<settings>
...
<mirrors>
<mirror>
<id>m2-proxy</id>
<name>Proxy</name>
<url>http://serveraddress:8080/m2-proxy/resources/</url>
<mirrorOf>central</mirrorOf>
</mirror>
<mirror>
<id>m2-proxy</id>
<name>Proxy</name>
<url>http://serveraddress:8080/m2-proxy/resources/</url>
<mirrorOf>Maven Snapshots</mirrorOf>
</mirror>
</mirrors>
...
</settings>
Where serveraddress:8080 is the address of the server and port, where the servlet container is listening on. Do not forget to change the serveraddress to something meaningfull.
localStore.dir=${user.home}/m2-proxy/repository
xml.timeout=1d
pom.timeout=1d
snapshot.timeout=1d
default.timeout=never