TARGET2 (T2) is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem. It is the leading European platform for processing large-value payments. Central banks and commercial banks can submit payment orders in euro to T2, where they are processed in real time and settled in central bank money, i.e. money held in an account with a central bank.

T2 settles payments related to the Eurosystem's monetary policy operations, as well as bank-to-bank and commercial transactions. Each week T2 processes a value close to the entire euro area GDP, which makes it one of the largest payment systems in the world.

The key legal instrument in relation to TARGET2 is the Guideline of the European Central Bank, of 5 December 2012, on a Trans-European Automated Real-time Gross settlement Express Transfer System (TARGET2) (recast) (ECB/2012/27), as the same may be amended from time to time (The TARGET2 Guideline).  Annex II of the TARGET2 Guideline contains the Harmonised Conditions for Participation in TARGET2 that, broadly speaking, apply to all TARGET2 component systems.

Read more about TARGET2 on the European Central Bank's website.


TARGET2 is structured as a multiplicity of payments systems using a single technical platform.   The Irish component system of TARGET2, operated by the Central Bank of Ireland, is TARGET2-Ireland.

To participate in TARGET2-Ireland please see document below: 

Key documents in relation to TARGET-Ireland are:


Queries in relation to TARGET2 may be sent to the Central Bank at [email protected].