute("data-image-webp"):t.getAttribute("data-image"),n=t;n.style.backgroundImage="url('"+e+"')",t.classList.contains("-inner")||ECB.fast.attribution(n),n.classList.add("loaded")};window.IntersectionObserver&&(n=new IntersectionObserver(function(t){for(var e=0;e<t.length;e++)t[e].isIntersecting&&(a(t[e].target),n.unobserve(t[e].target))},{rootMargin:"50%"}));for(var r=e.querySelectorAll("[data-image]"),i=0;i<r.length;i++)r[i].classList.contains("fast")||r[i].classList.contains("coin-cropper")||!n?a(r[i]):n.observe(r[i]);for(var o=e.querySelectorAll("picture img"),i=0;i<o.length;i++)ECB.fast.attribution(o[i])},ECB.fast.pageTitle=function(){var t=document.querySelector("main>.title h1");t&&0<t.innerText.length&&(document.title=t.innerText)},ECB.fast.random=function(t){Element.prototype.matches||(Element.prototype.matches=Element.prototype.msMatchesSelector||Element.prototype.webkitMatchesSelector);for(var e=(!t?document:t).querySelectorAll(".random"),n=0;n<e.length;n++){e[n].querySelectorAll(".random-item");var a=[];Array.prototype.slice.call(e[n].children).map(function(t){t.matches(".random-item")&&a.push(t)});var r=Math.floor(Math.random()*a.length);e[n].classList.contains("-daily")&&(r=(new Date).getDate()%a.length),a[r].classList.add("active");for(var i=0;i<a.length;i++)i!=r&&e[n].removeChild(a[i])}},ECB.fast.supportCheck=function(e){var n=new Image;n.onload=function(t){"load"==t.type&&1==n.width&&(document.documentElement.classList.add("webp"),ECB.supports.webp=!0),e&&e()},n.onerror=function(){e&&e()},n.src="data:image/webp;base64,UklGRiQAAABXRUJQVlA4IBgAAAAwAQCdASoBAAEAAwA0JaQAA3AA/vuUAAA="},ECB.fast.tempFixes=function(){!function(t,e){for(var n=document.querySelectorAll(t),a=0;a<n.length;a++)e(n[a])}(".table .wrapper h3",function(t){var e=t.parentElement.parentElement,n=document.createElement("div");n.classList.add("header"),n.innerHTML='<div class="title">'+t.innerHTML+"</div>",t.parentElement.removeChild(t),e.prepend(n)})},ECB.fast.supportCheck(function(){function t(){ECB.jsForContentOnly||ECB.fast.pageTitle(),ECB.fast.tempFixes(),ECB.fast.random(),ECB.fast.loadImages(),ECB.fast.langLinks(),ECB.fast.connector(),ECB.fast.annexSwap(),ECB.fast.isLoading(),ECB.fast.authorMove()}"loading"!==document.readyState?t():window.addEventListener("DOMContentLoaded",t)}); </script> <script type="text/javascript" async src="/shared/dist/js/slow.min.js?v=2728911"></script> </head> <body class="project-ecb section-paym sub-target sub-target-professional-use-documents-links sub-tips "> <div id="skip-links"> <div class="skip-links-content"> <span>Skip to:</span> <a href="#navwrapper"><span class="sr-only">Skip to </span>navigation</a> <a href="#main-content"><span class="sr-only">Skip to </span>content</a> <a href="#ecb-doc-footer"><span class="sr-only">Skip to </span>footer</a> </div> </div> <header id="ecb-doc-header" class="v2"> <div class="headerHolder"> <button id="toggle-sticky-nav" aria-haspopup="true" ></button> <div class="logo-name"> <a href="/home/html/index.en.html" alt="Go to our homepage"> <img src="/shared/img/logo/logo_name.en.svg" alt="European Central Bank - eurosystem"> </a> </div> <div class="logo-name-mobile"> <a href="/home/html/index.en.html" alt="Go to our homepage"> <img src="/shared/img/logos_mobile/ECB_Eurosystem_OneLineLogo_Mobile_EN.svg" alt="European Central Bank - eurosystem"> </a> </div> <div id="language-selector-holder" role="button" title="Select language"> <div id="language-selector"></div> <div id="language-selected" aria-haspopup="true"><i></i><span class="ecb-full">EN</span></div> <div id="language-values"> <a href="index.bg.html" lang="bg" title="Български"><span class="ecb-full">Български</span></a><a href="index.cs.html" lang="cs" title="Čeština"><span class="ecb-full">Čeština</span></a><a href="index.da.html" lang="da" title="Dansk"><span class="ecb-full">Dansk</span></a><a href="index.de.html" lang="de" title="Deutsch"><span class="ecb-full">Deutsch</span></a><a href="index.el.html" lang="el" title="Eλληνικά"><span class="ecb-full">Eλληνικά</span></a><a href="index.en.html" class="selected available" lang="en" title="English"><span class="ecb-full">English</span></a><a href="index.es.html" lang="es" title="Español"><span class="ecb-full">Español</span></a><a href="index.et.html" lang="et" title="Eesti keel"><span class="ecb-full">Eesti keel</span></a><a href="index.fi.html" lang="fi" title="Suomi"><span class="ecb-full">Suomi</span></a><a href="index.fr.html" lang="fr" title="Français"><span class="ecb-full">Français</span></a><a href="index.ga.html" lang="ga" title="Gaeilge"><span class="ecb-full">Gaeilge</span></a><a href="index.hr.html" lang="hr" title="Hrvatski"><span class="ecb-full">Hrvatski</span></a><a href="index.hu.html" lang="hu" title="Magyar"><span class="ecb-full">Magyar</span></a><a href="index.it.html" lang="it" title="Italiano"><span class="ecb-full">Italiano</span></a><a href="index.lt.html" lang="lt" title="Lietuvių"><span class="ecb-full">Lietuvių</span></a><a href="index.lv.html" lang="lv" title="Latviešu"><span class="ecb-full">Latviešu</span></a><a href="index.mt.html" lang="mt" title="Malti"><span class="ecb-full">Malti</span></a><a href="index.nl.html" lang="nl" title="Nederlands"><span class="ecb-full">Nederlands</span></a><a href="index.pl.html" lang="pl" title="Polski"><span class="ecb-full">Polski</span></a><a href="index.pt.html" lang="pt" title="Português"><span class="ecb-full">Português</span></a><a href="index.ro.html" lang="ro" title="Română"><span class="ecb-full">Română</span></a><a href="index.sk.html" lang="sk" title="Slovenčina"><span class="ecb-full">Slovenčina</span></a><a href="index.sl.html" lang="sl" title="Slovenščina"><span class="ecb-full">Slovenščina</span></a><a href="index.sv.html" lang="sv" title="Svenska"><span class="ecb-full">Svenska</span></a> </div> </div> <button id="hamburger" aria-haspopup="true" > Menu <div class="icon"> <div class="line-outer"> <div class="line-inner"></div> </div> <div class="line-outer"> <div class="line-inner"></div> </div> <div class="line-outer"> <div class="line-inner"></div> </div> </div> </button> <div class="logo"> <a href="/home/html/index.en.html" alt="Go to our homepage"> <img src="/shared/img/logo/logo_only.svg" alt="our logo, a yellow Euro sign surrounded by yellow stars centered in a dark blue circle resting on a dark blue base"> </a> </div> <nav id="navwrapper" role="navigation" aria-label="Main navigation"><div id="mainnav"><ul><li class="has-subpages" aria-expanded="false"><a href="/mopo/html/index.en.html">Monetary policy & markets</a><a href="#" class="subpages" title="toggle subpages for Monetary policy & markets"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Monetary policy & markets</div> <p>Our monetary policy strategy, the tools we use and the impact they have</p> <a href="/mopo/html/index.en.html">Overview of monetary policy and markets</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/ecb/educational/explainers/tell-me/html/what-is-monetary-policy.en.html">What is monetary policy?</a></li> <li><a href="/mopo/strategy/strategy-review/html/index.en.html">Strategy review</a></li> <li><a href="/mopo/implement/app/html/index.en.html">Asset purchase programmes</a></li> </ul> </div> <a href="/press/press_conference/html/index.en.html" class="item image"> <img src="/press/tvservices/html/index/ECB press conference place holder new_2560x1440.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Latest monetary policy press conference</div> <div class="image-date">17 October 2024</div> </a> </div></div><ul><li class="has-subpages"><a href="/mopo/intro/html/index.en.html">Introduction</a><a href="#" class="subpages" title="toggle subpages for Introduction"></a><ul><li class="clearfix"><a href="/mopo/intro/benefits/html/index.en.html">Benefits of price stability</a></li><li class="clearfix"><a href="/mopo/intro/role/html/index.en.html">Scope of monetary policy</a></li><li class="clearfix"><a href="/mopo/intro/transmission/html/index.en.html">Transmission mechanism</a></li></ul></li><li class="clearfix"><a href="/mopo/decisions/html/index.en.html">Decisions, statements & accounts</a></li><li class="has-subpages"><a href="/mopo/strategy/html/index.en.html">Monetary policy strategy</a><a href="#" class="subpages" title="toggle subpages for Monetary policy strategy"></a><ul><li class="clearfix"><a href="/mopo/strategy/strategy-review/html/index.en.html">Strategy review</a></li><li class="clearfix"><a href="/mopo/strategy/medium-term-orientation/html/index.en.html">Medium-term orientation</a></li><li class="clearfix"><a href="/mopo/strategy/pricestab/html/index.en.html">Two per cent inflation target</a></li></ul></li><li class="has-subpages"><a href="/mopo/devel/html/index.en.html">Economic, monetary and financial analysis</a><a href="#" class="subpages" title="toggle subpages for Economic, monetary and financial analysis"></a><ul><li class="clearfix"><a href="/mopo/devel/ecana/html/index.en.html">Economic analysis</a></li><li class="clearfix"><a href="/mopo/devel/monan/html/index.en.html">Monetary and financial analysis</a></li></ul></li><li class="has-subpages"><a href="/mopo/implement/html/index.en.html">Instruments</a><a href="#" class="subpages" title="toggle subpages for Instruments"></a><ul><li class="has-subpages"><a href="/mopo/implement/omo/html/index.en.html">Open market operations</a><a href="#" class="subpages" title="toggle subpages for Open market operations"></a><ul><li class="clearfix"><a href="/mopo/implement/omo/tltro/html/index.en.html">TLTROs</a></li></ul></li><li class="has-subpages"><a href="/mopo/implement/app/html/index.en.html">Asset purchase programmes</a><a href="#" class="subpages" title="toggle subpages for Asset purchase programmes"></a><ul><li class="clearfix"><a href="/mopo/implement/app/lending/html/index.en.html">Securities lending</a></li></ul></li><li class="clearfix"><a href="/mopo/implement/pepp/html/index.en.html">Pandemic emergency purchase programme</a></li><li class="clearfix"><a href="/mopo/implement/sf/html/index.en.html">Standing facilities</a></li><li class="has-subpages"><a href="/mopo/implement/mr/html/index.en.html">Minimum reserves</a><a href="#" class="subpages" title="toggle subpages for Minimum reserves"></a><ul><li class="clearfix"><a href="/mopo/implement/mr/two-tier/html/index.en.html">Two-tier system</a></li></ul></li></ul></li><li class="has-subpages"><a href="/mopo/international-market-operations/html/index.en.html">International market operations</a><a href="#" class="subpages" title="toggle subpages for International market operations"></a><ul><li class="clearfix"><a href="/mopo/international-market-operations/liquidity_lines/html/index.en.html">Euro central bank liquidity lines</a></li></ul></li><li class="clearfix"><a href="/mopo/ela/html/index.en.html">Emergency liquidity assistance (ELA)</a></li><li class="clearfix"><a href="/mopo/liq/html/index.en.html">Liquidity analysis</a></li><li class="has-subpages"><a href="/mopo/coll/html/index.en.html">Collateral</a><a href="#" class="subpages" title="toggle subpages for Collateral"></a><ul><li class="has-subpages"><a href="/mopo/coll/standards/html/index.en.html">Eligibility criteria and assessment</a><a href="#" class="subpages" title="toggle subpages for Eligibility criteria and assessment"></a><ul><li class="clearfix"><a href="/mopo/coll/standards/marketable/html/index.en.html">Marketable assets</a></li><li class="clearfix"><a href="/mopo/coll/standards/nonmarketable/html/index.en.html">Non-marketable assets</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/assets/html/index.en.html">List of eligible marketable assets</a><a href="#" class="subpages" title="toggle subpages for List of eligible marketable assets"></a><ul><li class="clearfix"><a href="/mopo/coll/assets/guide/html/index.en.html">User guide</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/coll/html/index.en.html">Mobilising collateral</a><a href="#" class="subpages" title="toggle subpages for Mobilising collateral"></a><ul><li class="clearfix"><a href="/mopo/coll/coll/ccbm/html/index.en.html">CCBM</a></li><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.en.html">Eligible SSSs</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.en.html">Eligible links</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.en.html">Eligible triparty agents</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.en.html">Risk mitigation</a><a href="#" class="subpages" title="toggle subpages for Risk mitigation"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.en.html">ECAF</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.en.html">Risk control</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.en.html">Haircut categories</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.en.html">Valuation</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.en.html">Loan-level requirements</a><a href="#" class="subpages" title="toggle subpages for Loan-level requirements"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.en.html">Data templates</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.en.html">Eligibility requirements</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.en.html">Contacts</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.en.html">Structure of the euro area economy</a><a href="#" class="subpages" title="toggle subpages for Structure of the euro area economy"></a><ul><li class="clearfix"><a href="/mopo/eaec/ecopolicy/html/index.en.html">Economic policy</a></li><li class="clearfix"><a href="/mopo/eaec/fiscal/html/index.en.html">Fiscal policies</a></li><li class="clearfix"><a href="/mopo/eaec/trade/html/index.en.html">External trade</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.en.html">Effective exchange rates</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.en.html">Financial structure</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.en.html">Financial markets</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.en.html">Financial intermediaries</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.en.html">Economic diversity</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.en.html">Labour market</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.en.html">Market contact groups</a><a href="#" class="subpages" title="toggle subpages for Market contact groups"></a><ul><li class="clearfix"><a href="/mopo/market-contact-groups/bmcg/html/index.en.html">Bond market (BMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/mmcg/html/index.en.html">Money market (MMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/dimcg/html/index.en.html">Debt Issuance Market Contact Group (DIMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/omg/html/index.en.html">ECB Operations managers group (ECB OMG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/fxcg/html/index.en.html">Foreign exchange (FXCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/iid/html/index.en.html">Institutional Investor Dialogue (IID)</a></li></ul></li></ul></div></li><li class="has-subpages -section" aria-expanded="false"><a href="/paym/html/index.en.html">Payments & financial stability</a><a href="#" class="subpages" title="toggle subpages for Payments & financial stability"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Payments & financial stability</div> <p>Insights into our work on financial stability and payments infrastructure</p> <a href="/paym/html/index.en.html">Overview of payments and financial stability</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Digital euro</a></li> <li><a href="/press/intro/html/index.en.html">Payments news</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents and links</a></li> </ul> </div> <a href="/pub/financial-stability/fsr/html/index.en.html" class="item image"> <img src="/paym/financial-stability/html/index/fsr_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Latest Financial Stability Review</div> <div class="image-date">16 May 2024</div> </a> </div></div><ul><li class="clearfix"><span>Payments</span></li><li class="has-subpages -section"><a href="/paym/target/html/index.en.html">TARGET Services</a><a href="#" class="subpages" title="toggle subpages for TARGET Services"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.en.html">Shared features</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.en.html">T2</a><a href="#" class="subpages" title="toggle subpages for T2"></a><ul><li class="clearfix"><a href="/paym/target/t2/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.en.html">Governance</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.en.html">T2S</a><a href="#" class="subpages" title="toggle subpages for T2S"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.en.html">Pricing</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.en.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.en.html">Onboarding</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.en.html">ECMS</a></li><li class="has-subpages -section"><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents & links</a><a href="#" class="subpages" title="toggle subpages for TARGET professional use documents & links"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.en.html">Shared features documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.en.html">T2 documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.en.html">T2S documents & links</a></li><li class="clearfix -current"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.en.html">TIPS documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.en.html">ECMS documents & links</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.en.html">Integration and innovation</a><a href="#" class="subpages" title="toggle subpages for Integration and innovation"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.en.html">Distributed ledger technologies</a><a href="#" class="subpages" title="toggle subpages for Distributed ledger technologies"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.en.html">Exploratory work</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.en.html">Retail payments</a><a href="#" class="subpages" title="toggle subpages for Retail payments"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.en.html">Retail payments strategy</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.en.html">ECB as a catalyst</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.en.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.en.html">Instant payments</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.en.html">Collateral management harmonisation</a><a href="#" class="subpages" title="toggle subpages for Collateral management harmonisation"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.en.html">Implementation</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.en.html">FAQ</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.en.html">Cyber resilience</a><a href="#" class="subpages" title="toggle subpages for Cyber resilience"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.en.html">Financial market infrastructures</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.en.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.en.html">Oversight</a><a href="#" class="subpages" title="toggle subpages for Oversight"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.en.html">Payment systems</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.en.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.en.html">Electronic payments</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.en.html">Securities settlement systems and central counterparties</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.en.html">Critical service providers</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.en.html">Correspondent and custodian banks</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.en.html">SecuRe Pay forum</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.en.html">Reserve management services</a><a href="#" class="subpages" title="toggle subpages for Reserve management services"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.en.html">Key aspects</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.en.html">Range of services</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.en.html">Cash professionals</a><a href="#" class="subpages" title="toggle subpages for Cash professionals"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.en.html">Cash handling</a><a href="#" class="subpages" title="toggle subpages for Cash handling"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.en.html">Authentication devices</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.en.html">Recirculation of banknotes</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.en.html">Common detector interface specifications</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.en.html">Banknote manufacturer accreditation</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.en.html">Payment contact groups</a><a href="#" class="subpages" title="toggle subpages for Payment contact groups"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.en.html">Advisory groups on market infrastructures</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.en.html">Euro Cyber Resilience Board</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.en.html">Euro Retail Payments Board (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.en.html">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li class="clearfix"><span>Financial stability</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.en.html">Introduction to financial stability</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.en.html">Macroprudential Measures</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.en.html">Financial stability contact groups</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.en.html">Statistics</a><a href="#" class="subpages" title="toggle subpages for Statistics"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistics</div> <p>Access to all ECB statistics and background information</p> <a href="/stats/html/index.en.html">Overview of ECB statistics</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Main figures</a></li> <li><a href="https://data.ecb.europa.eu/">ECB Data Portal</a></li> <li><a href="/press/stats/html/index.en.html">Statistical releases</a></li> </ul> </div> <a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">THE ECB BLOG - Improved data: how climate change impacts banks</div> <div class="image-date">18 April 2024</div> </a> </div></div><ul><li class="clearfix"><span>Frequently accessed</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.en.html">Euro exchange rates</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.en.html">Key ECB interest rates</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.en.html">Euro short-term rate (€STR)</a><a href="#" class="subpages" title="toggle subpages for Euro short-term rate (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.en.html">Interest rate benchmarks</a><a href="#" class="subpages" title="toggle subpages for Interest rate benchmarks"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.en.html">Working group on euro risk-free rates</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.en.html">Inflation</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.en.html">Euro area yield curves</a></li><li class="clearfix"><span>All statistics & background</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.en.html">All key statistics</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.en.html">All data services</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.en.html">Data reporting & standards</a><a href="#" class="subpages" title="toggle subpages for Data reporting & standards"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.en.html">Governance and quality framework</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.en.html">Co-operation and standards</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.en.html">Banks’ data reporting</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.en.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.en.html">AnaCredit Q&A</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.en.html">Public consultations</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.en.html">Banking industry dialogue on ESCB statistics and integrated reporting</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.en.html">SDMX – statistical data exchange model</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.en.html">INEXDA - granular data network</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.en.html">The euro</a><a href="#" class="subpages" title="toggle subpages for The euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">The euro</div> <p>All you need to know about our common currency</p> <a href="/euro/html/index.en.html">Overview of the euro</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Cash professionals</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Banknote and coins statistics</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euro exchange rates</a></li> </ul> </div> <a href="/euro/digital_euro/progress/html/index.en.html" class="item image"> <img src="/euro/digital_euro/shared/img/Digital Euro_Website_Homepage-Box-eurosign_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">First progress report on the preparation phase of a digital euro</div> <div class="image-date">24 June 2024</div> </a> </div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.en.html">Digital euro</a><a href="#" class="subpages" title="toggle subpages for Digital euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.en.html">What it is</a><a href="#" class="subpages" title="toggle subpages for What it is"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.en.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.en.html">How it works</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.en.html">Why we need it</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.en.html">Timeline and progress</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.en.html">In-depth information</a><a href="#" class="subpages" title="toggle subpages for In-depth information"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.en.html">Governance and stakeholder engagement</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.en.html">Technical documents and research</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.en.html">Scheme rulebook</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="clearfix"><span>Cash</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.en.html">The Eurosystem cash strategy</a><a href="#" class="subpages" title="toggle subpages for The Eurosystem cash strategy"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.en.html">The role of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.en.html">Issuance and circulation</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.en.html">Access to and acceptance of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.en.html">Banknotes</a><a href="#" class="subpages" title="toggle subpages for Banknotes"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.en.html">Future banknotes</a><a href="#" class="subpages" title="toggle subpages for Future banknotes"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.en.html">Redesign process</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.en.html">Current banknotes</a><a href="#" class="subpages" title="toggle subpages for Current banknotes"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.en.html">Denominations</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.en.html">Design elements</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.en.html">Security features</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.en.html">Anti-counterfeiting</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.en.html">Banknote production and stocks</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.en.html">Damaged and inked-stained banknotes</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.en.html">Environment, health and safety</a><a href="#" class="subpages" title="toggle subpages for Environment, health and safety"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.en.html">Product environmental footprint</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/research/html/index.en.html">Research and development</a></li><li class="clearfix"><a href="/euro/banknotes/images/html/index.en.html">Images and reproduction rules</a></li><li class="clearfix"><a href="/euro/banknotes/info/html/index.en.html">Information and training materials</a></li></ul></li><li class="has-subpages"><a href="/euro/coins/html/index.en.html">Coins</a><a href="#" class="subpages" title="toggle subpages for Coins"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.en.html">€2</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.en.html">€1</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.en.html">50 cent</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.en.html">20 cent</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.en.html">10 cent</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.en.html">5 cent</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.en.html">2 cent</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.en.html">1 cent</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.en.html">Common sides</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.en.html">€2 commemorative coins</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.en.html">Security features</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.en.html">Collector coins</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.en.html">Joining the euro area</a><a href="#" class="subpages" title="toggle subpages for Joining the euro area"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.en.html">Croatia (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.en.html">Lithuania (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.en.html">Latvia (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.en.html">Estonia (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.en.html">Slovakia (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.en.html">Cyprus (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.en.html">Malta (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.en.html">Slovenia (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.en.html">Initial changeover (2002)</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.en.html">Exchanging national cash</a><a href="#" class="subpages" title="toggle subpages for Exchanging national cash"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.en.html">Austria</a></li><li class="clearfix"><a href="/euro/exchange/be/html/index.en.html">Belgium</a></li><li class="clearfix"><a href="/euro/exchange/hr/html/index.en.html">Croatia</a></li><li class="clearfix"><a href="/euro/exchange/cy/html/index.en.html">Cyprus</a></li><li class="clearfix"><a href="/euro/exchange/et/html/index.en.html">Estonia</a></li><li class="clearfix"><a href="/euro/exchange/fi/html/index.en.html">Finland</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.en.html">France</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.en.html">Germany</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.en.html">Greece</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.en.html">Ireland</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.en.html">Italy</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.en.html">Latvia</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.en.html">Lithuania</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.en.html">Luxembourg</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.en.html">Malta</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.en.html">The Netherlands</a></li><li class="clearfix"><a href="/euro/exchange/pt/html/index.en.html">Portugal</a></li><li class="clearfix"><a href="/euro/exchange/slovakia/html/index.en.html">Slovakia</a></li><li class="clearfix"><a href="/euro/exchange/sl/html/index.en.html">Slovenia</a></li><li class="clearfix"><a href="/euro/exchange/es/html/index.en.html">Spain</a></li></ul></li><li class="clearfix"><a href="/euro/visually/html/index.en.html">Visually impaired people</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/pub/html/index.en.html">Research</a><a href="#" class="subpages" title="toggle subpages for Research"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Research</div> <p>In-depth studies and expert analyses covering diverse topics and fields</p> <a href="/pub/html/index.en.html">Overview of ECB research</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/press/conferences/html/index.en.html">Conferences & seminars</a></li> <li><a href="/pub/economic-research/programmes/html/index.en.html">Opportunities for researchers</a></li> </ul> </div> <a href="/press/research-publications/resbull/html/index.en.html" class="item image"> <img src="/pub/html/index/research-bulletin_2560x800.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Research Bulletin</div> </a> </div></div><ul><li class="has-subpages"><a href="/pub/economic-research/html/index.en.html">Economic research</a><a href="#" class="subpages" title="toggle subpages for Economic research"></a><ul><li class="has-subpages"><a href="/pub/economic-research/research_agenda/html/index.en.html">Research agenda</a><a href="#" class="subpages" title="toggle subpages for Research agenda"></a><ul><li class="clearfix"><a href="/pub/economic-research/research_agenda/monetary_policy/html/index.en.html">Monetary policy, strategy and implementation</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/fiscal_policy/html/index.en.html">Fiscal policy and governance within EMU</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/international/html/index.en.html">International macro and finance</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/real_sector/html/index.en.html">Real sector and microeconomic analysis</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/forecasting/html/index.en.html">Forecasting and business cycle analysis</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/macro-finance/html/index.en.html">Macro-finance, systemic risk and macroprudential policy</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/financial_institutions/html/index.en.html">Financial institutions, microprudential policy, financial markets and payments</a></li></ul></li><li class="has-subpages"><a href="/pub/economic-research/programmes/html/index.en.html">Opportunities for researchers</a><a href="#" class="subpages" title="toggle subpages for Opportunities for researchers"></a><ul><li class="clearfix"><a href="/pub/economic-research/programmes/duisenberg/html/index.en.html">Wim Duisenberg Fellowship</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/visitors/html/index.en.html">Regular Research Visitors</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/lamfalussy/html/index.en.html">Lamfalussy Fellowship</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/graduate/html/index.en.html">Summer Research Graduate Programme</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/traineeship/html/index.en.html">Student Research Traineeship Programme</a></li></ul></li></ul></li><li class="has-subpages"><a href="/pub/legal-research/html/index.en.html">Legal Research</a><a href="#" class="subpages" title="toggle subpages for Legal Research"></a><ul><li class="clearfix"><a href="/pub/legal-research/legal-conferences-and-seminars/html/index.en.html">Legal conferences and seminars</a></li><li class="clearfix"><a href="/pub/legal-research/legal-research-programme/html/index.en.html">Legal Research Programme</a></li></ul></li><li class="has-subpages"><a href="/pub/research/html/index.en.html">Research papers</a><a href="#" class="subpages" title="toggle subpages for Research papers"></a><ul><li class="clearfix"><a href="/pub/research/authors/html/index.en.html">Papers by authors</a></li></ul></li><li class="clearfix"><a href="/pub/researchers/html/index.en.html">ECB researchers</a></li><li class="clearfix"><a href="/pub/research-networks/html/index.en.html">Research networks</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/press/html/index.en.html">News & publications</a><a href="#" class="subpages" title="toggle subpages for News & publications"></a><div class="nav-first-level-wrap -nav-in-first-column"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">News & Publications</div> <a href="/press/pubbydate/html/index.en.html">Browse all news & publications</a> <hr> </div> </div><ul><li><span>News</span></li><li><a href="/press/pr/html/index.en.html">Press releases</a></li><li><a href="/press/stats/html/index.en.html">Statistical releases</a></li><li><a href="/press/key/html/index.en.html">Speeches</a></li><li><a href="/press/inter/html/index.en.html">Interviews</a></li><li><a href="/press/blog/html/index.en.html">The ECB Blog</a></li><li><a href="/press/tvservices/html/index.en.html">Podcasts & webcasts</a></li><li><a href="/press/intro/html/index.en.html">Payments news</a></li><li><a href="/press/contacts/html/index.en.html">Media contacts</a></li></ul></div><ul><li class="clearfix"><span>Publications</span></li><li class="has-subpages"><a href="/press/govcdec/html/index.en.html">Governing Council decisions</a><a href="#" class="subpages" title="toggle subpages for Governing Council decisions"></a><ul><li class="clearfix"><a href="/press/govcdec/mopo/html/index.en.html">Monetary policy decisions</a></li><li class="clearfix"><a href="/press/govcdec/otherdec/html/index.en.html">Other decisions</a></li></ul></li><li class="clearfix"><a href="/press/accounts/html/index.en.html">Monetary policy accounts</a></li><li class="has-subpages"><a href="/press/economic-bulletin/html/index.en.html">Economic Bulletin</a><a href="#" class="subpages" title="toggle subpages for Economic Bulletin"></a><ul><li class="clearfix"><a href="/press/economic-bulletin/articles/html/index.en.html">Articles</a></li><li class="clearfix"><a href="/press/economic-bulletin/focus/html/index.en.html">Focus</a></li><li class="clearfix"><a href="/press/economic-bulletin/mb/html/index.en.html">Monthly Bulletin</a></li></ul></li><li class="clearfix"><a href="/press/projections/html/index.en.html">Macroeconomic projections</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/html/index.en.html">Annual reports & financial statements</a><a href="#" class="subpages" title="toggle subpages for Annual reports & financial statements"></a><ul><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/html/index.en.html">Annual Report</a><a href="#" class="subpages" title="toggle subpages for Annual Report"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/annual-accounts/html/index.en.html">Annual Accounts</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/balance/html/index.en.html">Eurosystem balance sheet</a><a href="#" class="subpages" title="toggle subpages for Eurosystem balance sheet"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/balance/mpo/html/index.en.html">Monetary policy operations</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/wfs/html/index.en.html">Weekly financial statements</a><a href="#" class="subpages" title="toggle subpages for Weekly financial statements"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/wfs/dis/html/index.en.html">Disaggregated data</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/financial-stability-publications/html/index.en.html">Financial stability publications</a><a href="#" class="subpages" title="toggle subpages for Financial stability publications"></a><ul><li class="has-subpages"><a href="/press/financial-stability-publications/fsr/html/index.en.html">Financial Stability Review</a><a href="#" class="subpages" title="toggle subpages for Financial Stability Review"></a><ul><li class="clearfix"><a href="/press/financial-stability-publications/fsr/special/html/index.en.html">Special features & boxes</a></li></ul></li><li class="clearfix"><a href="/press/financial-stability-publications/macroprudential-bulletin/html/index.en.html">Macroprudential Bulletin</a></li></ul></li><li class="has-subpages"><a href="/press/research-publications/html/index.en.html">Research publications</a><a href="#" class="subpages" title="toggle subpages for Research publications"></a><ul><li class="clearfix"><a href="/press/research-publications/resbull/html/index.en.html">Research Bulletin</a></li><li class="clearfix"><a href="/press/research-publications/working-papers/html/index.en.html">Working papers</a></li><li class="clearfix"><a href="/press/research-publications/discussion-papers/html/index.en.html">Discussion papers</a></li><li class="clearfix"><a href="/press/research-publications/occasional-papers/html/index.en.html">Occasional papers</a></li><li class="clearfix"><a href="/press/research-publications/legal-working-papers/html/index.en.html">Legal working papers</a></li><li class="clearfix"><a href="/press/research-publications/statistics-papers/html/index.en.html">Statistics papers</a></li></ul></li><li class="has-subpages"><a href="/press/other-publications/html/index.en.html">Other publications</a><a href="#" class="subpages" title="toggle subpages for Other publications"></a><ul><li class="clearfix"><a href="/press/other-publications/mep-letters/html/index.en.html">Letters to MEPs</a></li><li class="clearfix"><a href="/press/other-publications/convergence/html/index.en.html">Convergence Report</a></li><li class="clearfix"><a href="/press/other-publications/ire/html/index.en.html">International Role of the Euro</a></li></ul></li><li class="clearfix"><span>Events & calendars</span></li><li class="has-subpages"><a href="/press/press_conference/html/index.en.html">Monetary policy press conference</a><a href="#" class="subpages" title="toggle subpages for Monetary policy press conference"></a><ul><li class="clearfix"><a href="/press/press_conference/monetary-policy-statement/html/index.en.html">Monetary policy statements</a></li><li class="clearfix"><a href="/press/press_conference/visual-mps/html/index.en.html">Monetary policy statements at a glance</a></li></ul></li><li class="has-subpages"><a href="/press/conferences/html/index.en.html">Conferences & seminars</a><a href="#" class="subpages" title="toggle subpages for Conferences & seminars"></a><ul><li class="has-subpages"><a href="/press/conferences/ecbforum/html/index.en.html">Forum on Central Banking</a><a href="#" class="subpages" title="toggle subpages for Forum on Central Banking"></a><ul><li class="clearfix"><a href="/press/conferences/ecbforum/YE_competition/html/index.en.html">Young Economist Prize</a></li><li class="clearfix"><a href="/press/conferences/ecbforum/previous_fora/html/index.en.html">Past editions</a></li></ul></li><li class="clearfix"><a href="/press/conferences/civil_society_engagement/html/index.en.html">Civil society engagement</a></li></ul></li><li class="has-subpages"><a href="/press/calendars/html/index.en.html">Calendars</a><a href="#" class="subpages" title="toggle subpages for Calendars"></a><ul><li class="clearfix"><a href="/press/calendars/weekly/html/index.en.html">Weekly schedule</a></li><li class="clearfix"><a href="/press/calendars/mgcgc/html/index.en.html">Meetings of the Governing Council and the General Council</a></li><li class="has-subpages"><a href="/press/calendars/statscal/html/index.en.html">Statistical calendars</a><a href="#" class="subpages" title="toggle subpages for Statistical calendars"></a><ul><li class="clearfix"><a href="/press/calendars/statscal/mfm/html/index.en.html">Money, banking and financial markets</a></li><li class="clearfix"><a href="/press/calendars/statscal/eaa/html/index.en.html">Euro area economic and financial developments by institutional sector</a></li><li class="clearfix"><a href="/press/calendars/statscal/ext/html/index.en.html">External transactions and positions</a></li><li class="clearfix"><a href="/press/calendars/statscal/ges/html/index.en.html">Prices, output, demand and labour</a></li><li class="clearfix"><a href="/press/calendars/statscal/gf/html/index.en.html">Government finance</a></li><li class="clearfix"><a href="/press/calendars/statscal/sps/html/index.en.html">Supervisory and prudential statistics</a></li></ul></li><li class="clearfix"><a href="/press/calendars/caleu/html/index.en.html">Eurosystem's tender operations</a></li><li class="clearfix"><a href="/press/calendars/reserve/html/index.en.html">Reserve maintenance period</a></li></ul></li></ul></div></li><li class="clearfix -ssm" aria-expanded="false"><a href="https://www.bankingsupervision.europa.eu/home/html/index.en.html">Banking Supervision<i class="external"></i></a></li></ul></div><div id="topnav"><ul><li class="has-subpages" aria-expanded="false"><a href="/ecb/html/index.en.html">About us</a><a href="#" class="subpages" title="toggle subpages for About us"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">About us</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/ecb/all-about-us/html/index.en.html">All about us</a></li><li class="has-subpages"><a href="/ecb/decisions/html/index.en.html">Our leadership</a><a href="#" class="subpages" title="toggle subpages for Our leadership"></a><ul><li class="clearfix"><a href="/ecb/decisions/eb/html/index.en.html">Executive Board</a></li><li class="clearfix"><a href="/ecb/decisions/govc/html/index.en.html">Governing Council</a></li><li class="clearfix"><a href="/ecb/decisions/genc/html/index.en.html">General Council</a></li><li class="clearfix"><a href="/ecb/decisions/ssm/html/index.en.html">Supervisory Board</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/html/index.en.html">Our organisation</a><a href="#" class="subpages" title="toggle subpages for Our organisation"></a><ul><li class="has-subpages"><a href="/ecb/orga/escb/html/index.en.html">ECB, ESCB and the Eurosystem</a><a href="#" class="subpages" title="toggle subpages for ECB, ESCB and the Eurosystem"></a><ul><li class="clearfix"><a href="/ecb/orga/escb/ecb-mission/html/index.en.html">ECB mission</a></li><li class="clearfix"><a href="/ecb/orga/escb/eurosystem-mission/html/index.en.html">Eurosystem mission</a></li><li class="clearfix"><a href="/ecb/orga/escb/strategic-intents/html/index.en.html">Strategic intents</a></li><li class="clearfix"><a href="/ecb/orga/escb/organisational-principles/html/index.en.html">Organisational principles</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/tasks/html/index.en.html">Our tasks and responsibilities</a><a href="#" class="subpages" title="toggle subpages for Our tasks and responsibilities"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/monpol/html/index.en.html">Monetary policy</a></li><li class="clearfix"><a href="/ecb/orga/tasks/statistics/html/index.en.html">Statistics</a></li><li class="has-subpages"><a href="/ecb/orga/tasks/stability/html/index.en.html">Financial stability and macroprudential policy</a><a href="#" class="subpages" title="toggle subpages for Financial stability and macroprudential policy"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/stability/tasks/html/index.en.html">Our tasks</a></li><li class="clearfix"><a href="/ecb/orga/tasks/stability/strategy/html/index.en.html">Strategy</a></li><li class="clearfix"><a href="/ecb/orga/tasks/stability/framework/html/index.en.html">Institutional framework</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/tasks/euro/html/index.en.html">Banknotes</a></li><li class="clearfix"><a href="/ecb/orga/tasks/paym/html/index.en.html">Payments & securities</a></li><li class="has-subpages"><a href="/ecb/orga/tasks/europe/html/index.en.html">European relations</a><a href="#" class="subpages" title="toggle subpages for European relations"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/europe/cooperation/html/index.en.html">European cooperation</a></li><li class="clearfix"><a href="/ecb/orga/tasks/europe/emu/html/index.en.html">EMU economic governance</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/tasks/international/html/index.en.html">International affairs</a><a href="#" class="subpages" title="toggle subpages for International affairs"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/international/institutions/html/index.en.html">International relations and analysis</a></li><li class="clearfix"><a href="/ecb/orga/tasks/international/financialarchitecture/html/index.en.html">International central bank cooperation</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/tasks/reserves/html/index.en.html">Foreign reserves and own funds</a></li><li class="clearfix"><a href="/ecb/orga/tasks/forex/html/index.en.html">Foreign exchange operations</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/orgachart/html/index.en.html">Organisation chart of the ECB</a></li><li class="clearfix"><a href="/ecb/orga/capital/html/index.en.html">Capital subscription</a></li><li class="clearfix"><a href="/ecb/orga/governance/html/index.en.html">Corporate governance</a></li></ul></li><li class="has-subpages"><a href="/ecb/our-values/html/index.en.html">Our values</a><a href="#" class="subpages" title="toggle subpages for Our values"></a><ul><li class="clearfix"><a href="/ecb/our-values/independence/html/index.en.html">Independence</a></li><li class="clearfix"><a href="/ecb/our-values/transparency/html/index.en.html">Transparency</a></li><li class="clearfix"><a href="/ecb/our-values/accountability/html/index.en.html">Accountability</a></li><li class="has-subpages"><a href="/ecb/our-values/ethics/html/index.en.html">Ethics – working with integrity</a><a href="#" class="subpages" title="toggle subpages for Ethics – working with integrity"></a><ul><li class="clearfix"><a href="/ecb/our-values/ethics/enmo/html/index.en.html">Ethics Network of Multilateral Organizations (ENMO)</a></li></ul></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/html/index.en.html">Our history, arts and culture</a><a href="#" class="subpages" title="toggle subpages for Our history, arts and culture"></a><ul><li class="has-subpages"><a href="/ecb/history-arts-culture/history/html/index.en.html">Our history</a><a href="#" class="subpages" title="toggle subpages for Our history"></a><ul><li class="clearfix"><a href="/ecb/history-arts-culture/history/25-year-anniversary-of-the-ecb/html/index.en.html">25 years of the ECB</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/emu/html/index.en.html">Economic and Monetary Union</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/enlargement/html/index.en.html">EU enlargement</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/ec/html/index.en.html">European Union</a></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/archives/html/index.en.html">Archives</a><a href="#" class="subpages" title="toggle subpages for Archives"></a><ul><li class="clearfix"><a href="/ecb/history-arts-culture/archives/cog/html/index.en.html">Committee of Governors</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/emcf/html/index.en.html">European Monetary Cooperation Fund</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/delors/html/index.en.html">Delors Committee</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/emi/html/index.en.html">European Monetary Institute</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/european/html/index.en.html">European Central Bank</a></li></ul></li><li class="clearfix"><a href="/ecb/history-arts-culture/artsculture/html/index.en.html">Arts and culture</a></li></ul></li><li class="has-subpages"><a href="/ecb/legal/html/index.en.html">Our legal framework</a><a href="#" class="subpages" title="toggle subpages for Our legal framework"></a><ul><li class="clearfix"><a href="/ecb/legal/faqs/html/index.en.html">EUR-Lex - Frequently asked questions</a></li><li class="clearfix"><a href="/ecb/legal/fsla/html/index.en.html">Institutional framework</a></li></ul></li><li class="has-subpages"><a href="/ecb/climate/html/index.en.html">Climate change and the ECB</a><a href="#" class="subpages" title="toggle subpages for Climate change and the ECB"></a><ul><li class="clearfix"><a href="/ecb/climate/our-climate-and-nature-plan/html/index.en.html">Our climate and nature plan</a></li><li class="clearfix"><a href="/ecb/climate/climate-related-financial-disclosures/html/index.en.html">Climate-related financial disclosures</a></li><li class="clearfix"><a href="/ecb/climate/managing_mitigating_climatel_risk/html/index.en.html">Managing climate-related risks</a></li><li class="clearfix"><a href="/ecb/climate/green_transition/html/index.en.html">Supporting the green transition</a></li><li class="clearfix"><a href="/ecb/climate/wider_action/html/index.en.html">Fostering wider action</a></li><li class="clearfix"><a href="/ecb/climate/our_approach/html/index.en.html">Our approach</a></li><li class="clearfix"><a href="/ecb/climate/green/html/index.en.html">Environmental protection</a></li><li class="clearfix"><a href="/ecb/climate/climate/html/index.en.html">Climate Insurance Protection Gap</a></li></ul></li><li class="clearfix"><a href="/ecb/sanctions/html/index.en.html">Sanctions imposed by the ECB</a></li><li class="has-subpages"><a href="/ecb/jobsproc/html/index.en.html">Procurement</a><a href="#" class="subpages" title="toggle subpages for Procurement"></a><ul><li class="clearfix"><a href="/ecb/jobsproc/tenders/html/index.en.html">Tenders</a></li><li class="clearfix"><a href="/ecb/jobsproc/archive/html/index.en.html">Archive</a></li><li class="clearfix"><a href="/ecb/jobsproc/sourcing/html/index.en.html">Electronic tendering system</a></li></ul></li><li class="has-subpages"><a href="/ecb/access_to_documents/html/index.en.html">Access to documents</a><a href="#" class="subpages" title="toggle subpages for Access to documents"></a><ul><li class="clearfix"><a href="/ecb/access_to_documents/document/html/index.en.html">Public Register of Documents</a></li></ul></li><li class="has-subpages"><a href="/ecb/contacts/html/index.en.html">Contacts</a><a href="#" class="subpages" title="toggle subpages for Contacts"></a><ul><li class="clearfix"><a href="/ecb/contacts/address/html/index.en.html">Address</a></li><li class="clearfix"><a href="/ecb/contacts/working-hours/html/index.en.html">ECB public holidays</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/ecb-and-you/html/index.en.html">ECB & You</a><a href="#" class="subpages" title="toggle subpages for ECB & You"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">ECB & You</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/ecb-and-you/educational/html/index.en.html">All about ECB & You</a></li><li class="clearfix"><a href="/ecb-and-you/explainers/html/index.en.html">Explainers</a></li><li class="clearfix"><a href="/ecb-and-you/test-your-knowledge/html/index.en.html">Test your knowledge</a></li><li class="has-subpages"><a href="/ecb-and-you/youth-initiatives/html/index.en.html">Youth initiatives</a><a href="#" class="subpages" title="toggle subpages for Youth initiatives"></a><ul><li class="clearfix"><a href="/ecb-and-you/youth-initiatives/girls_it_bootcamp/html/index.en.html">Girls' IT Bootcamp</a></li></ul></li><li class="clearfix"><a href="/ecb-and-you/everyone-needs-stability/html/index.en.html">Everyone needs stability</a></li><li class="clearfix"><a href="/ecb-and-you/ecb_and_you/html/index.en.html">ECB & You broadcasts</a></li><li class="clearfix"><a href="/ecb-and-you/ask_us/html/index.en.html">Ask us</a></li><li class="has-subpages"><a href="/ecb-and-you/visits/html/index.en.html">Visit us</a><a href="#" class="subpages" title="toggle subpages for Visit us"></a><ul><li class="clearfix"><a href="/ecb-and-you/visits/premises/html/index.en.html">Main building</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/careers/html/index.en.html">Careers</a><a href="#" class="subpages" title="toggle subpages for Careers"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Careers</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/careers/all-about-careers/html/index.en.html">All about careers</a></li><li class="clearfix"><a href="/careers/vacancies/html/index.en.html">Vacancies</a></li><li class="has-subpages"><a href="/careers/working-at-the-ecb/html/index.en.html">Who we are</a><a href="#" class="subpages" title="toggle subpages for Who we are"></a><ul><li class="clearfix"><a href="/careers/working-at-the-ecb/about/html/index.en.html">About the ECB</a></li><li class="clearfix"><a href="/careers/working-at-the-ecb/employee-portraits/html/index.en.html">Meet our people</a></li><li class="clearfix"><a href="/careers/working-at-the-ecb/life-in-frankfurt/html/index.en.html">Life in Frankfurt</a></li></ul></li><li class="has-subpages"><a href="/careers/why-we-value-diversity/html/index.en.html">Why we value diversity</a><a href="#" class="subpages" title="toggle subpages for Why we value diversity"></a><ul><li class="clearfix"><a href="/careers/why-we-value-diversity/women/html/index.en.html">Women@ECB</a></li><li class="clearfix"><a href="/careers/why-we-value-diversity/diversity-networks/html/index.en.html">Diversity networks</a></li></ul></li><li class="has-subpages"><a href="/careers/what-we-offer/html/index.en.html">What we offer</a><a href="#" class="subpages" title="toggle subpages for What we offer"></a><ul><li class="clearfix"><a href="/careers/what-we-offer/benefits/html/index.en.html">Benefits & rewards</a></li><li class="has-subpages"><a href="/careers/what-we-offer/contract/html/index.en.html">Contract types</a><a href="#" class="subpages" title="toggle subpages for Contract types"></a><ul><li class="clearfix"><a href="/careers/what-we-offer/contract/fixed/html/index.en.html">Fixed-term</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/short/html/index.en.html">Short-term</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/escb/html/index.en.html">ESCB/IO</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/other/html/index.en.html">Other</a></li></ul></li><li class="clearfix"><a href="/careers/what-we-offer/traineeship/html/index.en.html">Traineeship</a></li><li class="clearfix"><a href="/careers/what-we-offer/graduate/html/index.en.html">Graduate programme</a></li><li class="clearfix"><a href="/careers/what-we-offer/wecs/html/index.en.html">ECB Scholarship for Women</a></li><li class="clearfix"><a href="/careers/what-we-offer/ukrainian-scholarship/html/index.en.html">ECB Scholarship for Ukrainian graduates</a></li></ul></li><li class="has-subpages"><a href="/careers/before-you-apply/html/index.en.html">How you can join us</a><a href="#" class="subpages" title="toggle subpages for How you can join us"></a><ul><li class="clearfix"><a href="/careers/before-you-apply/how-to-apply/html/index.en.html">How to apply</a></li><li class="clearfix"><a href="/careers/before-you-apply/how-we-hire/html/index.en.html">How we hire</a></li><li class="has-subpages"><a href="/careers/before-you-apply/newcomers/html/index.en.html">You have been selected, what next?</a><a href="#" class="subpages" title="toggle subpages for You have been selected, what next?"></a><ul><li class="clearfix"><a href="/careers/before-you-apply/newcomers/fixed-term/html/index.en.html">Fixed-term employee</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/short-term/html/index.en.html">Short-term employee</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/trainee/html/index.en.html">Trainee</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/cost-free/html/index.en.html">Cost-free secondee</a></li></ul></li></ul></li><li class="clearfix"><a href="/careers/faq/html/index.en.html">FAQs</a></li></ul></div></li></ul></div></nav> <div id="page-actions"> <div class="ecb-quickSearch" style="width:100%;"> <form role="search" method="get" style="width:100%;display:flex" onsubmit="return false"> <input type="text" name="search" class="addsearch" id="searchInput" maxlength="300" aria-label="Search" alt="Search" autocomplete="off" /> <a href="#" id="searchButton">Search</a> </form> </div> </div> <button id="toggle-mobile-nav" aria-expanded="false" aria-controls="navwrapper"><span class="sr-only">Menu</span></button> </div> <div id="ecb-breadcrumbscontainer"><div id="ecb-breadcrumbwrapper"><nav id="ecb-breadcrumbs"></nav></div></div> </header> <div id="ecb-mainnavwrapper" style="display: none !important;"></div> <div id="addSearch-container-full"> <div class="blue-bg"> <div class="arrow-top"></div> <div class="section filter-radio"> <div class="tabs-container -white-blue"> <input id="searchAll" name="search-tab-group" type="radio" checked="" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="all"> <label for="searchAll" class="count-hits-all">ANYTIME <span class="count-hits"></span></label> <div class="spacer"></div> <input id="searchMonth" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="month"> <label for="searchMonth" class="count-hits-month">PAST MONTH <span class="count-hits"></span></label> <div class="spacer"></div> <input id="searchYear" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="year"> <label for="searchYear" class="count-hits-year">PAST YEAR <span class="count-hits"></span></label> </div> <div class="tabs-search-options-head"> <div id="text-search-options" class="title-option">Search Options</div> <div id="text-image-preview" class="title-option hidden">Image Preview</div> </div> </div> <div class="arrow-bottom"></div> <div class="filter-selection form"> <div class="form-content"> <form> <div> <label for="dropdownSuggestions">Sort by</label> <div id="dropdownFilter" class="dropdown"> <span class="icon"></span> <select onchange="ECB.slow.addSearchApi.filterDate(this.value)" id="searchFilterDate"> <option value="all" class="count-hits-all">ANYTIME </option> <option value="month" class="count-hits-month">PAST MONTH </option> <option value="year" class="count-hits-year">PAST YEAR </option> </select> </div> </div> <div> <label for="dropdownSuggestions" class="space-top">Suggestions</label> <div id="dropdownSuggestions" class="dropdown"> <span class="icon"></span> <select onchange="ECB.slow.addSearchApi.initSearch(this.value)" id="searchSuggestion"> <option></option> </select> </div> </div> </form> </div> </div> </div> <div class="white-bg"> <div class="section"> <div class="result-main-panel">  <div id="addsearch-api-results"></div> <div class="addsearch-legends-categories"> <span id="adcat_home">Home</span> <span id="adcat_press">Media</span> <span id="adcat_explainers">Explainers</span> <span id="adcat_pub">Research & Publications</span> <span id="adcat_stats">Statistics</span> <span id="adcat_mopo">Monetary Policy</span> <span id="adcat_euro">The €uro</span> <span id="adcat_paym">Payments & Markets</span> <span id="adcat_career">Careers</span> </div> </div> <div class="result-side-panel"> <div id="addsearch-sidemenu"> <div id="result-suggestions"> <span>Suggestions</span> <div id="suggestions-container"> </div> </div> <div id="result-sortBy"> <span>Sort by</span> <div id="sortby-radio-container"> <div class="addsearch-sortby-radiogroup"> <label> <input id="sort-by-relevance" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('relevance')" data-field="relevance" data-order="desc" value="" checked="">Relevance </label> <label> <input id="sort-by-date" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('date')" data-field="date" data-order="desc" value="">Date </label> </div> </div> </div> </div> <div id="addsearch-image-container" aria-hidden="true"><img src="" id="addsearch-image" alt="" /></div> </div> </div> </div> </div> <div id="main-wrapper" > <div class="header fast image-attribution -small" data-image-webp="/paym/shared/img/header.webp" data-image="/paym/shared/img/header.jpg"> <div data-image="/paym/shared/img/header.jpg" data-image-webp="/paym/shared/img/header.webp" ></div> </div> <aside aria-label="Social media sharing and related content (if available)"> <div id="ecb-social-sharing" class="" tab-index="2"> <ul class="-links"> <li class="-print"><a href="javascript:window.print()" title="Print page"></a></li> </ul> <div class="-separator"></div> <ul class="-links"> <li class="-twitter"><a href="javascript:window.open('https://twitter.com/intent/tweet?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on X"></a></li> <li class="-facebook"><a href="javascript:window.open('https://www.facebook.com/sharer/sharer.php?u='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on Facebook"></a></li> <li class="-linkedin"><a href="javascript:window.open('https://www.linkedin.com/shareArticle?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on LinkedIn"></a></li> <li class="-email"><a href="javascript:window.open('mailto:?subject=I would like to share this link with you&body=Link to the website of the European Central Bank: '+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''))" title="Share by Email"></a></li> </ul> </div> </aside> <main >  <div class="title"> <h1>TIPS documents & links</h1> </div> <div class="section"> <h3>Operational Status</h3> <a href="/paym/target/html/register.en.html">Subscribe to email alerts about the operational status of TIPS</a> </div> <div class="section"> <h3>Shared features</h3> <p> A number of components are shared across the TARGET Services. This page offers a single point of access to information about the TARGET Services Common components and other shared features. </p> <a href="/paym/target/target-professional-use-documents-links/coco/html/index.en.html">Shared documentation</a> </div> <div class="section"> <h3>TIPS Documentation </h3> </div> <div class="accordion"> <div class="header"> <div class="title">TIPS change requests</div> </div> <div class="content-box"> <ul class="-link-icons"> <li><a href="/paym/target/tips/governance/html/changerequests.en.html">List of change requests</a></li> </ul> </div> <div class="header"> <div class="title">TIPS releases: content, main milestones and documentation </div> </div> <div class="content-box"> <div class="accordion"> <div class="header"> <div class="title">TIPS Release R2025.OCT</div> </div> <div class="content-box"> <p><br></p> </div> <div class="header"> <div class="title">TIPS Release R2025.JUN</div> </div> <div class="content-box"> <p><em>These documents are currently undergoing a review process in the TIPS Governance. As soon as such process is completed, an update will be published.</em></p><ul><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/Content_of_TIPS_Release_R2025_JUN.pdf">Content of TIPS Release R2025.JUN</a></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/Main_Milestones_TIPS_Release_R2025_JUN.pdf">Main Milestones TIPS Release R2025.JUN</a></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/Cover_Note_Publication_of_the_TIPS_and_Common_Components_Scope_Defining_Documents_for_TIPS_Service.pdf">Cover Note – Publication of the TIPS Scope Defining Documents for TIPS Service</a></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_UDFS_R2025.JUN_clean.pdf">TIPS UDFS R2025.JUN</a></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_UDFS_R2025.JUN_rev.pdf">TIPS UDFS R2025.JUN (with revisions)</a></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_R2025.JUN_XSD.zip">TIPS UDFS – schema files – Version R2025.JUN</a></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_R2025_JUN_Examples.zip">TIPS-UDFS – message examples – Version R2025.JUN</a></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_UHB_R2025.JUN_clean.pdf">TIPS UHB R2025.JUN</a></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_UHB_R2025.JUN_rev.pdf">TIPS UHB R2025.JUN (with revisions)</a></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/MPL_UDFS_R2025.JUN_clean.pdf">MPL UDFS R2025.JUN</a></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/MPL_UDFS_R2025.JUN_rev.pdf">MPL UDFS R2025.JUN (with revisions)</a></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/MPL_R2025.JUN_XSD.zip">MPL UDFS – schema files – Version R2025.JUN</a></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/MPL_R2025.JUN_XML_Examples.zip">MPL UDFS – message examples – Version R2025.JUN</a></p></li></ul> </div> <div class="header"> <div class="title">TIPS Release R2024.NOV</div> </div> <div class="content-box"> <ul><li><a href="/paym/target/tips/profuse/shared/pdf/Content_of_TIPS_Release_R2024_NOV.pdf">Content of TIPS Release R2024.NOV.pdf</a></li><li><a href="/paym/target/tips/profuse/shared/pdf/Main_Milestones_TIPS_Release_R2024_NOV.pdf">Main Milestones TIPS Release R2024.NOV.pdf</a><br></li><li><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/Cover_Note_Publication_of_the_TIPS_Scope_Defining_Documents_for_TIPS_Service.pdf">Cover Note – Publication of the TIPS Scope Defining Documents for TIPS Service</a><br></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_UDFS_R2024_NOV_250515_clean.pdf">TIPS UDFS R2024.NOV</a><br></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_UDFS_R2024_NOV_250515_rev.pdf">TIPS UDFS R2024.NOV (with revisions)</a><br></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_R2024_NOV_XSD_240515.zip">TIPS UDFS – schema files – Version R2024.NOV</a><br></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_R2024_NOV_Examples_240515.zip">TIPS UDFS – message examples – Version R2024.NOV</a><br></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_UHB_R2024_NOV_240515.pdf">TIPS UHB R2024.NOV</a><br></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_UHB_R2024_NOV_240515_rev.pdf">TIPS UHB R2024.NOV (with revisions)</a><br></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/MPL_UDFS_R2024_NOV_240515_clean.pdf">MPL UDFS R2024.NOV</a><br></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/MPL_UDFS_R2024_NOV_240515_rev.pdf">MPL UDFS R2024.NOV (with revisions)</a><br></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/MPL_R2024_NOV_XSD_240515.zip">MPL UDFS – schema files – Version R2024.NOV</a><br></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/MPL_R2024_NOV_XML_Examples_250515.zip">MPL UDFS – message examples – Version R2024.NOV</a><br></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_Reference_Data_guide_R2024NOV_with_revisions.pdf">TIPS Reference Data guide R2024.NOV (with revisions)</a> <br></p></li></ul> </div> <div class="header"> <div class="title">TIPS Release R2024.JUN</div> </div> <div class="content-box"> <p><strong>Note</strong>: to get additional information on this release, please send an email to <a href="mailto:tips@ecb.europa.eu">tips@ecb.europa.eu</a>. Please be kindly informed that the versions of the TIPS messages are available in <a href="https://login.swift.com/swift/login/login.html?resource_url=https%3A%2F%2Fidp.swift.com%252Fsso%252Fprotected%252Fbcauthn%3Frealm%253DSAML_www2_form_external%2526conversation%253De1s1">MyStandards</a>.</p><ul><li><a href="/paym/target/tips/profuse/shared/pdf/Content_of_TIPS_Release_R2024.JUN.pdf">Content of TIPS Release R2024.JUN.pdf</a></li></ul><p></p> </div> <div class="header"> <div class="title">Ad-hoc TIPS Release March 2024 </div> </div> <div class="content-box"> <p><strong>Note</strong>: to get additional information on this release, please send an email to <a href="mailto:tips@ecb.europa.eu">tips@ecb.europa.eu</a>. Please be kindly informed that the versions of the TIPS messages are available in <a href="https://login.swift.com/swift/login/login.html?resource_url=https%3A%2F%2Fidp.swift.com%252Fsso%252Fprotected%252Fbcauthn%3Frealm%253DSAML_www2_form_external%2526conversation%253De1s1">MyStandards</a>.</p><ul><li><a href="/paym/target/tips/profuse/shared/pdf/Content_of_ad_hoc_TIPS_Release2024_03_17.pdf">Content of Ad-hoc TIPS Release March 2024</a></li></ul> </div> <div class="header"> <div class="title">TIPS Release R2023.NOV</div> </div> <div class="content-box"> <p><strong>Note</strong>: to get additional information on this release, please send an email to <a href="mailto:tips@ecb.europa.eu">tips@ecb.europa.eu</a>. Please be kindly informed that the versions of the TIPS messages are available in <a href="https://login.swift.com/swift/login/login.html?resource_url=https%3A%2F%2Fidp.swift.com%252Fsso%252Fprotected%252Fbcauthn%3Frealm%253DSAML_www2_form_external%2526conversation%253De1s1">MyStandards</a>.</p><ul> <li><a href="/paym/target/tips/profuse/shared/pdf/Content_of_TIPS_Release_R2023.NOV_updated_20231109.pdf">Content of TIPS Release R2023.NOV </a></li></ul><p></p><ul class="-link-icons"> </ul> </div> <div class="header"> <div class="title">TIPS Release R2023.JUN</div> </div> <div class="content-box"> <p><strong>Note</strong>: to get additional information on this release, please send an email to <a href="mailto:tips@ecb.europa.eu">tips@ecb.europa.eu</a>. Please be kindly informed that the versions of the TIPS messages are available in <a href="https://login.swift.com/swift/login/login.html?resource_url=https%3A%2F%2Fidp.swift.com%252Fsso%252Fprotected%252Fbcauthn%3Frealm%253DSAML_www2_form_external%2526conversation%253De1s1">MyStandards</a>. </p><p></p><ul><li><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/Content_of_TIPS_Release_R2023-JUN.en.pdf">Content of TIPS Release R2023.JUN </a></li></ul><p></p> </div> <div class="header"> <div class="title">TIPS Release 5.0 (November 2022)</div> </div> <div class="content-box"> <p><strong>Note</strong>: to get additional information on this release, please send an email to <a href="mailto:tips@ecb.europa.eu">tips@ecb.europa.eu</a>. Please be kindly informed that the versions of the TIPS messages are available in <a href="https://login.swift.com/swift/login/login.html?resource_url=https%3A%2F%2Fidp.swift.com%252Fsso%252Fprotected%252Fbcauthn%3Frealm%253DSAML_www2_form_external%2526conversation%253De1s1">MyStandards</a>.</p><p></p><ul><li><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/Content_TIPS_Release_5.0.en.pdf">Content of the Release </a></li></ul><p></p> </div> <div class="header"> <div class="title">TIPS Release 4.1 (May 2022)</div> </div> <div class="content-box"> <p><strong>Note</strong>: to get additional information on this release, please send an email to <a href="mailto:tips@ecb.europa.eu">tips@ecb.europa.eu</a>. Please be kindly informed that the versions of the TIPS messages are available in <a href="https://login.swift.com/swift/login/login.html?resource_url=https%3A%2F%2Fidp.swift.com%252Fsso%252Fprotected%252Fbcauthn%3Frealm%253DSAML_www2_form_external%2526conversation%253De1s1">MyStandards</a>.</p><ul><li><a href="/paym/target/tips/profuse/shared/pdf/Content_of_TIPS_Release_4.1.pdf">Content of the Release</a></li></ul> </div> <div class="header"> <div class="title">TIPS Release 4.0 (November 2021)</div> </div> <div class="content-box"> <p><strong>Note</strong>: to get additional information on this release, please send an email to <a href="mailto:tips@ecb.europa.eu">tips@ecb.europa.eu</a>. Please be kindly informed that the versions of the TIPS messages are available in <a href="https://login.swift.com/swift/login/login.html?resource_url=https%3A%2F%2Fidp.swift.com%252Fsso%252Fprotected%252Fbcauthn%3Frealm%253DSAML_www2_form_external%2526conversation%253De1s1">MyStandards</a>.</p><p></p><ul><li><a href="/paym/target/tips/profuse/shared/pdf/Content_of_the_tips_release_4.0.pdf">Content of the Release</a></li></ul><p></p> </div> <div class="header"> <div class="title">TIPS Release 3.1 (June 2021)</div> </div> <div class="content-box"> <p><strong>Note</strong>: to get additional information on this release, please send an email to <a href="mailto:tips@ecb.europa.eu">tips@ecb.europa.eu</a>. Please be kindly informed that the versions of the TIPS messages are available in <a href="https://login.swift.com/swift/login/login.html?resource_url=https%3A%2F%2Fidp.swift.com%252Fsso%252Fprotected%252Fbcauthn%3Frealm%253DSAML_www2_form_external%2526conversation%253De1s1">MyStandards</a>.</p><p></p><ul><li><a href="/paym/target/tips/profuse/shared/pdf/final_content_of_the_tips_release_3.1.pdf">Content of the Release</a></li></ul><p></p> </div> <div class="header"> <div class="title">TIPS Release 3.0 (November 2020)</div> </div> <div class="content-box"> <p><strong>Note</strong>: to get additional information on this release, please send an email to <a href="mailto:tips@ecb.europa.eu">tips@ecb.europa.eu</a>. Please be kindly informed that the versions of the TIPS messages are available in <a href="https://login.swift.com/swift/login/login.html?resource_url=https%3A%2F%2Fidp.swift.com%252Fsso%252Fprotected%252Fbcauthn%3Frealm%253DSAML_www2_form_external%2526conversation%253De1s1">MyStandards</a>.</p><p></p><ul><li><a href="/paym/target/tips/profuse/shared/pdf/final_content_of_the_tips_release_3.0.pdf">Content of the Release</a></li></ul><p></p> </div> <div class="header"> <div class="title">TIPS Release 2.5 (June 2020)</div> </div> <div class="content-box"> <p></p><p><strong>Note</strong>: to get additional information on this release, please send an email to <a href="mailto:tips@ecb.europa.eu">tips@ecb.europa.eu</a>. Please be kindly informed that the versions of the TIPS messages are available in <a href="https://login.swift.com/swift/login/login.html?resource_url=https%3A%2F%2Fidp.swift.com%252Fsso%252Fprotected%252Fbcauthn%3Frealm%253DSAML_www2_form_external%2526conversation%253De1s1">MyStandards</a>.</p><ul><li><a href="/paym/target/tips/profuse/shared/pdf/final_content_of_the_tips_release 2.5_UPDATED_VERSION.pdf">Content of the release – Updated version</a></li></ul><p></p> </div> <div class="header"> <div class="title">TIPS Release 2.0 (November 2019)</div> </div> <div class="content-box"> <p><strong>Note</strong>: to get additional information on this release, please send an email to <a href="mailto:tips@ecb.europa.eu">tips@ecb.europa.eu</a>. Please be kindly informed that the versions of the TIPS messages are available in <a href="https://login.swift.com/swift/login/login.html?resource_url=https%3A%2F%2Fidp.swift.com%252Fsso%252Fprotected%252Fbcauthn%3Frealm%253DSAML_www2_form_external%2526conversation%253De1s1">MyStandards</a>.<br></p><ul><li><a href="/paym/target/tips/profuse/shared/pdf/final_content_of_the_tips_release_2.0.pdf">Content of the release </a></li></ul> </div> </div> </div> <div class="header"> <div class="title">Technical/functional/legal documents </div> </div> <div class="content-box"> <p>Documents related to shared features of the TARGET Services (e.g. ESMIG, CRDM, BILL) are provided in the dedicated webpage <a href="https://www.ecb.europa.eu/paym/target/coco/profuse/html/index.en.html">Shared documentation – For professional use</a>.</p><h3>TIPS User Requirements (TIPS URD)</h3><ul class="-link-icons"> <li><a href="/paym/target/tips/profuse/shared/pdf/TIPS_User_Requirements_Document_v1_1_3.pdf">Version 1.1.3 (May 2022)</a></li> </ul><h3>TIPS User Detailed Functional Specifications (TIPS UDFS)</h3><p><strong>Note</strong>: please be kindly informed that the versions of the TIPS messages are available in <a href="https://login.swift.com/swift/login/login.html?resource_url=https%3A%2F%2Fidp.swift.com%252Fsso%252Fprotected%252Fbcauthn%3Frealm%253DSAML_www2_form_external%2526conversation%253De1s1">MyStandards</a></p><ul><li><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_UDFS_R2025.JUN_241028_clean.pdf">Version R2025.JUN (June 2025)</a> <em>This document is currently undergoing a review process in the TIPS Governance. As soon as such process is completed, an update will be published.</em></li><li><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_UDFS_R2025.JUN_241028_rev.pdf">Version R2025.JUN (June 2025) – with revisions</a> <em>This document is currently undergoing a review process in the TIPS Governance. As soon as such process is completed, an update will be published.</em></li><li><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_R2025_JUN_XSD.zip">TIPS UDFS – schema files – Version R2025.JUN</a> <em>This document is currently undergoing a review process in the TIPS Governance. As soon as such process is completed, an update will be published.</em></li><li><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_R2025_JUN_Examples.zip">TIPS UDFS – message examples – Version R2025.JUN</a> <em>This document is currently undergoing a review process in the TIPS Governance. As soon as such process is completed, an update will be published.</em></li><li><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_UDFS_R2024_NOV_250515_clean.pdf">Version R2024.NOV (November 2024)</a> <br></li><li><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_UDFS_R2024_NOV_250515_rev.pdf">Version R2024.NOV (November 2024) – with revisions</a> <br></li><li><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_R2024_NOV_XSD_240515.zip">TIPS UDFS – schema files – Version R2024.NOV</a> <br></li><li><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_R2024_NOV_Examples_240515.zip">TIPS UDFS – message examples – Version R2024.NOV</a> </li></ul><div><p></p><ul class="-link-icons"> </ul><h3>TIPS – User Handbook (TIPS UHB)</h3><ul class="-link-icons"><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_UHB_R2025.JUN_clean.pdf">Version R2025.JUN (June 2025)</a> <em>This document is currently undergoing a review process in the TIPS Governance. As soon as such process is completed, an update will be published</em></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_UHB_R2025.JUN_rev.pdf">Version R2025.JUN (June 2025) – with revisions</a> <em>This document is currently undergoing a review process in the TIPS Governance. As soon as such process is completed, an update will be published</em></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_UHB_R2024_NOV_240515.pdf">Version R2024.NOV (November 2024)</a> </p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/TIPS_UHB_R2024_NOV_240515_rev.pdf">Version R2024.NOV (November 2024) – with revisions</a> </p></li> </ul><h3>TIPS Connectivity</h3><p><strong>Note</strong>: please refer to the <a href="/paym/target/tips/onboarding/html/index.en.html">Onboarding section</a> to get further details on the onboarding process/choice to be done for the connectivity to TIPS. Please also refer to the <a href="https://www.ecb.europa.eu/paym/target/coco/profuse/html/index.en.html">Shared documentation – For professional use</a> for ESMIG documentation.<br></p><ul class="-link-icons"><li><a href="/paym/target/tips/profuse/shared/pdf/TIPS_Release_R2023.NOV/MEPT_Implementation_Guide_R2023.NOV.pdf">TIPS MEPT Implementation Guide R2023.NOV</a></li><li><a href="/paym/target/tips/profuse/shared/pdf/TIPS_Release_R2023.NOV/MEPT_Implementation_Guide_R2023.NOV_rev.pdf">TIPS MEPT Implementation Guide R2023.NOV (with revisions)</a></li> <li><a href="/paym/target/tips/profuse/shared/pdf/FAQ_GoSign_Desktop_v2.0.pdf">FAQ GoSign Desktop v2.0</a></li> <li><a href="/paym/target/tips/profuse/shared/pdf/TIPS_MEPT_-_Message_Exchange_Processing_for_TIPS_-_v1.2_final_rev.pdf">Message exchange processing - Version 1.2</a></li> <li><a href="/paym/target/consolidation/profuse/shared/pdf/TARGET_Connectivity_Guide.en.pdf">TARGET Services Connectivity Guide - Version 2.0</a></li> <li><a href="/paym/target/tips/profuse/shared/pdf/tips_connectivity_technical_requirements.pdf">TIPS Connectivity – technical requirements – Version 1.0 </a></li> <li><a href="/press/intro/news/html/ecb.mipnews190708.en.html">TIPS Network Service Providers (TIPS NSPs)</a></li> <li><a href="/paym/target/tips/profuse/shared/pdf/tips_nsp_compliance.pdf">Compliance check procedure for NSPs – Version 1.0</a></li> </ul><h3>MPL - User Detailed Functional Specifications (MPL UDFS)</h3><p></p><ul class="-link-icons"><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/MPL_UDFS_R2025.JUN_clean.pdf">Version R2025.JUN (June 2025)</a> <em>This document is currently undergoing a review process in the TIPS Governance. As soon as such process is completed, an update will be published.</em></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/MPL_UDFS_R2025.JUN_rev.pdf">Version R2025.JUN (June 2025) – with revisions</a> <em>This document is currently undergoing a review process in the TIPS Governance. As soon as such process is completed, an update will be published.</em></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/MPL_R2025.JUN_XSD.zip">MPL UDFS – schema files – Version R2025.JUN</a> <em>This document is currently undergoing a review process in the TIPS Governance. As soon as such process is completed, an update will be published.</em></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/MPL_R2025.JUN_XML_Examples.zip">MPL UDFS – message examples – Version R2025.JUN</a> <em>This document is currently undergoing a review process in the TIPS Governance. As soon as such process is completed, an update will be published.</em></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/MPL_UDFS_R2024_NOV_240515_clean.pdf">Version R2024.NOV (November 2024)</a> </p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/MPL_UDFS_R2024_NOV_240515_rev.pdf">Version R2024.NOV (November 2024) – with revisions</a> <br></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/MPL_R2024_NOV_XSD_240515.zip">MPL UDFS – schema files – Version R2024.NOV</a> <br></p></li><li><p><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/MPL_R2024_NOV_XML_Examples_250515.zip">MPL UDFS – message examples – Version R2024.NOV</a> </p></li></ul><h3>Legal Documents</h3><p><strong>Note</strong>: please refer to the <a href="https://eur-lex.europa.eu/browse/institutions/bank.html?locale=en">TARGET Guideline</a>.</p><ul><li><a href="/paym/target/tips/profuse/shared/pdf/TIPS_connectivity_hosting_terms_and_conditions.pdf">Hosting Terms and Conditions (TIPS Operator and NSP)</a></li></ul> </div> </div> <div class="header"> <div class="title">TIPS Consultative Group documentation</div> </div> <div class="content-box"> <ul class="-link-icons"> <li><a href="/paym/target/tips/profuse/html/index_meetdocs.en.html">List of documents</a></li> </ul><p>Subscribe to the ECB RSS Feed to receive the TIPS Consultative Group’s documentation as it is published. This news feed compiles all updates automatically – so there is no need to constantly check the website.</p> <a href="/rss/tipsmeetdocs.rss">TIPS Consultative Group documentation RSS feed</a> <a href="/home/html/rss.en.html">More information</a> </div> <div class="header"> <div class="title">TIPS Participation</div> </div> <div class="content-box"> <p>Note: please refer to the <a href="/paym/target/tips/onboarding/html/index.en.html">Onboarding section</a> to get further details on the onboarding process in TIPS</p> <ul class="-link-icons"> <li><a href="/paym/target/tips/profuse/shared/pdf/ECB_Brochure_Instant_payments_TIPS.pdf">Brochure - Instant payments: TIPS for getting there</a></li> <li><a href="/paym/target/consolidation/profuse/shared/pdf/R2023.NOV_p3_tips.en.pdf">Information Guide for TARGET participants: TIPS</a></li> <li><a href="/press/intro/news/html/ecb.mipnews200724.en.html">Measures for ensuring pan-European reachability </a></li><li><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/Eurosys_pol_on_access_to_central_bank_operated_payment_systems_by_NBPSPs.pdf">Policy on access by non-bank PSPs to central bank-operated payment systems and to central bank accounts</a><br></li> </ul> <h3>Pricing</h3> <ul class="-link-icons"> <li><a href="/paym/groups/shared/docs/efe1c-ad-hoc-ami-pay-2023-07-04-revised-tips-pricing.pdf">Information on TIPS pricing</a> (AMI-Pay 4 July 2023)<br></li> <li><a href="/press/intro/news/html/ecb.mipnews230704.en.html">MIP News: New pricing structure for TIPS</a> (4 July 2023)<br></li> <li><a href="/paym/target/coco/shared/docs/ecb.pricingcoco_target.en.pdf?224cf8ecb0027d81ceac2f27f6d52d3e">TARGET Services Pricing Guide</a></li> </ul> </div> <div class="header"> <div class="title">TIPS training material and featured topics</div> </div> <div class="content-box"> <p></p><ul><li><p><a href="/paym/target/tips/profuse/shared/pdf/TIPS_Message_Validations.pdf">TIPS Message Validations</a></p></li><li><a href="/paym/target/tips/profuse/shared/pdf/CRDM_Data_Scope_of_Participants.pdf">CRDM Data Scope of Participants</a><br></li><li><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/2023-04-18-Focus_Session_Summary.en.pdf">Summary Focus Session - 18 April 2023</a></li><li><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/tips_questionnaire.en.pdf">Outcome of Questionnaire "Your views on TIPS"</a></li><li><a href="/paym/target/target-professional-use-documents-links/tips/shared/pdf/Implementation_of_Non-time_critical_payments_in_TIPS.en.pdf">Non-time critical payments in TIPS</a></li><li><a href="/paym/target/tips/profuse/shared/pdf/Mobile_Proxy_Lookup_One_Pager.pdf">Mobile Proxy Lookup One Pager</a></li><li><a href="/paym/target/tips/profuse/shared/pdf/Cross-currency_instant_payments.pdf">Cross-currency instant payments - Note on the Linked Transactions settlement model</a></li><li><a href="/paym/target/tips/profuse/shared/pdf/tips-champions-sip-explanation.pdf">Explainer on SIP settlement model</a></li><li><p><a href="/paym/target/tips/profuse/shared/pdf/TIPS_Release_R2023.NOV/01.FN.020_Access_to_TIPS_R2023.NOV_20230331.pdf">TIPS User Training material R2023.NOV - Access to TIPS</a></p></li><li><a href="/paym/target/tips/profuse/shared/pdf/TIPS_Release_R2023.NOV/02.FN.030_Reference_data_management_R2023.NOV_20230331.pdf">TIPS User Training material R2023.NOV - Reference Data management</a></li><li><a href="/paym/target/tips/profuse/shared/pdf/TIPS_Release_R2023.NOV/03.FN.040_Settlement_of_instant_payments_R2023.NOV_20230331.pdf">TIPS User Training material R2023.NOV - Settlement of instant payments</a></li><li><a href="/paym/target/tips/profuse/shared/pdf/TIPS_Release_R2023.NOV/04.FN.050_Liquidity_management_R2023.NOV_20230331.pdf">TIPS User Training material R2023.NOV - Liquidity management</a></li><li><a href="/paym/target/tips/profuse/shared/pdf/TIPS_Release_R2023.NOV/05.FN.070_reports_notifications_and_statistics_R2023.NOV_20230331.pdf">TIPS User Training material R2023.NOV – Queries, reports, notifications and statistics</a></li><li><a href="https://www.dropbox.com/scl/fi/agkvukhy6ebyd97ozroll/2023-09-07-TIPS-GUI-live-demo-recording.mp4?rlkey=qymd2hd752yijqdxkc21k0oqz&dl=0">2023-09-07 TIPS GUI live demo recording</a></li></ul><p></p><p></p> </div> </div> <div class="in-this-section" id="pages-in-section-holder"> <h3>All pages in this section</h3> <div class="content-box"> </div> </div> </main> </div> <div id="feedback" class="hidden"> <div class="content-box"> <div class="initial"> <div class="title">Are you happy with this page?</div> <a class="button -inverted-color" id="feedback-yes">Yes</a> <a class="button -inverted-color" id="feedback-no">No</a> </div> <div class="second hidden"> <div class="title">What made you unhappy?</div> <a class="button -inverted-color" id="feedback-broken">Page not working</a> <a class="button -inverted-color" id="feedback-content">Information not useful</a> <a class="button -inverted-color" id="feedback-design">Design not attractive</a> <a class="button -inverted-color" id="feedback-other">Something else</a> </div> <div class="final hidden"> <div class="title">Thank you for letting us know!</div> </div> </div> </div> <footer id="ecb-doc-footer"> <div class="ecb-footerTop"> <div class="sitemap"> <a href="/home/sitedir/html/index.en.html" title="Site Directory">Site directory</a> </div> <div class="socialLinks"> <a class="inline-link" href="/home/socialmedia/html/index.en.html" title="Official social media channels">FOLLOW US</a> <a href="http://twitter.com/ecb" class="twitter" title="X"></a> <a href="https://www.linkedin.com/company/european-central-bank" class="linkedin" title="LinkedIn"></a> <a href="https://www.instagram.com/europeancentralbank/" class="instagram" title="Instagram"></a> <a href="https://www.youtube.com/user/ecbeuro" class="youtube" title="YouTube"></a> <a href="https://www.flickr.com/photos/europeancentralbank/sets/" class="flickr" title="Flickr"></a> <a href="https://soundcloud.com/europeancentralbank" class="soundcloud" title="Soundcloud"></a> <a href="/rss" class="rss" title="RSS news feeds"></a> </div> </div><div class="ecb-footerBottom"> <p><span>Copyright 2024, </span>European Central Bank</p> <div class="ecb-serviceNavigation"> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Useful links</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/careers/vacancies/html/index.en.html">Work with us</a></li> <li><a href="/services/glossary/html/index.en.html">Glossary</a></li> <li><a href="/services/links/html/index.en.html">Other institutions</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Using our site</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/disclaimer/html/index.en.html">Disclaimer & Copyright</a></li> <li><a href="/services/data-protection/privacy-statements/website/html/index.en.html">Privacy statement</a></li> <li><a href="/services/languagepolicy/html/index.en.html">Language policy</a></li> <li><a href="/services/using-our-site/technical-updates/html/index.en.html">Technical updates to this site</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Corporate Policies</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/data-protection/html/index.en.html">Data Protection</a></li> <li><a href="/ecb/access_to_documents/html/index.en.html">Access to documents</a></li> <li><a href="/services/responsible-disclosure/html/index.en.html">Responsible disclosure</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Contact</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/ecb/contacts/html/index.en.html">Contacts</a></li> <li><a href="/services/contacts/address/html/index.en.html">Address</a></li> <li><a href="/services/contacts/working-hours/html/index.en.html">Public holidays</a></li> </ul> </div> </div> </div> </div>  </footer> <style> [data-count]{ position: relative; } [data-count]::after{ position: absolute; right: -20px; bottom: 0px; display: block; content: attr(data-count); color: rgba(255, 255, 255, 0.8); text-shadow: 0 0 8px black; font-size: 11px; } body.hideCount [data-count]::after{ display: none; } </style> <script> (function(){ let addedCount = false; let addCount = function(){ let list = document.querySelectorAll("h2,h3,h4,p,a"); for(var i = 0; i < list.length; i++){ let item = list[i]; item.setAttribute("data-count",item.textContent.length); } } document.onkeypress = function(e){ if(e.ctrlKey && e.code == "KeyM"){ if(addedCount){ document.body.classList.add('hideCount'); addedCount = false; }else{ document.body.classList.remove('hideCount'); addCount(); addedCount = true; } } } })(); </script> <link rel="stylesheet" href="/shared/dist/css/print.min.css?2728911" media="print"> <div class="ecb-cookieConsent hidden" id="cookieConsent"> <div class="initial"> <h2>Our website uses cookies</h2> <p>We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies.<br> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="arrow">Learn more about how we use cookies</a></p> <div class="consentButtons initial cf"> <a class="check linkButton linkButtonLarge floatLeft highlight-medium">I understand and I accept the use of cookies</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">I do not accept the use of cookies</a> </div> </div> <div class="accepted hidden"> <div style="background-image:url(/shared/nav/svg/cookies_accepted.svg);width:100px;height:100px;margin:auto" class="img"></div> <h2>Thank you!</h2> </div> <div class="refused hidden"> <div style="background-image:url(/shared/nav/svg/cookies_refused.svg);width:100px;height:100px;margin:auto" class="img"></div> <h2>Thank you!</h2> </div> <div class="updated hidden"> <h2>We have updated our privacy policy</h2> <p>We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies.<br> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="arrow">See what has changed in our privacy policy</a></p> <div class="consentButtons updated cf"> <a class="check linkButton linkButtonLarge floatLeft highlight-medium">I understand and I accept the use of cookies</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">I do not accept the use of cookies</a> </div> </div> <div class="expired hidden"> <h2>Your cookie preference has expired</h2> <p>We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies.<br> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="arrow">Learn more about how we use cookies</a></p> <div class="consentButtons expired cf"> <a class="check linkButton linkButtonLarge floatLeft highlight-medium">I understand and I accept the use of cookies</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">I do not accept the use of cookies</a> </div> </div> </div> <div class="cookieBlockedMessage template hidden"> <div class="cookieBlockedContentHolder"> <div class="mainCookieBlockedMessage">This feature requires cookies.</div> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="button">Privacy statement</a> </div> </div> <script src="/shared/js/analytics/pa_events.js?v=2605151" data-siteID="638441" data-collectDomain="https://qfknbhm.pa-cd.com"></script> <script src="/shared/dist/js/ieBlock.min.js" defer></script> </body> </html>

CINXE.COM

TIPS documents & links