OBS_VALUE: In the euro area, large-value payment systems are area-wide. TARGET2, owned and operated by the Eurosystem, is used for the settlement of central bank operations, interbank transfers and other large-value or urgent euro payments. The conditions for participation and pricing are non-discriminatory, in particular both credit institutions established in the EEA and branches of non-EEA credit institutions can be direct participants. The EURO1 system of the Euro Banking Association (EBA) is privately owned and operated; it processes both interbank payments and commercial payments. Non-EEA banks can be admitted through their branches in the EEA, however the admission criteria include that the bank must have its registered address in an OECD country or in an EU Member State.