Recherche Générale
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Pan-european reachability
TIPS is a Eurosystem service for the settlement of instant payments which went live on 30 November 2018.
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Functional documents
There are various documents available explaining how TIPS works, including, amongst others, the Guide for TARGET Participants, the User Detailed Functional Specifications and the user handbooks. These and further documents can be found here.
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Participation/Registration
Here you can find a wide range of information that is particularly useful for new participants, as well as the TARGET registration form, which must be completed for the initial registration but also for any subsequent amendments.
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The external position of the Bundesbank, International reserves and foreign currceny liquidity of the Eurosystem
Bundesbank’s external position stood at € 780 billion at the end of July 2024, with claims from the TARGET2 payment system worth € 1.048 billion making up around 73 % of total assets. These are followed by international reserves, comprising gold and foreign exchange reserves, including the special drawing rights allocated by the International Monetary Fund (IMF), which account for a total of 17 % of assets. At 84 %, issuance of euro cash accounted for the bulk of liabilities. Deposits of non-euro area residents amount to 8 % of foreign liabilities.
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Firms’ Expectations
14.08.2024 DE
In the second quarter of 2024, there was only a slight quarter-on-quarter change in firms’ expectations over the next 12 months. Expected short-term liquidity, amongst other things, improved slightly on the first quarter. The second quarter saw 28% of firms expect liquidity to decrease over the next 12 months, while 17% expected liquidity to increase. The gap between these two groups thus narrowed by just under 5 percentage points compared with the first quarter of 2024.
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Announcement of auction – Reopening 10-year Federal bond
170 KB, PDF
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Inflation Expectations
14.08.2024 DE
Firms’ short-term inflation expectations, which had been in steady decline since January 2024, rose again in June 2024 and stood at 3.2%. Expectations were thus 0.3 percentage point above the lowest level of 2.9% for July 2021 and well below the highest level of 8.6% for October 2022, as measured by responses to this survey.
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Firms’ Demand for Credit
14.08.2024 DE
In the second quarter of 2024, 15% of firms reported conducting negotiations with a view to taking out a loan in the previous quarter. This share was 1 percentage point higher than in the first quarter of 2024. It thus returned to a level similar to those recorded in the last three quarters of 2023 and was significantly higher than the lowest level of 12.5% seen in the first quarter of 2023.
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Further survey results
14.08.2024 DE
In addition to the regularly recurring questions on enterprise metrics, expectations and access to loans, the Bundesbank frequently asks enterprises questions on various current issues. A selection of the results is presented here.