PRESS RELEASE

TARGET closing days in 2001

25 May 2000

The Governing Council of the European Central Bank has decided that in 2001, in addition to Saturdays and Sundays, TARGET will be closed on New Year's Day, Good Friday, Easter Monday, 1 May (Labour Day), Christmas Day, 26 December and 31 December. This is the same as the calendar adopted for 2000, with the exception of one additional closing day on 31 December in order to safeguard the smooth conversion of retail payment systems and internal bank systems to the euro. On 31 December TARGET as a whole, including all the national real-time gross settlement (RTGS) systems, will be closed. However, this day will not necessarily be a bank holiday as a consequence of this decision.

The Governing Council will allow national central banks to keep their RTGS systems open for limited domestic operations as follows: the Banca d'Italia and the Nationale Bank van België/Banque Nationale de Belgique on Good Friday (13 April 2001), the Banco de España on Easter Monday (16 April 2001) and on 26 December 2001, the Central Bank of Ireland and De Nederlandsche Bank on Labour Day (1 May 2001). No cross-border payments are processed on TARGET closing days.

TARGET closing days will not be settlement days for the euro money market or for foreign exchange transactions involving the euro. The EONIA will not be published on TARGET closing days. Furthermore, the correspondent central banking model (CCBM) for the cross-border use of collateral will be closed on the TARGET closing days.

By the end of 2000 the Eurosystem intends to establish a long-term calendar of TARGET operating days to apply as from 2002 until further notice.

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