Postponement of TARGET consolidation to 20 March 2023


The TARGET consolidation project, which aims to merge the technical platforms of Target 2 and Target 2 Securities* in order to optimise liquidity management across all TARGET services, is rescheduled from 21 November 2022 to 20 March 2023.

The Governing Council of the European Central Bank (ECB) has decided to reschedule the launch of the new real-time gross settlement (RTGS) system and its central liquidity management model, T2. The launch has therefore been postponed by four months, from 21 November 2022 to 20 March 2023. The decision, following an assessment by the ECB’s Market Infrastructure Board, was driven by the need to allow users more time to complete their tests in a stable environment.

This could lead to a potential delay in the migration to the ISO20022 format of cash payment in Euro, which timetable was planned to coincide with that of the ECB project.

Read the press release.

*Target 2 Securities