PRESS RELEASE

Second progress report on TARGET2

21 October 2005

On 8 February 2005, the Eurosystem published the first progress report on TARGET2, which considered the three main issues of service, pricing and migration to TARGET2.

The second progress report, which is published today, reflects the decisions made by the Governing Council of the European Central Bank on 20 October 2005, mainly in respect of:

  1. the planned start date of the single shared platform for TARGET2 (19 November 2007) and the corresponding dates for the different migration windows;
  2. an envisaged pricing scheme of the TARGET2 core service, the liquidity pooling service and ancillary system settlement; and
  3. the TARGET2 operational day, including the night-time settlement window for ancillary systems.

In relation to the pricing of the TARGET2 core service, the banking community will be consulted thereon before a final decision on the pricing scheme is taken.

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