Real-time gross settlement system for settlement of the Eurosystem's monetary policy operations, bank-to-bank and commercial transactions in euro

TARGET2 is owned and operated by the Eurosystem which uses TARGET2 for implementing the euro area monetary policy and promoting the smooth operation of euro payments systems. In 2019, the average daily volume settled in TARGET2 amounted to 344 thousand payments with the average daily value of 1.7 trillion euro.

TARGET2-Latvija is a component system of TARGET2 operated by Latvijas Banka. TARGET2-Latvija provides its participants efficient, fast and secure infrastructure for real time processing  of euro payments in central bank money. In 2019, the average daily volume settled in TARGET2-Latvija amounted to 1.8 thousand payments with the average daily value of 820 million euro

TARGET consolidation

The Eurosystem has launched a TARGET consolidation project with a view to replacing TARGET2 with a new, modern and secure real-time gross settlement system in November 2022. The new TARGET system will offer its participants optimised liquidity management capabilities, ensure a single connection to the Eurosystem's market infrastructures and the transition to ISO20022 standard messages. TARGET system will ensure settlement of transactions on:

  1. T2 dedicated cash accounts – for bank-to-bank and commercial payments as well as transactions with the central bank;
  2. TARGET2-Securities dedicated cash accounts – for settlement of securities transactions on the TARGET2-Securities platform;
  3. TIPS dedicated cash accounts –  for settlement on the Eurosystem's instant payments platform.

TARGET2-Latvija participants

Updated on 9 April 2020

Akciju sabiedrība "Baltic International Bank" BLIBLV22
AS BlueOrange Bank CBBRLV22
Akciju sabiedrība "Citadele banka" PARXLV22
AS Expobank  LATCLV22
Latvijas Banka LACBLV2X
Signet Bank AS LLBBLV2X
Akciju sabiedrība "LPB Bank" LAPBLV2X
AS "Industra Bank" MULTLV2X
OP Corporate Bank plc filiāle Latvijā OKOYLV2X
AS "PrivatBank" PRTTLV22
Akciju sabiedrība "Reģionālā investīciju banka" RIBRLV22
Akciju sabiedrība "Rietumu Banka" RTMBLV2X
Rigensis Bank AS RGNSLV22
Valsts kase TRELLV22
"Swedbank" AS HABALV22
AS IBS "Renesource Capital". IRCALV22

Ancillary systems

Electronic Clearing System of the Bank of Latvia
SIA “Worldline Latvia”

Information for TARGET2-Latvija participants

TARGET2 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 TARGET2 participating central bank of non-euro area EU member state.

TARGET2 technical documentation is available on ECB website.

Current version of TARGET2 technical documentation (in force as of November 2019) 

Future version of TARGET2 technical documentation (in force as of November 2020) 

Terms and conditions for participation in TARGET2-Latvija are stipulated in "Participation Procedure in TARGET2-Latvija" approved by the Council of Latvijas Banka and implementing the Guideline of the European Central Bank, of 5 December 2012, on a Trans-European Automated Real-time Gross settlement Express Transfer system (ECB/2012/27; 2013/47/EU).  

Participation Procedure in TARGET2-Latvija system (available only in Latvian)
Static Data forms
Reference and Static Data Registration User Guide
TARGET2 compensation scheme – claim form