TARGET

Published: 04.04.2015 Updated: 03.04.2023

Real-time gross settlement system providing single access to Eurosystem's market instrastructures and settlement in central bank money.

TARGET system ensures:

  • processing of interbank and customer payments and settlement of the Eurosystem's monetary policy operations;
  • settlement for securities transactions on the TARGET2-Securities platform;
  • settlement on the Eurosystem's instant payments platform TIPS.

TARGET is owned and operated by the Eurosystem which uses TARGET for implementing the euro area monetary policy and promoting the smooth operation of euro payments systems. TARGET was launched on March 20, 2023 and replaced TARGET2 system which in 2022 settled  an average of 399 thousand payments with volume of 1.9 trillion euro per day.

TARGET-Latvija is a TARGET component system operated by Latvijas Banka. TARGET-Latvija provides its participants efficient, fast and secure infrastructure for real time processing  of euro payments in central bank money. In 2022, the average daily volume settled in TARGET-Latvija amounted to 873 payments with the average daily value of 1.3 billion euro. 

TARGET2-Latvija participants

Updated on 20 March 2023

    CLM module RTGS module
Bigbank AS Latvijas filiāle BIGKLV21 x  
AS BluOr Bank CBBRLV22 x x
"Swedbank" AS HABALV22 x x
Latvijas Banka LACBLV2X x x
TF Bank AB Latvijas filiāle LAVFLV22 x  
Akciju sabiedrība "LPB Bank" LAPBLV2X x x
Signet Bank AS LLBBLV2X x x
AS "Industra Bank" MULTLV2X x x
OP Corporate Bank plc filiāle Latvijā OKOYLV2X x x
Akciju sabiedrība "Citadele banka" PARXLV22 x x
Luminor Bank AS RIKOLV2X x x
Akciju sabiedrība "Reģionālā investīciju banka" RIBRLV22 x x
Akciju sabiedrība "Rietumu Banka" RTMBLV2X x x
AS "SEB banka" UNLALV2X x x
Valsts kase TRELLV22 x x
Papildsistēmas
Latvijas Bankas elektroniskā klīringa sistēma LACBLV2XEKS   x
Nasdaq CSD SE LCDELV22 x  

Information for TARGET2-Latvija participants

TARGET is based on a single technical platform while legally the system is structured as a multiplicity of real-time gross settlement payment systems. Each component system is operated by one of the Eurosystem's central banks or a TARGET participating central bank of non-euro area EU member state.

TARGET2 technical documentation is available on ECB website.

Participation Procedure in TARGET-Latvija system (available only in Latvian).

Terms and conditions for participation in TARGET-Latvija are stipulated in "Participation Procedure in TARGET-Latvija" approved by the Council of Latvijas Banka and implementing the Guideline of the European Central Bank of 24 February 2022, on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET) (ECB/2022/08).  

Participation Procedure in TARGET-Latvija system (available only in Latvian)
Reference and Static Data Registration User Guide
TARGET compensation scheme – claim form

SWIFT message forms related to intraday credit and provision of emergency liquidity


Payment systems