Launch of new TARGET system postponed to 20 March 2023
The ECB’s Governing Council has announced that the launch of its new real-time gross settlement system (TARGET) (the result of the TARGET2-T2S consolidation project), is being postponed from 21 November 2022 to 20 March 2023.
According to the ECB’s press release, this decision was made with a view to ensuring greater system stability and user readiness, and facilitating as smooth a transition as possible to the new platform.
“While most users would have been ready for the scheduled go-live date, others would not have fully completed their testing. Delays encountered by market participants were also due to the temporary unavailability of the test environment and initial software deficiencies.”