A public holiday glitch that will cause the payment system operated by the European Central Bank to shut down for four days.
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With its public holiday on Monday, Easter traditionally precludes bank transfers. But this year, the calendar makes things more complicated. So we should expect delays, for example, for salaries, explains the Journal du Geek. Because this year 2024 is a bit more: Easter Monday is the first day of April, right when March salaries are due. So this will not be the case.
Even if your business is a bit ahead, you have to be patient because there is also the problem of Good Friday three days earlier. It is not a public holiday anywhere in the world except for the Germans and for Target 2. This unique payment system for around 55,000 European banks and their subsidiaries is managed by the European Central Bank (ECB) based in Frankfurt. It closes trading every Saturday and Sunday as well as public holidays.
Not even a single penny has been transferred for four days
BFMTV recalls, BFMTV recalls that Target 2 will therefore not transfer transfers – except for internal transfers between two accounts managed by the same bank or instant transfers that are billed –
Generally, it takes less than 50 seconds to process a transaction. Every day, 2.5 trillion euros pass through Target 2 but from 4:30 pm on Thursday 28 March until the morning of Tuesday 2 April there will not be a penny. Please note that Target 2 will be taking a break for its next public holiday, 1st May.
