Target2 values drop by €150 trillion as ECB changes statistical methodology
Latest annual report on Eurosystem’s large-value payments system
The value of Target2 payments dropped by 22% in 2013 after the European Central Bank (ECB) made changes to its statistical methodology to exclude overnight deposits from the data sample.
The central bank has, in the past, included overnight deposits made through Target2 as part of the ECB standing facilities in the calculation of the "system's traffic and turnover".
However the size of these deposits has increased "considerably" in the past few years – partly a result of the ECB's unorthodox
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