The Eurosystem announced a phased plan to extend TARGET‑2 operating hours over the next two years. Short‑term measures will improve liquidity management for instant payments. They include automatic remuneration of excess reserves at the deposit‑facility rate for eligible monetary‑policy counterparties, allowing them to keep liquidity in TIPS DCAs without moving it to the deposit facility from June 2026. Starting in June 2026 automated liquidity transfers between TIPS DCAs and MCAs will be introduced, letting participants set floor and ceiling triggers to cut operational and liquidity risk. A brief weekend opening window will be added to T2 liquidity transfers to address CLM‑closure risks. The Eurosystem is also studying a move to a 24/7 TARGET model, with a second consultation planned for late 2026 or early 2027. Proposed options include near‑24/7 CLM operation, a 24/5 RTGS with earlier opening and up to two‑hour end‑of‑day cut‑off delays to reduce USD reliance and align with U.S./UK RTGS, and weekend ECMS openings for collateral management. These changes aim to strengthen liquidity management, cross‑border payments, and integration with other TARGET components while reducing operational workload and incident impacts. The initiatives are expected to streamline liquidity management and reduce the frequency of operational incidents. The Eurosystem will assess the feasibility of a near‑24/7 system to align with global RTGS platforms and reduce reliance on USD settlements. The medium‑to‑long‑term initiatives remain under analysis.
© European Central Bank, 2025.
Summary derived from the ECB website (https://www.ecb.europa.eu ).
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