PRESS RELEASE

Third progress report on TARGET2

20 November 2006

Following the publication of the second progress report on TARGET2 on 21 October 2005, and the “Communication on TARGET2” on 21 July 2006, the third progress report on TARGET2 published today covers the Governing Council’s recent decisions on the outstanding pricing and legal issues. In addition, the report informs on the progress made with regard to contingency procedures, and the forthcoming testing and migration activities.

The Eurosystem has continued to work extensively on the new TARGET system. TARGET2 is well on track: the overall project is progressing as planned and the schedule for testing and migration has already been prepared and published. The go-live date of the single shared platform for TARGET2 was set for 19 November 2007 and this can be confirmed, as well as the two subsequent migration waves (18 February and 19 May 2008), after which all central banks and TARGET users will have migrated to TARGET2.

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