TARGET2 (T2)

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-Ireland

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:

• Participation in TARGET2 Ireland

TARGET2 is migrating to T2 on 20 march 2023. Please see the new TARGET2-Ireland terms and conditions. Further details will be added to this page in the coming weeks.

Key documents in relation to TARGET2-Ireland are:

• TARGET2-Ireland Terms and Conditions - November 2021
• TARGET2-Ireland Participation Agreement
• Deed of Floating Charge over Credit Balances on Payments Module Accounts and Dedicated Cash Accounts
• Settlement Procedures for TARGET2 Ancillary Systems 17 November 2019
• Procedures in Respect of Minimum Reserve Requirement Accounts in TARGET2-Ireland
• TARGET Compensation Scheme claim form
• SSP forms

TARGET2 is migrating to T2 on 20 march 2023. Please see the new T2-IE terms and conditions. Further details will be added to this page in the coming weeks.

Queries

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