The European Central Bank has published its TARGET Services Annual Report 2025, showing that transaction volumes across all TARGET services reached record levels while the Eurosystem completed a major infrastructure milestone with the launch of the Eurosystem Collateral Management System on 16 June 2025. The report highlights strong growth in instant payments and securities settlement, the onboarding of the Danish krone into T2 and TIPS in April 2025, and generally high technical availability across T2, T2S, TIPS and ECMS despite some notable incidents. TIPS volumes rose 82.5% to 2.47 billion transactions in 2025, driven by euro instant payment growth after implementation of the Instant Payments Regulation and by Danish krone migration. T2 volumes increased 3.6%, with average daily euro transactions at 431,067 and euro settlement values up 6.3%, while T2S volumes rose 16.1% to a record 922,533 transactions per day and settlement values increased 12.8%. The new ECMS replaced national collateral management systems for euro area central banks and processed an average 6,087 transactions per day after go-live. The report also notes high annual availability of 99.8% for T2 and T2S, 99.99% for TIPS and 99.96% for ECMS during critical hours. A major 27 February 2025 hardware incident disrupted TARGET services, and the post-mortem action plan comprises 20 measures, most of which were implemented by the fourth quarter of 2025. Looking ahead, the ECB outlines a phased extension of T2 operating hours focused first on liquidity management for instant payments. Starting in June 2026, excess overnight liquidity on TIPS dedicated cash accounts and other TARGET accounts above minimum reserve requirements will be automatically remunerated, TIPS liquidity transfer automation will be enhanced with floor and ceiling functions, and a one- to two-hour T2 settlement window will be introduced on weekends. A follow-up market consultation on broader operating hour extensions is planned for late 2026 or early 2027.
European Central Bank2026-06-12
European Central Bank reports record 2025 TARGET activity and sets phased plan to extend T2 operating hours
The European Central Bank’s TARGET Services Annual Report 2025 shows record activity across T2, T2S and TIPS, alongside the launch of ECMS and the addition of the Danish krone to T2 and TIPS. TIPS volumes rose 82.5%, T2S volumes rose 16.1% and T2 volumes rose 3.6%, while service availability remained high despite a major February outage. The ECB also set out a phased plan to extend T2 operating hours, with June 2026 measures focused on instant payment liquidity management.