Annual report · European Central Bank · Authoritative (T1)
TARGET Services Annual Report
Current version 2025 · entry recorded 8 Oct 2026
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Systems it applies to
Publisher: ECB / Eurosystem →
Versions ClearingPost holds (1)
- 2025effective date not recordedcurrent
What changed: Annual report on TARGET Services in 2025, covering T2, T2S, TIPS and the Eurosystem Collateral Management System (ECMS), which went live on 16 June 2025 as the fourth TARGET Service. T2 settled 111,910,103 payments in 2025, above the previous peak of 107,999,982 in 2024. Its boxes include the impact of the Instant Payments Regulation on liquidity in TIPS and TIPS cross-currency settlement and interlinking.
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