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PRESS RELEASE

Progress report on TARGET2-Securities

26 October 2007

The European Central Bank (ECB) today publishes a progress report on TARGET2-Securites (T2S). The report reviews the progress made so far on the definition of the T2S user requirements. It also reviews the outcome of the public consultation on the “General principles and high-level proposals for the user requirements”. The overall conclusion is that the T2S project is progressing well and according to the envisaged project plan. In line with this plan, the ECB expects to submit the draft T2S User Requirements Document for a three-month public consultation towards the start of 2008.

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