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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.



Oversight Committee


EONIA® and EURIBOR® share the same Oversight Committee membership.

The Oversight Committee consists of at least ten members:

    • One Chairman;


    • Independent experts with recognised standing and experience in financial markets;


  • Experienced market professionals directly involved in market operations in their organisation (corporate treasurers, money markets bankers, etc.).


All members are appointed on a personal basis and must be independent, i.e. not subject to instructions from the companie(s) or organisation(s) which they belong to.

Oversight Committee Terms of Reference.

The main tasks of the Oversight Committee are:


    • To check compliance, monitor its effectiveness and propose adequate changes,


  • To monitor market developments. 


The Oversight Committee meetings take place at least on a quarterly basis. The minutes of the meetings become public once they have been approved by the Chairman and members of the Steering Committee.

Current members of the Oversight Committee