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The ECB published the TARGET Annual Report 2008 which provides background
Ø Chapter I documents the establishment of the first-generation system and the development and implementation of its successor, TARGET2;
Ø Chapter II details TARGET activity in 2008; and
Ø Chapter III contains two articles on topical issues: the impact that the financial turmoil is having on TARGET, and the effect of the migration to TARGET2.
The payments processed by the TARGET system increased by 1% in volume terms and 10% in value terms by comparison with the previous year, with an average daily volume of 369,966 transactions, representing an average daily value of €2,667 billion. The system’s market share remained stable, with around 90% of total payment values in euro large-value payment systems being executed via TARGET.