The European Central Bank has published the outcome of its public consultation on extending T2 operating hours and set out a phased Eurosystem roadmap centred first on liquidity management for instant payments. The consultation found the strongest immediate demand was not for a full round the clock RTGS model, but for measures that make it easier to fund TIPS and other continuously operating services. In response, the Eurosystem will introduce three short-term changes: automatic remuneration of overnight liquidity in TARGET accounts above minimum reserve requirements from 17 June 2026, rule-based liquidity transfers for TIPS dedicated cash accounts using floor and ceiling triggers in June 2026, and a short T2 settlement window for liquidity transfers over most weekends within the next two years. The ECB said responses from 125 entities across 19 countries represented a large majority of T2 traffic and broadly favoured a phased approach. Feedback pointed to growing instant payment volumes, the planned launch of Pontes and the potential digital euro as the main reasons to extend access to central liquidity management, while greater overlap with other major RTGS systems was seen as helpful for cross-border payments and late margin calls. At the same time, respondents showed no urgent demand to change current TARGET cut-off times or value dating rules, and highlighted costs and risks linked to IT upgrades, staffing, cyber resilience and liquidity management when money markets are closed. For the medium to long term, the Eurosystem is considering opening central liquidity management close to 24/7, opening RTGS near 24/5, making limited end-of-day cut-off changes and opening the Eurosystem Collateral Management System at weekends. A second market consultation is planned for late 2026 or early 2027 before decisions are taken on those longer-term options.

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