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Portuguese Participation in the TARGET Testing

The results of the general testing of TARGET (*) year 2000 compliance were manifestly positive. This test was open to all European Union (EU) Member States and was performed on Saturday, 25 September 1999.

From 10:00 a.m. to 2:00 p.m., local time, the period established for processing "end-to-end" payments, the behaviour of the system was successfully tested as regards the processing of year 2000 dates for usual cross-border payments amongst the different RTGS (*) systems of the TARGET.

For the purpose, the European Central Bank (ECB), the National Central Banks and several hundreds of EU credit institutions carried out a simulation with the business date 3rd January 2000.

Portuguese participation involved the Banco de Portugal, the Sociedade Interbancária de Serviços (SIBS) (Interbank Services Company), and a group of 28 institutions participating in the Real Time Gross Settlement System (RTGS), sending a total of 221 payments and receiving 365 payments through the TARGET system.

Stress should be laid on the excellent cooperation and availability of the national institutions which, again, participated actively in the preparation of the payment systems as concerns compliance with the year 2000. It should be noted that tests had already been made during the first half of 1999, both to the level of the domestic retail payment systems and to the RTGS, in which had participated nearly all national institutions.

(*) TARGET is the acronym for Trans-European Automated Real-Time Gross settlement Express Transfer, i.e., the real-time gross settlement system for the euro (RTGS).