T2

T2 replaced TARGET2 as of 20 March 2023 as the Eurosystem’s real-time gross settlement (RTGS) system. 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 24 February 2022 on a new generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET) and repealing Guideline ECB/2012/27 (ECB/2022/8) (T2 Guideline).

The T2 Guideline

Annex I of the T2 Guideline contains the Harmonised Conditions for Participation in T2 that, broadly speaking, apply to all T2 component systems.

Read more about T2 on the European Central Bank's website.

TARGET-Ireland

T2 is structured as a multiplicity of payments systems using a single technical platform.   The Irish component system of T2, 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:

• TARGET-Ireland Terms and Conditions - 20 November 2023
• TARGET-Ireland Participation Agreement
• Deed of Floating Charge over Credit Balances on Target Accounts
• Procedures in Respect of Minimum Reserve Requirement Accounts in TARGET-Ireland
• TARGET Compensation Scheme claim form
• TARGET Ireland Terms and Conditions - Template Termination Notice

Queries

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