Migration to TARGET2

Overview of country groups for the migration to T2
Group 1 Group 2 Group 3 Group 4
19 November 2007 18 February 2008 19 May 2008 15 September 2008
Austria Belgium Denmark - Reserved for contingency purposes -
Cyprus Finland Estonia
Germany France ECB
Latvia Ireland Greece
Lithuania Netherlands Italy
Luxembourg Portugal Poland
Malta Spain  

Country groups

The migration has been arranged in "country groups", allowing TARGET users to migrate to TARGET2 in different waves and on different pre-defined dates. Each wave consists of a group of national central banks and their respective TARGET user communities. The number of migration groups is limited to four. TARGET users were allocated to groups according to the central bank with whom they maintain their business relationship. The fourth group is held in reserve as a contingency measure. The total migration period is limited to six months (or ten months if the fourth group is used).

Easing migration

The Eurosystem has defined tools to facilitate the migration to TARGET2, e.g. the National Migration Profiles and Ancillary System Profiles, operational workshops, registration and changeover procedures.

End of migration

The last country group will migrate to TARGET2 on 19 May 2008. On this day, the old TARGET system will no longer be in operation.