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measures of business continuity and contingency processing ( a ) in the event that an abnormal external event occurs and / or there is a failure of the ssp or the telecommunications network which affects the normal operation of target2 , the ecb shall be entitled to adopt business continuity and contingency processing measures .
measures of business continuity and contingency processing ( a ) in the event that an abnormal external event occurs and / or there is a failure of the ssp or the telecommunications network which affects the normal operation of target2 , the ecb shall be entitled to adopt business continuity and contingency processing measures .

and ( c ) is a correspondent or customer of a direct participant or a branch of a direct or indirect participant , and is able to submit payment orders to and receive payments from a target2 component system via the direct participant , « ancillary system ( as ) » means a system managed by an entity that is subject to supervision and / or oversight by a competent authority , in which payments and / or financial instruments are exchanged and / or cleared while the resulting monetary obligations are settled in target2 in accordance with guideline ecb / 2007/2 and a bilateral arrangement between the ancillary system and the relevant cb , « ancillary system central bank ( ascb ) » means the eurosystem cb with which the relevant as has a bilateral arrangement for the settlement of as payment instructions in the pm , « ancillary system interface ( asi ) » means the technical device allowing an as to use a range of special , predefined services for the submission and settlement of as payment instructions , « available liquidity » ( or « liquidity ') means a credit balance on a target2 participant 's pm account and , if applicable , any intraday credit line granted by the relevant cb in relation to such account , « banking directive » means directive 2006/48 / ec of the european parliament and of the council of 14 june 2006 relating to the taking up and pursuit of the business of credit institutions ( recast ) ( 1 ) ;
and ( c ) is a correspondent or customer of a direct participant or a branch of a direct or indirect participant , and is able to submit payment orders to and receive payments from a target2 component system via the direct participant , « ancillary system ( as ) » means a system managed by an entity that is subject to supervision and / or oversight by a competent authority , in which payments and / or financial instruments are exchanged and / or cleared while the resulting monetary obligations are settled in target2 in accordance with guideline ecb / 2007/2 and a bilateral arrangement between the ancillary system and the relevant cb , « ancillary system central bank ( ascb ) » means the eurosystem cb with which the relevant as has a bilateral arrangement for the settlement of as payment instructions in the pm , « ancillary system interface ( asi ) » means the technical device allowing an as to use a range of special , predefined services for the submission and settlement of as payment instructions , « available liquidity » ( or « liquidity ') means a credit balance on a target2 participant 's pm account and , if applicable , any intraday credit line granted by the relevant cb in relation to such account , « banking directive » means directive 2006/48 / ec of the european parliament and of the council of 14 june 2006 relating to the taking up and pursuit of the business of credit institutions ( recast ) ( 1 ) ;