​With the introduction of the Economic and Monetary Union in 1999, the European Central Bank (ECB) launched a euro payment system, TARGET, for settling euro payments between EU member countries.

Banks use the system for various purposes, including transferring euro payments to banks in other EU countries and managing cash resources for use in settlement systems.

The original TARGET was a decentralised system that interconnected the national payment systems, with access provided via the national central bank systems.
In 2008 Denmark transitioned to the new TARGET2 payment system, which, unlike its predecessor, is a centralised system. Among other things, the system gives participants represented in several countries one point of access for managing cash resources throughout the eurozone, thus providing for more efficient liquidity deployment.
As a non-euro country Denmark is subject to certain restrictions that mean, for example, Danish members with TARGET2 access do not have overnight access to euro liquidity via Danmarks Nationalbank.
TARGET2 is closed on the following days (in addition to Saturdays and Sundays):
  • New Year's Day
  • Good Friday
  • Easter Monday
  • 1 May
  • Christmas Day
  • Boxing Day
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