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Facts and figures

Currency euro
Launch 2007
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%)
Availability / Performance

Availability

2022 Availability of TARGET2
January 100.00%
February 100.00%
March 100.00%
April 100.00%
May 100.00%
June 100.00%
July -
August -
September -
October -
November -
December -
2022 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

2022 <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 100.00% 0.00% 0.00%
May 100.00% 0.00% 0.00%
June 100.00% 0.00% 0.00%
July - - -
August - - -
September - - -
October - - -
November - - -
December - - -
2022 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 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.

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 2021

(in percentages)

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