Short-term securities issued in euros by the Treasury through an auction and having a duration of 3, 6 or 12 months.
They are invested by primary and recognized dealers. These certificates are primarily intended for professional investors, but private individuals can also purchase them on the secondary market.
See "Treasury Certificates"
The Law providing for the Budget of Ways and Means
A law which authorises the Executive to collect taxes and non-tax revenue, and finance, via borrowing, the part of the Treasury's financing needs which remains uncovered by taxes and non-tax revenue, for the budget year.
A European cross-border settlement system which enables credit institutions to execute payment orders in euros one by one. TARGET2 (Trans-European Automated Real-time Gross Settlement Express Transfer) combines the gross settlement systems of the European Union and the payment system of the European Central Bank. These are transactions involving very large amounts pertaining to the settlement of transactions in financial markets.