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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 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 / Performance

Availability

2020 Availability of TARGET2
January 100.00%
February 100.00%
March 99.15%
April 100.00%
May 100.00%
June 100.00%
July 100.00%
August 98.46%
September 100.00%
2020 average 99.73%

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%
April 100.00% 0.00% 0.00%
May 100.00% 0.00% 0.00%
June 100.00% 0.00% 0.00%
July 100.00% 0.00% 0.00%
August 98.81% 0.28% 0.91%
September 99.91% 0.09% 0.00%
2020 average 99.63% 0.17% 0.20%

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 4 February an incident led to an around 1 hour 40 minutes long delay in the delivery of FIN outgoing messages. As a consequence, the transit time for the execution of payments exceeded 5 minutes for 0.28% of payments and 15 minutes for 0.72% of payments processed in February 2020.

On 16 March an incident led to an around 2 hour long delay in the delivery of FIN outgoing messages. As a consequence, the transit time for the execution of payments exceeded 5 minutes for 0.88% of payments and 15 minutes for 0.19% of payments processed in March 2020. The availability of TARGET2 in March was 99.15%.

Monthly statistics of payment instructions processed by TARGET and EURO1/STEP1

TARGET2 statistics

Number of transactions settled per year
(left-hand scale: EUR billions; right hand scale: percentage)
TARGET2: Number of transactions settled per year

Value settled per year (TARGET2 traffic)
(left-hand scale: EUR billions: right -hand scale: percentage)
TARGET2: Value settled per year

Distribution of TARGET2 transactions across value bands
(in percentages)
TARGET2: Distribution of TARGET2 transactions across value bands in 2017