Central Banking

ECB sets Nov 2007 date for TARGET2

The European Central Bank on Friday 21 July confirmed the starting date for its payment system TARGET2 as 19 Nov 2007.

The system will begin then, and after two subsequent migration waves, all central banks and TARGET users will have moved over to TARGET2, the ECB said.

"TARGET2 is consequently well on track," the ECB said.

According to the ECB, the Eurosystem of central banks has held an extensive consultation with the banking community on the envisaged pricing scheme for TARGET2's core servic

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