{
  "url": "https://openlegislation.uk/eu-decision-2007-7/annex-I/appendix-V",
  "json_url": "https://openlegislation.uk/eu-decision-2007-7/annex-I/appendix-V.json",
  "legislation": "eudn/2007/7",
  "legislation_title": "Decision of the European Central Bank of 24 July 2007 concerning the terms and conditions of TARGET2-ECB (ECB/2007/7) (2007/601/EC)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2007-7",
  "path": "annex/I/appendix/V",
  "kind": "appendix",
  "number": "V",
  "heading": "OPERATING SCHEDULE",
  "text": "1.\nTARGET2 is open on all days, except Saturdays, Sundays, New Year’s Day, Good Friday and Easter Monday (according to the calendar applicable at the seat of the ECB), 1 May, Christmas Day and 26 December.\n2.\nThe reference time for the system is the local time at the seat of the ECB, i.e. CET.\n3.\nThe current business day is opened during the evening of the previous business day and operates to the following schedule:\n‘ Daytime operations ’ means daytime processing and end-of-day processing.\nEnds 15 minutes later on the last day of the Eurosystem reserve maintenance period.\nStarts 15 minutes later on the last day of the Eurosystem reserve maintenance period.\nTime\nDescription\n6.45-7.00\nBusiness window to prepare daytime operations\n7.00-18.00\nDaytime processing\n17.00\nCut-off time for customer payments, i.e. payments where the originator and/or the beneficiary of a payment is not a direct or indirect participant as identified in the system by the use of an MT 103 or MT 103+ message\n18.00\nCut-off time for interbank payments, i.e. payments other than customer payments\nCut-off time for liquidity transfers between TARGET2 and TIPS\nShortly after 18.00\nCompletion of last algorithms in TARGET2\nUpon completion of last algorithms\nTARGET2 sends message to TIPS to initiate change of business day in TIPS\nShortly after completion of last algorithms\nEnd-of-day files (General Ledger) received from TIPS\n18.00-18.45\nEnd-of-day processing\n18.15\nGeneral cut-off time for the use of standing facilities\n(Shortly after)\n18.30\nData for the update of accounting systems are available to CBs\n18.45-19.30\nStart-of-day processing (new business day)\n19.00 -19.30\nProvision of liquidity on the PM account\n19.30\n‘ Start-of-procedure ’ message and settlement of the standing orders to transfer liquidity from the PM accounts to the subaccounts/technical account (ancillary system-related settlement)\nStart of liquidity transfers between TARGET2 and TIPS\n19.30 -22.00\nExecution of additional liquidity transfers via the ICM for settlement procedure 6 real time; execution of additional liquidity transfers via the ICM before the ancillary system sends the ‘ start of cycle ’ messages for settlement procedure 6 interfaced; settlement period of night-time ancillary system operations (only for ancillary system settlement procedure 6 real-time and settlement procedure 6 interfaced)\n22.00-1.00\nTechnical maintenance window\n1.00-7.00\nSettlement procedure of night-time ancillary system operations (only for ancillary system settlement procedure 6 real-time and settlement procedure 6 interfaced)\nLiquidity transfers between TARGET2 and TIPS\n4.\nThe ICM is available for liquidity transfers from 19.30 until 18.00 the next day, except during the technical maintenance period from 22.00 until 1.00.\n5.\nThe operating hours may be changed in the event that business continuity measures are adopted in accordance with paragraph 5 of Appendix IV.\n6.\nUp-to-date information on the SSP's operational status shall be available on the TARGET2 Information System (T2IS) on a dedicated webpage on the ECB's website. The information on the SSP's operational status on T2IS and the ECB's website shall only be updated during normal business hours.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Substituted by Decision of the European Central Bank of 6 October 2009 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2009/22) (2009/768/EC)."
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Substituted by Decision (EU) 2018/1625 of the European Central Bank of 8 October 2018 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2018/24)."
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Inserted by Decision (EU) 2018/1625 of the European Central Bank of 8 October 2018 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2018/24)."
    },
    {
      "type": "footnote",
      "label": "f1",
      "text": "‘ Daytime operations ’ means daytime processing and end-of-day processing."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Ends 15 minutes later on the last day of the Eurosystem reserve maintenance period."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "Starts 15 minutes later on the last day of the Eurosystem reserve maintenance period."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "Starts 15 minutes later on the last day of the Eurosystem reserve maintenance period."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2007/7/annex/I/appendix/V",
    "retrieved_at": "2026-11-01T15:17:18.350563+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}