| Author (Corporate) | European Central Bank |
|---|---|
| Publisher | EC |
| Publication Date | 2011 |
| Content Type | Report |
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The TARGET2 system functioned smoothly in 2010, with a market share of 91% of the total value of payments in large-value euro payment systems, according to the TARGET Annual Report 2010 that was published by the European Central Bank (ECB) in May 2011. The availability of the single shared platform reached 100%. TARGET stands for Trans-European Automated Real-time Gross settlement Express Transfer system. It is the Eurosystem’s real-time gross settlement system for the euro. The first-generation TARGET system was replaced by TARGET2 in May 2008. In TARGET2, the decentralised structure of the first-generation system was replaced by a single technical platform, or the 'Single Shared Platform' (SSP), to which all payment orders are submitted for processing. Three Eurosystem central banks – the Banca d’Italia, the Banque de France and the Deutsche Bundesbank – jointly provide the SSP for TARGET2 and operate it on behalf of the Eurosystem. |
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| Source Link | Link to Main Source http://www.ecb.int/pub/pdf/other/targetar2010en.pdf |
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| Countries / Regions | Europe |
