Interbank transfers will not be made between 29 March and 1 April
On Monday 1 April, no interbank or international euro payments will be made, as the payment systems of the euro area will be on holiday for Easter Monday. Payments within banks will be made during the holiday period under the rules set by each bank individually.
There will also be no payments made on 29 March as Good Friday is a national holiday. As there is a weekend in between, then no payments between banks will be made from 29 March to 1 April. Payments between banks can be started in this period, but will only reach the recipient on 2 April. From 2 April, all payments will be made as normal.
"If a payer wants to be certain that a payment goes through in March, then that payment should be made by the afternoon of Thursday 28 March at the latest. We would like to warn payees to bear in mind that payments between banks started on 1 April will only actually reach their destination on 2 April. A client paying with a direct debit or fixed payment will not need to change the payment order, because the payment will start on the correct day, though the money will only reach the payee a day later", explained Mihkel Nõmmela, Head of the Payment and Settlement Systems Department at Eesti Pank.
Payments within banks will be made under the rules set by each bank individually. For more detailed information on this, clients should contact their own bank.
Eesti Pank manages two inter-bank payment 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 is used for large payments in euros and transfers are made in this system in real time within Estonia and other European states.
Domestic payments between the commercial banks are made through ESTA, and a requirement for the settlement of such payments is that the commercial banks hold sufficient reserves at the central bank. The reserves are transferred to the central bank through TARGET2-Eesti. As TARGET2 is closed on 1 April, it is not possible to use the ordinary payments system ESTA.
More detailed information about the payment systems managed by Eesti Pank can be found on the website of the central bank. Easter is a movable Christian feast that falls on the first Sunday after the first full moon following the spring equinox. Easter Monday is a national holiday in most European countries.