Payments and Securities Settlements

The Central Bank's key responsibilities in relation to payments and securities settlement systems include:

Eurosettlements and Collateral Management

  • The operation of the Irish component of the Eurosystem's real time gross settlement system, TARGET2 (IE), and the processing and settlement of the Central Bank's high-value transactions for monetary policy operations, investment activity, and government payments.
  • Daily valuation of collateral presented to the Central Bank in connection with the provision of liquidity (together with Financial Markets Division) to commercial banks via Eurosystem monetary policy operations, as well as intra-day and overnight facilities.

Oversight and Policy

  • The promotion of safe and efficient payments and securities settlement systems operating in Ireland by assessing these systems against established oversight principles and standards as part of the Eurosystem.


On 12 October 2020 the ECB launched a public consultation on a proposal for a digital euro.

This consultation was concluded on 12 January 2021.

Responses to the consultation were processed and reviewed in the following weeks and based on this analysis the Eurosystem prepared a report on the public consultation on a digital euro, which is now available on the ECB's website.

You can find more information on the consultation and important aspects of a digital euro on the ECB's website under Hub: a digital euro.


If you have any specific queries on this or wish to discuss bilaterally then please email [email protected].

Deposit Guarantee Scheme

Irish Government Bonds

The Payment and Securities Settlements Division also contributes to Eurosystem policy formulation on payments and securities settlements systems through the ECB's Market Infrastructure and Payments Committee and its working groups. The Division provides support to the Governor when relevant topics are discussed at the ECB Governing Council.