TARGET2, the Eurosystem’s real-time interbank payment system, confirmed its leading position in the European landscape in 2014, processing 91% of the total value settled by large-value euro payment systems.
The annual report of the second generation of the Trans-European Automated Real-time Gross Settlement Express Transfer system showed that it continues to play a key role in promoting an integrated euro area money market, which is a necessary element for the effective conduct of the single monetary policy.
TARGET2 turnover in 2014 remained stable compared with 2013, with an average daily value of €1.9 trillion. The total volume of payments dropped by 2.4% in comparison with the previous year, driven by a sharp decrease in customer payments linked to the migration to the Single Euro Payments Area (SEPA).
By the end of 2014, some 1,007 direct participants had opened an account in the TARGET2 system. These direct participants registered 837 indirect participants from countries in the European Economic Area, as well as 5,037 correspondents worldwide. When all branches of these direct and indirect participants are included in the figures, more than 56,000 credit institutions across the world can be addressed via the system. The system worked smoothly and the availability of the Single Shared Platform (SSP) of TARGET2 reached 100%.
The 2014 annual report contains five information articles on topics of interest:
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measuring the seasonal patterns of TARGET2 payment activity;
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the traffic slowdown in TARGET2 related to the SEPA migration;
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cross-border payment networks;
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new criteria for the identification of critical participants; and
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getting ready for TARGET2-Securities (T2S), the new single platform for securities settlement in central bank money that will be implemented by the ECB this year.
Press release
Full report
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