Facts and figures
| Currency | euro |
|---|---|
| Launch | 2007 |
| Settlement model | Real-time gross settlement (RTGS) in central bank money |
| No of participants | 1,050 Direct participants 697 Indirect participants 4,194 Correspondents worldwide |
| No of ancillary systems | 82 ancillary systems |
| Daily averages | 344,120 payments €1,731 billion |
| Average transaction value | €5.0 million |
| Payment values | < €50,000 (70% of all TARGET2 payments) > €1 million (9% of all TARGET2 payments) |
| Share of total large-value payment system traffic in Euro | 89% in terms of value 62% in terms of volume |
| Payments processed in less than five minutes | 100% < 1 minute (99.9% of all enquiries) 1-3 minutes (0.10%) |
More information in the 2019 TARGET Annual Report
Availability
| 2020 | Availability of TARGET2 |
|---|---|
| January | 100.00% |
| February | 100.00% |
| March | 99.15% |
| 2020 average | 99.72% |
For TARGET2 the availability figures are measured only during the day trade phase from Monday to Friday 7 a.m. to 6.45 p.m. (7 p.m. on the last day of the minimum reserve period) on TARGET2 days, including all the extensions required to complete the operational day.
The availability measurement does not include systems or networks not directly managed by TARGET2 (in particular the availability of the SWIFT Connectivity Services).
Transit time in PM
| 2020 | <5 min | >5 min but <15 min | >15 min |
|---|---|---|---|
| January | 100.00% | 0.00% | 0.00% |
| February | 99.00% | 0.28% | 0.72% |
| March | 98.93% | 0.88% | 0.19% |
| 2020 average | 99.31% | 0.39% | 0.30% |
The transit time indicators for transactions in the Payments Module are measured within the TARGET2/SSP perimeters. The following payments are excluded from the measurement of the performance:
- payments not settled in the “entry disposition”;
- warehoused payments;
- payments stemming from Ancillary System Interface settlement procedures.
In order to neutralise the effect of the morning queue, which is considered a normal phenomenon, the first hour of operations is excluded when the TARGET2 processing times are calculated.
Additional information
On 7 March 2019, due to a problem related to the functioning of T2S, the closing of TARGET2 was delayed by 1 hour. On 17 April 2019, due to a problem related to the functioning of T2S, the closing of TARGET2 was delayed by 2 hours.
TARGET2 statistics
Number of transactions settled per year
(left-hand scale: EUR billions; right hand scale: percentage)
Value settled per year (TARGET2 traffic)
(left-hand scale: EUR billions: right -hand scale: percentage)
Distribution of TARGET2 transactions across value bands
(in percentages)
