EximBank, direct participant in TARGET2- Romania
Bucharest, July 5, 2011- EximBank has become a direct participant in TARGET2 (Trans-European Automated Real-time Gross settlement Express Transfer).
This system is used for the settlement of operations performed by central banks, of euro large amounts interbank transfers, as well as other euro payments.
The national constituent of TARGET2 system in Romania is called TARGET2-Romania and involves 23 direct participants, notably the National Bank of Romania and 22 credit institutions.
Although the implementation of a national constituent of TARGET2 is only mandatory for Member States in the euro zone, the National Bank of Romania decided in January 2010 to connect our national community to TARGET2 even before joining the euro zone.
Such a decision was based mainly on the interest expressed by the national banking community and by the operators of retail payments and of financial instruments settlements operations. All these aiming at the application of an effective processing infrastructure between banks on a national scale for euro funds transfer. Last but not least, the decision also meant to provide the terms and conditions required to join the euro zone.