Closure of the T2 system during the Easter period: clarification

1 April 2026

Following the circulation of inaccurate information, Banca d’Italia would like to clarify that the closure of the European large-value euro payment settlement system T2 during the Easter period is not related to maintenance activities. Instead, it takes place every year pursuant to a decision adopted by the ECB's Governing Council in December 2000 (at that time the system was called TARGET, later becoming TARGET2 in 2007 and T2 in 2023).

On that occasion, it was decided that the system's closing days would include Good Friday and Easter Monday, in accordance with the Catholic and Protestant religious calendars.

Therefore, since 2002, the TARGET system has regularly closed every year from Good Friday to Easter Monday. The calendar of T2 closing days for the euro can be consulted on the ECB's website.

Moreover, since November 2018, the impact of T2's scheduled closure on the availability of euro payment services has been mitigated by the introduction of the pan-European TIPS (TARGET Instant Payment Settlement) platform, which enables the real-time settlement of instant payments and is always operational 24/7/365.