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According to the TARGET Annual Report 2011 that has been published by the European Central Bank (ECB) on 31 May 2012, theTARGET2 system functioned smoothly in 2011, with a market share of 91% of the total value of payments in large-value euro payment systems. The report indicates that, by 31 December 2011, a total of 976 direct participants had opened an account in the TARGET2 system. These direct participants had registered 3,465 indirect participants from countries in the European Economic Area, as well as 13,083 correspondents worldwide.
When all branches of these direct and indirect participants are included in the figures, almost 60,000 credit institutions across the world can be addressed via TARGET2. Consequently, TARGET2 continues to be instrumental in...
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