Target2

Description | Important link

Description | Important link

TARGET2 is the real-time gross settlement (RTGS) system for the euro, where processing and settlement takes place in real time (continuously) and where each transfer is settled individually (gross settlement). Transactions are settled using central bank money and with immediate finality.

TARGET2-NBP is a Polish component of TARGET2 system. TARGET2 is the second generation of TARGET system (Trans-European Automated Real-time Gross settlement Express Transfer system).

In November 2007, after five years of planning, development and testing TARGET system was replaced by the TARGET2 system. As soon as the new system was launched the participants of the TARGET system started to migrate to the new system. Central banks migrated on three dates:

  • 19 November 2007 – Austria, Belgium, Cyprus, Germany, Latvia, Lithuania, Luxembourg, Malta, and Slovenia,
  • 18 February 2008 – Finland, France, Ireland, the Netherlands, Portugal and Spain,
  • 19 May 2008 – Denmark, Estonia, Greece, Italy and Poland.

TARGET2 is legally structured as a multiplicity of RTGS systems. There are twentyfour TARGET2 components, among them TARGET2-NBP system. In terms of technical and business features, TARGET2 is a centralized system developed on a one single platform (the Single Shared Platform (SSP)) by three central banks: Banque de France, Deutsche Bundesbank and Banca d’Italia (3CBs).

Each central bank, participated in TARGET2 system, is obliged to held its banks account on SSP and service of settlement all payments orders related to the national payment area.

In TARGET2-NBP there are:

  • 20 direct participants:
    • Narodowy Bank Polski,
    • 16 commercial banks,
    • 3 ancillary systems (AS):
      • Krajowa Izba Rozliczeniowa S.A. – KIR S.A. (clearing house) – since 8 June 2009,
      • Krajowy Depozyt Papierów Wartościowych S.A. – KDPW S.A. (central securities depository) – since 21 November 2011,
      • KDPW_CCP – since 29 June 2015.

TARGET2-NBP in 2020:

  • processed 1,8 million payments with a total value of € 1,6 trillion,
  • the average value of a TARGET2-NBP transaction was € 0.9 million,
  • processed a daily average of 7,039 payments, representing a daily average value of € 6.2 billion.


More about TARGET2




Last updated : 23 January 2020