Privately run payment system do not provide to the same extend this guarantee. In addition, it was decided that the Eurosystem will develop the Target 2 security settlements system (the TS2) operating on a centralized platform, thus providing additional guarantee that the movement of cash and titles will automatically match. This removes the counterparty risk of not fulfilling contractual obligations.
I want to thank all our colleagues for their dedicated and excellent work – and that includes not only the current staff but all those who have been serving here since 1987. And especially I want to thank Ms. Gudrun Moede for her excellent job in running the office and preparing today’s event.