TARGET2 is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem. TARGET stands for Trans-European Automated Real-time Gross settlement Express Transfer system.

TARGET2 is the second generation of TARGET.

Status of the TARGET2 system

Last update: Wednesday 12 December 2018 19:00

The TARGET2 system opened the new business day and is operating normally.

Night-time settlement is scheduled to start at 19:30 and the day trade phase at 07:00 of the next business day (i.e. not on a Saturday, Sunday or TARGET2 holiday).This page will not be updated if interruptions have an impact on TARGET2 processing during the night-time settlement phase. The Eurosystem cannot be held liable for the information provided here.

Payment transactions in TARGET2 are settled one by one on a continuous basis, in central bank money with immediate finality. There is no upper or lower limit on the value of payments. TARGET2 settles payments related to monetary policy operations, interbank and customer payments, and payments relating to the operations of all large-value net settlement systems and other financial market infrastructures handling the euro (such as securities settlement systems or central counterparties).

TARGET2 is operated on a single technical platform. Business relationships are established between the TARGET2 users and the respective central bank. In terms of the value processed, TARGET2 is one of the largest payment systems in the world.

TARGET2 facts in 2016
No of participants TARGET2 had 1,076 direct participants, 701 indirect participants and 5,072 correspondents
No of ancillary systems TARGET2 settled the cash positions of 80 ancillary systems
Daily averages TARGET2 processed a daily average of 342,008 payments, representing a daily average value of €1.7 trillion
Average transaction value The average value of a TARGET2 transaction was €5 million
Payment values Almost 70% of all TARGET2 payments had a value of less than €50,000 each; 10% of all payments had value of over €1 million
Peaks The peak in volume turnover was 30 June 2016 with 533,100 transactions and peak value turnover was on 29 June 2016 with €2,621 billion
Large-value payment system traffic TARGET2’s share in total large-value payment system traffic in euro was 90% in value terms and 63% in volume terms
SSP technical availability the SSP technical availability was 100%
99.8% of TARGET2 payments were processed in less than five minutes

What is TARGET2? A video introduction