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Central Bank of Malta updates Directive No. 6

The Central Bank of Malta has today published an updated version of  Directive No. 6 on New Generation Trans-European Automated Real-Time Gross Settlement Express Transfer System (TARGET), implementing a number of amendments introduced by Guideline ECB/2026/11, which the Governing Council of the European Central Bank adopted on 4 May 2026.

These amendments include, inter alia:

• The introduction of rule-based liquidity transfers for TIPS DCAs (TARGET Instant Payment Settlement Dedicated Cash Account), modelled on the existing facility for RTGS DCAs (Real-Time Gross Settlement Dedicated Cash Account). This entails, where necessary, the insertion of references to TIPS DCAs, including in the definition of rule-based liquidity transfer order. For TIPS DCAs, participants may now, as is already the case for MCAs (Main Cash Accounts) and RTGS DCAs, opt for a breach of the floor or ceiling amounts to trigger a rule-based liquidity transfer order.
• The revision of the fee structure for RTGS DCA holders. On 28 April 2026, the Governing Council approved a revised T2/RTGS pricing policy. This revised pricing policy was subsequently reflected in Guideline ECB/2026/11 and, accordingly, the related changes have been incorporated into Annex I, Appendix VI of the updated Directive No. 6.

The amendments related to rule-based liquidity transfers shall enter into force on 15 June 2026. However, the revised fee structure for RTGS DCA Holders under Annex I, Appendix VI of the updated Directive No. 6 shall take effect on 1 July 2026.