On 17 July 2008, the European Central Bank (ECB) decided to launch the TARGET2-Securities (T2S) project and to provide the resources required until its completion. It also decided to assign the development and operation of T2S to the Deutsche Bundesbank, the Banco de España, the Banque de France and the Banca d’Italia.
The ECB decided to launch T2S after looking at the feedback received to the invitation made by the Governing Council of the ECB on 23 May 2008 to all European central securities depositories (CSDs) to join the T2S initiative.
Almost all euro area CSDs were:
- In favour of the continuation of the T2S initiative.
- Prepared to enter into a legally binding contractual arrangement by the end of the first quarter of 2009.
- Intended to use the service once it is in operation.
View Launch of the TARGET2-Securities project, 17 July 2008