TARGET stands for Trans-European Automated Real-time Gross settlement Express Transfer system and is the settlement system used by Eurosystem central banks for urgent, real-time transfers.

Der EZB‑Rat hat heute beschlossen, die drei Leitzinssätze der EZB um jeweils 25 Basispunkte anzuheben. Der Konflikt im Nahen Osten erzeugt weiterhin Inflationsdruck, und die Inflation dürfte für einen längeren Zeitraum deutlich über unserem Zielwert bleiben. 

Director General for Board and International Affairs

TIPS is the TARGET service for instant payments offered by the Eurosystem. TIPS stands for TARGET Instant Payment Settlement

Bundesbank’s external position stood at €905 billion at the end of August 2026, with claims from the TARGET2 payment system worth €1072 billion making up around 66 % of total assets. These are followed by international reserves, comprising gold and foreign exchange reserves, including the special drawing rights allocated by the International Monetary Fund (IMF), which account for a total of 26 % of assets. At 86 %, issuance of euro cash accounted for the bulk of liabilities. Deposits of non-euro area residents amount to 7 % of foreign liabilities.