In a recent ECB survey, banks have reported minimum annual savings of € million in liquidity and collateral management alone from T2S. Based on the figures from market participants, the very conservatively estimated benefits of T2S for direct users of T2S are at least € million per year in the baseline scenario.
For the European economy as a whole, we can anticipate dynamic benefits from T2S exceeding one billion euro per year. 10 In addition, TARGET2 and T2S make use of counterparty risk-free central bank money for settlement, a feature that has become even more beneficial in light of the financial turmoil.