PRESS RELEASE

Publication of the TARGET2 Oversight Assessment Report

15 May 2009

The European Central Bank (ECB) is today publishing the report on the assessment of the design of TARGET2 against the Core Principles for systemically important payment systems (TARGET2 Oversight Assessment Report). This publication outlines the overall results of the assessment exercise and highlights the main findings related to the compliance of the TARGET2 design with each of the applicable Core Principles, as set out by the Committee on Payment and Settlement Systems (CPSS) of the central banks of the G10 countries.

The outcome of the oversight assessment of the TARGET2 design is positive. The system is considered to be well-established and observe all relevant core principles. The outcome of the assessment is supported by practical experience gained with the live operation of the system.

The assessment was performed by the oversight function of the Eurosystem central banks, led and coordinated by the ECB.

The CPSS has set out ten Core Principles as authoritative standards for the design and operation of systemically important payment systems in all countries. In January 2001 the Governing Council of the ECB adopted the Core Principles as minimum standards for its oversight of large-value payment systems operating in euro.

The report on the assessment of the design of TARGET2 against the Core Principles can be downloaded from the ECB’s website.

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