Facts and figures
T2, one of the TARGET Services, has now replaced TARGET2 as the Eurosystem’s real-time gross settlement (RTGS) system. This change will be soon reflected on our website.
|Settlement model||Real-time gross settlement (RTGS) in central bank money|
|No of participants||
998 Direct participants
538 Indirect participants
4,272 Correspondents worldwide
|No of ancillary systems||78 ancillary systems|
|Daily averages||373,468 payments €1,877 billion|
|Average transaction value||€5 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||91% in terms of value 68% in terms of volume|
|Payments processed in less than five minutes||99.99% < 1 minute (99.98% of all enquiries) 1-3 minutes (0.02%)|
|2022||Availability of TARGET2|
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
|2022||<5 min||>5 min but <15 min||>15 min|
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.
On 21 January, TARGET2 faced an issue that affected ancillary systems processing; as a result, the closing of TARGET2 was delayed by 60 minutes.
On 18 February, due to a problem related to the functioning of T2S, the closing of TARGET2 was delayed by 30 minutes.
On 9 June, due to a problem related to processing of the TIPS General Ledger file, the opening of TARGET2 was delayed by 30 minutes.
On 1, 4, 5, 13 and 15 July, due to a problem related to the functioning of T2S, the closing of TARGET2 was delayed by 30 minutes.
On 30 September, TARGET2 faced an issue that affected the access to ICM via SWIFT and the processing of payments, as a result, the closing of TARGET2 was delayed by 30 minutes - the transit time for payments <5 min reached 99.92% and the transit time for payments >5 min but <15 min reached 0.08%.
Distribution of TARGET2 transactions across value bands in 2021