TARGET2

TARGET2
European Union
The second generation of the Trans-European Automated Real-Time Gross Settlement Express Transfer payment system (TARGET).
It is a centralised payment system with a single shared technical platform, unlike TARGET which was a decentralised network of payment systems. It is open on the same days as TARGET was, i.e. every weekday, except New Year's Day, Good Friday, Easter Monday, 1 May, Christmas Day and 26 December.
The Bank of England (www.bankofengland.gov.uk) and the Sveriges Riksbank (Sweden) decided not to participate in TARGET2.
For more information on TARGET2, see the ECB website ().

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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