The Governing Council of the ECB approved the amended TARGET2 Guideline on 3 August 2018. The updates in the guideline are related to the changes occasioned by the TIPS (TARGET Instant Payment Settlement) that will be launched on 30 November 2018. The Bank of Finland has updated the rules for the TARGET2-Suomen Pankki system accordingly. In addition to the updated parts, a new section namely Rules on the opening and operation of a TIPS dedicated cash account in TARGET2-Suomen Pankki was added.
In addition, a new account agreement, namely Account agreement: TIPS DCA account, was added to the Bank of Finland rules for counterparties and customers. The account agreement will be signed when the opening of the TIPS Dedicated Cash Account becomes relevant.