Interbank euro payments do not take place tomorrow and on 25 April

On Monday, 25 April, no interbank and international settlements in euro will take place, since TARGET2 and TARGET2-Eesti are closed on Easter Monday. Intra-bank payments are settled according to each bank's rules.

Interbank payments do not take place on 22 April, either, because this is Good Friday. Since the days in between the two dates are a weekend, interbank payments are not settled from 22 to 25 April. It is possible to initiate interbank payments on these days, but payees receive them on 26 April. Starting from 26 April, all payments are settled as usual.

Eesti Pank manages two interbank payment and settlement systems: TARGET2-Eesti, which is part of TARGET2, the Trans-European Automated Real-time Gross Settlement Express Transfer System, and ESTA, the settlement system for domestic retail payments. TARGET2-Eesti settles large payments in euro in Estonia and also with other European countries in real time.

Domestic retail payments between commercial banks are done in ESTA. In order to be participants in the system, commercial banks must hold sufficient collaterals with the central bank. Cash collateral transactions are done in TARGET2-Eesti. Since TARGET2 is closed on 25 April, cash collateral transactions cannot be performed, which means ESTA cannot be used, either.

Intra-bank transactions are performed according to commercial banks' own rules. Turn to your bank for further information.

More detailed information about payment and settlement systems managed by Eesti Pank is available here.

The legal framework of the interbank settlement systems is available here.

Harmonised conditions for participating in TARGET2-Eesti define the TARGET2 settlement day as follows:
TARGET2 is open on all days, except Saturdays, Sundays, New Year's Day, Good Friday and Easter Monday (according to the calendar applicable at the seat of the ECB), 1 May, Christmas Day and 26 December.
According to the general terms and conditions of ESTA, the ESTA settlement day is a calendar day, which is a TARGET2-Eesti working day and which is not a national or public holiday.
Easter is a moveable Christian feast that starts on the first Sunday after the full moon following the northern hemisphere's vernal equinox.

Further information:
Ingrid Mitt
Public Relations Office
+372 668 0965, +372 512 6843
E-mail: ingrid.mitt [at]