RZB.AT - TARGET2

TARGET2

A few years after the introduction of the Euro, the Central Banks of participating countries just linked their clearing systems (the old TARGET) on a local level and therefore the ECB-council decided in autumn 2002 to create a new common platform for all Euro payments.

Now TARGET2 is the common gross-clearing system of the Euro system (ESCB). The technical infrastructure of 26 central banks of the European Union (the central banks of the member states and the ECB) will be harmonised with the new system.

The European Central Bank instructed the central banks of France (Banque de France), Germany (Bundesbank) and Italy (Banca d´Italia) with the implementation of a new common technical platform.

The new platform will start with November, 19th, 2007. RZB will participate directly in SSP/TARGET2 and will also connect numerous other institutions indirectly to SSP/TARGET2.