GLOSSARY
EBA-EURO BANKING ASSOCIATION
The EBA is the first pan-European net payment system. It is a private payment channel composed of over 75 members and is an efficient way for clearing euro payments. Société Générale has distinguished itself as a major EBA clearer. This is a result of our capacity to :
- process high volumes of payments (Société Générale is continuously ranked in the top three EBA clearers with more than 6% of the total volume.
- ensure immediate settlement (Société Générale is a founding member of a "club" of top EBA clearing banks who have set up a liquidity management facility to avoid settlement problems.
Société Générale is able to provide your bank with indirect EBA membership via the EBA Clearing Payments Directory. By having your banks's name appear in the EBA directory under Société Générale's name, you will benefit from :
- world-wide recognition as a player in the European market
- assurance that funds will be credited to Société Générale your account at through the EBA. This will reduce settlement problems and will increase your probability of messages treates STP
EONIA ( EURO OVERNIGHT INTEREST AVERAGE )
INTEREST RATE INDEXES
- computed by ECB and broadcasted by FBE
- same panel as EURIBOR
- weighted by unsecured loan volumes excluding repos (transactions closed before 18:00 CET)
- published with 2 decimals
RTGS
Real Time Gross Settlement : these systems run by central Banks process payments on a gross basis. Each payment require individual intraday funding to be paid. Intraday liquidity may be obtained by means of intraday repos.
TARGET 2
Due to go live in 2007, Target 2 will replace the former Target European RTGS. Instead of interconnecting various national RTGS as does the current Target system, Target 2 will feature a single platform. Banks of the European Union will be able to choose between direct or indirect participation via a Direct Participant.
