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TARGET consolidation: Timeline

The Governing Council of the ECB has decided to extend the timeline of the T2-T2S consolidation project by one year, following discussions with Europe’s financial community. The project is now scheduled to go live in November 2022.

The ECB’s Governing Council approved the consolidation project on 6 December 2017 and the final user requirements were published. In addition, a new contact group consisting of market representatives, central banks and providers of the future services was established.

The TARGET consolidation contact group informs and advises on planning, functional and technical specifications, user testing, migration and change management activities related to the project.

Timeline of upcoming milestones

2021
1 Mar IAD7: Testing of the internal applications started
31 Mar NSP3: Network service provider selection and contract preparation completed
30 Jun IAD6: Software development for the required adaptation changes to T2 completed
30 Jun NSP4: Network service provider procurement completed
31 Aug IAD8: Testing of the internal applications completed
1 Sep NCO1: Network connectivity tests started
1 Sep IST1: Training for user testing started
30 Nov IST2: Training for user testing completed
30 Nov NCO2: Network connectivity tests completed
1 Dec UTA1: User testing activities started
2022
1 May NCP1: Network connectivity tests on production started
31 Jul NCP2: Network connectivity tests on production completed
22 Aug MIG1: Pre-migration activities started
30 Sep UTA2: User testing activities completed
30 Sep CLA: Contractual and legal adaptations completed
30 Sep OPA: Operational procedure adaptations completed
31 Oct MIG2: Pre-migration activities completed
21 Nov GLI: Go-live T2 service (first business day)