The ECB’s Governing Council has announced that the launch of its new real-time gross settlement system (TARGET) (the result of the TARGET2-T2S consolidation project), is being postponed from 21 November 2022 to 20 March 2023.  

According to the ECB’s press release, this decision was made with a view to ensuring greater system stability and user readiness, and facilitating as smooth a transition as possible to the new platform. 

“While most users would have been ready for the scheduled go-live date, others would not have fully completed their testing. Delays encountered by market participants were also due to the temporary unavailability of the test environment and initial software deficiencies.”

https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.pr221020~432ea01228.en.html