The project for the development of the new TARGET2 platform for settling large-value payments, which is being carried out in conjunction with the Bank of France and the Bundesbank, has reached an advanced stage. TARGET2, which will come into operation in November, centralizes the technical infrastructure of the European payment system, reducing the cost of cross-border interbank transactions.
It will allow the ever-growing number of banks with a presence in more than one European country to operate with a single account in central bank money and curb the cost of treasury operations. The branch network will be reorganized on a regional basis in forms that are more appropriate for the present day and without abandoning the Bank’s nationwide presence.