Facts and figures
| Currency | euro |
|---|---|
| Launch | 2007 |
| Settlement model | Real-time gross settlement (RTGS) in central bank money |
| No of participants | 1,028 Direct participants 575 Indirect participants 4,253 Correspondents worldwide |
| No of ancillary systems | 83 ancillary systems |
| Daily averages | 345,006 payments €1,812 billion |
| Average transaction value | €5.3 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 | 90% in terms of value 66% in terms of volume |
| Payments processed in less than five minutes | 99.58% < 1 minute (99.97% of all enquiries) 1-3 minutes (0.03%) |
More information in the 2020 TARGET Annual Report
Availability
| 2021 | Availability of TARGET2 |
|---|---|
| January | 100.00% |
| February | 100.00% |
| March | 100.00% |
| April | - |
| May | - |
| June | - |
| July | - |
| August | - |
| September | - |
| October | - |
| November | - |
| December | - |
| 2021 average | 100.00% |
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
| 2021 | <5 min | >5 min but <15 min | >15 min |
|---|---|---|---|
| January | 100.00% | 0.00% | 0.00% |
| February | 100.00% | 0.00% | 0.00% |
| March | 100.00% | 0.00% | 0.00% |
| April | - | - | - |
| May | - | - | - |
| June | - | - | - |
| July | - | - | - |
| August | - | - | - |
| September | - | - | - |
| October | - | - | - |
| November | - | - | - |
| December | - | - | - |
| 2021 average | 100.00% | 0.00% | 0.00% |
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 25 January 2021 the start of the Night Time Settlement (phase II) was slightly delayed due to a technial issue. A restart of the respective component resolved the issue.
TARGET2 statistics
TARGET2 Turnover
(left-hand scale: EUR billions; right hand scale: percentage)
TARGET2 traffic
(left-hand scale: number of transactions in millions: right -hand scale: percentage)
Distribution of TARGET2 transactions across value bands in 2020
(in percentages)
