ECB announces independent inquiry into Target2 outage

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The European Central Bank has commissioned an independent review of the outage of the eurozone’s Target2 real-time gross settlement system, it announced today (November 16).

Target2 was unable to function for around 10 hours on October 23 and 24, in one of the longest unexpected payment system outages in the eurozone’s history. Two more eurozone payment systems, the Target Instant Payments System and the T2S securities settlement system, were also badly affected by the outage.

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