Eesti Pank manages the TARGET2-Eesti payment system and participates in developing the securities settlement platform TARGET2-Securities.

TARGET2-Eesti is mainly used for monetary policy transactions and interbank payments. Credit institutions can access monetary policy operations using the Correspondent Central Banking Model (CCBM) used by central banks for collateral management, which allows loans to be collateralised using securities issued and held outside the credit institution’s own country.

The TARGET2-Securities securities settlement platform is intended to harmonise securities settlement in the euro area and make cross-border securities settlement easier, cheaper and more secure for investors. This pan-European securities settlement platform was launched in 2015 and the Estonian Central Securities Depository will join the platform in 2017.

When TARGET2-Securities launched, Eesti Pank became responsible for ensuring the efficient operation and interaction of cash settlements, securities settlements and collateral management in monetary policy operations.


You may contact the TARGET2 or TARGET2-Securities National Helpdesk telephone (+372 66 80 814) for any question you may have on TARGET2 or TARGET2-Securities.