PRESS RELEASE

TARGET2 Progress Report

8 February 2005

On 16 December 2004, the Governing Council of the ECB approved the building of a Single Shared Platform (SSP) for TARGET2 on the basis of the joint offer made by the Banca d’Italia, Banque de France and Deutsche Bundesbank.

The TARGET2 progress report considers three main issues – service, pricing and migration to TARGET2. These issues were decided upon by the Governing Council on 16 December 2004. All euro area central banks have confirmed their participation in TARGET2. The Eurosystem will continue to inform the public about progress on TARGET2.

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