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TARGET consolidation: Timeline

The Governing Council of the ECB has decided to extend the timeline of the T2-T2S consolidation project by one year, following discussions with Europe’s financial community. The project is now scheduled to go live in November 2022. User Testing will start in December 2021. The timing of other project milestones is currently under review.

The ECB’s Governing Council approved the consolidation project on 6 December 2017 and the final user requirements were published. In addition, a new contact group consisting of market representatives, central banks and providers of the future services was established.

The TARGET consolidation contact group informs and advises on planning, functional and technical specifications, user testing, migration and change management activities related to the project.

Timeline

2020
31 Mar IAD4: Internal applications documentation – complete
31 Mar IAD5: Software development for the required adaptation changes to T2 – start
30 Jun IAD7: Participant testing of internal applications - start
31 Jul NSP3: Network Service providers (NSPs) selection and contract preparation – complete
31 Oct IAD6: Software development for the required adaptation changes to T2 – complete
31 Oct NSP4: NSPs procurement – complete
31 Dec IAD8: Participant testing of internal applications – complete
31 Dec NCO1: Network connectivity tests – start
2021
28 Feb NCO2: Network connectivity tests – complete; User testing activities – start
30 Sep UTA: User testing activities – complete
30 Sep CLA: Contractual and legal adaptations – complete
30 Sep IST: Internal staff training – complete
30 Sep OPA: Operational procedure adaptations – complete
1 Oct MAP: Migration activities on production environment –start
5 Nov MAE: Migration activities – complete
22 Nov GLI: Go-live T2 system