PRESS RELEASE

TARGET2 successfully launched

19 November 2007

Today the Eurosystem launched successfully the single shared technical platform of TARGET2, the payment system used for settlement in real time of predominantly high-value euro payments in central bank money. TARGET2 will successively replace the decentralised technical platforms operating under the name TARGET ( Trans-European Automated Real-time Gross settlement Express Transfer system).

The launch of TARGET2 today saw the connection of the first migration group composed of the national central banks and the respective TARGET user communities in Austria, Cyprus, Germany, Latvia, Lithuania, Luxemburg, Malta and Slovenia.

TARGET2 is an integrated market solution provided by the Eurosystem, the central banking system of the euro area consisting of the European Central Bank (ECB) and the national central banks of the European Union Member States that have adopted the euro as their common currency. TARGET2 is run by the Eurosystem under the responsibility of the Governing Council of the ECB. Three Eurosystem central banks – the Banca d’Italia, the Banque de France and the Deutsche Bundesbank – jointly provide the single technical infrastructure, the Single Shared Platform (SSP) of TARGET2 and operate it on behalf of the Eurosystem.

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