8.9.2007 Official Journal of the European Union L 237/71 DECISION OF THE EUROPEAN CENTRAL BANK of 24 July 2007 concerning the terms and conditions of TARGET2-ECB (ECB/2007/7) (2007/601/EC) THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK, Having regard to the Treaty establishing the European Commu- nity, and in particular the fourth indent of Article 105(2) thereof, Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 11.6 and Articles 17, 22 and 23 thereof, Whereas: (1) A single monetary policy entails the need for a payment arrangement through which the monetary policy opera- tions between the national central banks (NCBs) and credit institutions can be effected in a timely and secure manner, and which fosters the singleness of the money market within the euro area. (2) The original Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) is being replaced by TARGET2, which is characterised by a single technical platform called the Single Shared Platform (SSP). TARGET2 will continue to fulfil the same underlying purposes as TARGET, providing a sound and efficient mechanism, functioning on the basis of the SSP, to settle payments in euro. (3) The Governing Council adopted Guideline ECB/2007/2 of 26 April 2007 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (1). (4) The European Central Bank (ECB) will participate in TARGET? in order to process the ECB’s own payments and the payments of its customers in TARGET2, and to supply through TARGET2 settlement services to clearing and settlement organisations, including entities established outside the European Economic Area (EEA), provided that they are subject to oversight by a competent authority and their access to TARGET2-ECB has been approved by the Governing Council. (5) The ECB may only accept central banks and European and international organisations as customers. (6) The ECB may only grant intraday credit in accordance with this Decision to customers that are European or inter- national organisations. (") See page 1 of this Official Journal (7)  The Governing Council has decided that the rules of the TARGET2 component systems will be harmonised to the greatest extent possible and made public, HAS DECIDED AS FOLLOWS: Article 1 Scope — TARGET2-ECB may only: a)  process the ECB’s own payments; b)  process payments of customers of the ECB; and ¢) supply settlement services to clearing and settlement organisations, including entities established outside the EEA, provided that they are subject to oversight by a competent authority and their access to TARGET2-ECB has been approved by the Governing Council. 2. The ECB may only accept central banks and European and international organisations as customers. Article 2 Intraday credit 1. The ECB may only grant intraday credit to customers that are European or international organisations through overdrafts on such customers’ account(s). Overdrafts shall not at any time during the day exceed the amount defined in the agreement with the customer for each of the accounts. Intraday credit granted by the ECB shall remain limited to the day in question, with no possibility of an extension to overnight credit. 2. Any granting of intraday credit by the ECB shall be done in accordance with the rules on the provision of intraday credit laid down in Annex III to Guideline ECB/2007/2. Article 3 Terms and conditions of TARGET2-ECB The terms and conditions of TARGET2-ECB shall be those contained in the Annex to this Decision.