Migration to TARGET2 took place in successive steps, i.e. in three “country groups”, with the first one migrating on 19 November 2007, when the system was launched.
Migration to TARGET2 took place in successive steps, i.e. in three “country groups”, with the first one migrating on 19 November 2007, when the system was launched. The second group migrated on 18 February 2008 and the third one (including Greece) on 19 May 2008.
The operation of TARGET2 has proved very successful. The system recorded high levels of availability and performed well even on peak days.
Ongoing cooperation between the European System of Central Banks and the banking community through extensive consultations facilitated the smooth migration to TARGET2 and ensures the constant improvement of the system and the introduction of new functionalities. TARGET2 is regularly updated and enhanced in what are known as “releases”, the first release of which, supporting the new functions, was launched in November 2007. Since then, eleven more releases have been launched, the latest of which (12.0) in November 2018.