PRESS RELEASE

Fourth Progress Report on TARGET2

22 June 2007

The fourth progress report on TARGET2 published today provides information on the Governing Council’s recent decisions on remaining pricing and financing issues, as well as fine-tuning some previous decisions. The report also contains the final version of the General Functional Specifications. In addition, it provides information on legal issues, on recent changes to the envisaged functionality of the Single Shared Platform (SSP), on testing and migration activities, and on other ongoing issues of relevance to TARGET2.

The overall project is now in its final stages and remaining activities are progressing as planned. Testing and migration activities have been thoroughly prepared and publicised. In particular, testing activities have commenced with future users of the system. The go-live date of the SSP has been confirmed as Monday, 19 November 2007. The dates have also been confirmed for the two subsequent migration waves (18 February and 19 May 2008), after which all national central banks and TARGET users will have migrated to TARGET2.

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