Pan-European banking blackout: what does the BoG say about the problem?



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A pan-European blackout has affected Target 2 (interbank trading system).

Bank account holders can make withdrawals from their banks’ ATMs, but cannot make transactions from other banks.

TARGET2 is the dominant large payment system in Europe and one of the largest in the world, handling almost 90% of the total value of large payments in euros.

TARGET2 (Trans-European Automated Real-Time Gross Settlement Express Transfer System 2) is a system for transferring funds from one bank to another, both within a country and between countries.

Central and commercial banks use it to process euro payments and transfer funds from one bank to another easily and securely. This is essential for the proper functioning of the economy.

According to the information, due to the problem that has arisen, some governments are unable to make payments.

What the Bank of Greece says

The Bank of Greece also addressed the issue in an announcement.

“Due to a technical problem with the pan-European payment platform, known as TARGET2, interbank funds transfer is not possible at this time.

As a result of this problem, it is not possible to transfer funds through the DIAS system. The correction of this pan-European technical problem is expected to be done soon. “

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