Department Payments and Settlement Systems
The statutory mandate i No obligation to maintain a certain minimum
Pursuant to section 3 of the Bundesbank Act, i Accounts are kept on a non-borrowing
the Bundesbank shall arrange for the execution basis only.
for domestic and international payments. The
Bundesbank maintains correspondent banking i Interest paid on account balance dependent
relationships; besides about 205 euro ac- on the counterparty
counts kept for foreign business partners,
circa 65 foreign currency accounts are held In addition to the euro accounts kept for
with institutions abroad for the settlement of foreign correspondent banks, in exceptional
payments. These correspondent banking re- cases foreign currency accounts can be held
lationships allow payment settlement – also for domestic credit institutions in order to
for the Bundesbank‘s domestic customers – conduct correspondent banking business
across state and currency borders. As a central (subject to a charge).
bank the Bundesbank carries out correspondent
banking on a limited scale only.
Interest paid on credit balances
Accounts kept for foreign central banks
accrue interest; the remuneration depends on
In the correspondent banking business, the the general interest rates set by the ESCB and
Bundesbank maintains correspondent banking on the domicile of the account holder.
relationships with foreign commercial banks
and central banks (including comparable For more information on special euro reserve
institutions). management services, please visit our website
www.bundesbank.de C Central Bank Service
Tel: +49 69 9566 8877
Modalities for account E-mail: email@example.com
management at the Bundesbank
The following conditions apply to accounts
held at the Bundesbank.
Payment orders can be denominated either in
i Accounts kept in euro solely euro or in a foreign currency. Euro payments
are processed on a single transaction basis
i No account management fees and in real time as they are received via the
Overview of the Deutsche Bundesbank’s correspondent banking
MT 103/103+/200/201/ Other
MT 103/103+/200/ banking Other
Bundesbank’s own Customer Access Mecha- orders for TARGET2 processing via the
nism (CAM) application. Foreign currency Bundesbank. By request the accessibility of
payments debited against an account held in the correspondent banks in TARGET2 can be
the same currency are handled respectively. published in the TARGET2 directory.
The execution of foreign currency payments
debited to an euro account is realized in The Bundesbank generally communicates
accordance with the established market with correspondents via SWIFT. They can
practice, ie after two payment transaction place payment orders using SWIFT MT 103,
business days. 1
MT 103+, MT 200, MT 201, MT 202,
MT 202COV and MT 203. Correspondents are
To the correspondent banks of the Bundes- informed of incoming payment orders by
bank the correspondent banking relationship using the aforementioned SWIFT messages.
gives access to the Eurosystem’s real-time Credit advice is sent by MT 910. The corres-
gross settlement system, TARGET2. The corre- pondents are informed of book-keeping
spondents can submit and receive payment entries to their account by SWIFT MT 950.
Payment transaction business days are all days from Monday to Friday except the TARGET2
holidays (as determined and announced by the ECB – currently: 1 January, Good Friday, Easter
Monday, 1 May, 25 December and 26 December).
For same-day processing, the payment-orders Maintenance of giro accounts No charge
must be submitted to the Deutsche Bundes-
bank by the following cut-off-times: Payment orders (per item)
i executed in euro
i Euro payments and foreign currency pay- – within Germany or to countries i 1.75
ments debited to a foreign currency account within the European Union (EU)/
in the same currency the European Economic Area (EEA).
In addition if there has been settled
– SWIFT MT 103 / MT 103+ 4.45 pm at least one TARGET2 compliant
– SWIFT MT 200 / MT 201 / MT 202 / payment by a credit institution of an
MT 202COV / MT 203 5.45 pm EU/EEA country i 100.00 per month
– to countries outside the EU/EEA ¼‰
i Foreign currency payments debited to an minimum of i 2.50
euro account (executed according to the maximum of i 100.00
established market practice, ie two pay-
ment transaction business days after sub- i executed in foreign currency and settled
mission) 1.30 pm in euro ½‰
minimum of i 5.00
Payment orders submitted after these times maximum of i 100.00
are deemed to have been submitted for the
following payment transaction business day. i executed and settled in the same foreign
Furthermore, it is possible to submit payment currency ¼‰
orders that specify a transaction date (value minimum of i 2.50
date) up to nine payment transaction maximum of i 100.00
business days in the future. plus expenses
For more information, visit www.bundesbank.de C Payment systems
Tel: +49 69 9566 8877 – firstname.lastname@example.org