The European Central Bank has published the 2025 financial statements for TARGET2-Securities, showing a marked improvement in the platform’s annual result. T2S recorded a net surplus of EUR 31.7 million, up from EUR 1.4 million in 2024, as fee revenue increased to EUR 153.4 million on record transaction volumes. The stronger surplus contributed to further repayment of Eurosystem pre-financing, reducing the outstanding loan balance to EUR 344.3 million from EUR 399.9 million a year earlier. Expenses fell to EUR 122.4 million from EUR 126.7 million. Operational spending paid to the four service-providing central banks and the ECB totaled EUR 72.6 million, amortisation of the T2S platform was EUR 41.3 million, and interest charged by national central banks dropped to EUR 8.5 million from EUR 17.3 million, based on an annual average ECB deposit facility rate of 2.2589%. The T2S platform closed the year at EUR 85.6 million after EUR 4.8 million of additional capitalised development costs and no impairment was identified. A EUR 5.5 million provision booked in 2024 for incorrect billing of usage fees was reversed after a repayment of EUR 6.049 million to customers in 2025. Deloitte issued an unmodified audit opinion, concluding that the financial statements present fairly, in all material respects, the financial position of T2S under the applicable T2S financial reporting framework.
European Central Bank2026-07-20
European Central Bank publishes 2025 T2S financial statements, net surplus rises to EUR 31.7 million and pre-financing loan falls to EUR 344.3 million
The European Central Bank’s 2025 T2S financial statements show a net surplus of EUR 31.7 million, up from EUR 1.4 million in 2024, driven by higher fee income from record transaction volumes. The surplus helped reduce the outstanding Eurosystem pre-financing loan to EUR 344.3 million. Deloitte gave the statements an unmodified audit opinion.