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On 14 December 2000, the Governing Council of the European Central Bank (ECB) has decided that, from 2002 until further notice, the Trans-European Automated Real-time Gross settlement Express Transfer (TARGET) system will be closed, in addition to Saturdays and Sundays, on the following days:
  • New Year's Day
  • Good Friday (Catholic/Protestant)
  • Easter Monday (Catholic/Protestant)
  • 1 May (Labour Day)
  • Christmas Day
  • 26 December

For further information, please visit the Website of the ECB.

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EMMI » EONIA® » Consultations

Eonia Stakeholder Consultation

 

Following the outcome of the Eonia Stakeholder Consultation, EMMI has implemented the contingency trigger and fallback arrangements for Eonia as of 19 December 2016

 

Over the past three years EMMI has strived to enhance the governance and control framework of its benchmarks. In light of Eonia’s role as a major reference rate for the European money markets, serving as the main benchmark for overnight unsecured interbank lending rates in euro, EMMI intends to undertake a comprehensive review of the Eonia benchmark to align it with the recently adopted EU Regulation on Benchmarks, IOSCO Principles for Financial Benchmarks and any further regulatory requirements.

While EMMI considers that Eonia remains a robust and viable benchmark rate with a transaction-based determination methodology already in broad conformity with international best practices, EMMI in its role as administrator must ensure that Eonia stays fit for purpose over time. In this context, EMMI has launched a Stakeholder Consultation to present the Eonia Review Programme, consult on arrangements to be invoked under contingency circumstances, as well as on the use of the Eonia benchmark to better inform the Review.