21 March 2024
Today, Thursday, 21 March 2024, Governor Christian Kettel Thomsen, Danmarks Nationalbank, and Christine Lagarde, President of the European Central Bank, signed the accession agreement for the Danish krone to join The European Central Bank's liquidity management and payments system, T2, and the instant payments system, TIPS.
Since 2018, securities settlements in Danish krone have been settled on the securities settlement system, T2S. With the migration to T2 and TIPS in 2025, settlement of payments and securities transactions in Danish krone will be consolidated on TARGET Services.
The Danish krone will thus be the first non-euro area currency to handle both payments and securities transactions on the pan-European system, TARGET Services.
Danmarks Nationalbank employees are testing, developing and preparing the migration of payments in Danish krone from the current system to TARGET Services in 2025.
"We are very pleased to join T2 and TIPS and become the first non-euro area currency to use T2, TIPS and T2S," says Christian Kettel Thomsen and continues:
"It is one of our most important objectives to provide secure payments to Danes, and with closer cooperation with the other central banks in Europe, we will strengthen IT security and create a united front against cyber threats."
The migration to TARGET Services has no legal impact for banks and mortgage credit institutions in Denmark. As today, they will have their contractual relationship with Danmarks Nationalbank.
Press inquiries can be directed to Peter Levring, communications and press officer, on tel. +45 3363 6383.