LVPS [1327](reported separately for each LVPS 1, 2

[Reported separately for each LVPS 1, 2]

large-value payment system’ means a payment system the main purpose of which is to process, clear or settle single payment transactions of high priority and urgency, and primarily of large amount;

large-value payment system’ means a payment system the main purpose of which is to process, clear or settle single payment transactions of high priority and urgency, and primarily of large amount;

large-value payment system’ means a payment system the main purpose of which is to process, clear or settle single payment transactions of high priority and urgency, and primarily of large amount;

That exclusion should not include direct debit payments, unless the payer has explicitly requested the payment be routed via a large-value payment system.

It provides payment and securities settlement facilities, operating a large-value payment system in euro (TARGET2), as well as a mechanism allowing the cross-border use of collateral (CCBM).