In the latest issue of the Bank of England's guide to the eurosystem "Practical Issues Arising from the Euro" (November 2000) the Bank reflects on the outstanding issues for the functioning of the TARGET system. In 2000 Q1, 50% of cross-border TARGET payments by value and 72% by volume were processed by noon Central European Time. This is up from 38% and 64% respectively in the first quarter of 1999. However, the Bank reports, some eurosystem banks persist in making their payments into the