TARGET is a centralised system that offers the same level of service to all its participants, which in terms of its legal structure, consists of several payment systems, TARGET national components. Each Eurosystem central bank operates its own TARGET system component, so that the Croatian National Bank operates its national component– TARGET-HR.
TARGET (Trans-European Automated Real-time Gross settlement Express Transfer system) is a centralised system which includes payment systems in euro enabling settlements in central bank money and offering central liquidity management services, settlement of payment transactions in real time on a gross basis and services for the settlement of ancillary systems (T2 RTGS service), allowing payments related to securities settlement (TARGET2-Securities-T2S) and instant payments settlement (TARGET Instant Payments Settlement –TIPS).
The new consolidated TARGET platform was launched on 20 March 2023 at the Eurosystem level, including the Republic of Croatia as a member of the euro area.
The Croatian National Bank, within the sphere of its competence, collects and processes standardised data from the area of statistics pertaining to the payment system TARGET-HR and its services.
The publishing of statistical data related to the TARGET-HR system and its services falls within the shared competence of the CNB as the operator of the TARGET-HR national component and the European Central Bank as the main supervisory authority of the TARGET system.
The procedure of collecting and statistically processing relevant data for the TARGET-HR payment system and the methodology of reviewing and publishing statistical data will be implemented towards the end of 2023.
TARGET statistical data published by the ECB: ECB's Payment Statistics
The extracted statistical data for TARGET-HR are collected under Regulation (EU) No 1409/2013 of the European Central Bank of 28 November 2013 on payment statistics (ECB/2013/43) and Regulation (EU) 2020/2011 of the European Central Bank of 1 December 2020 amending Regulation (EU) No 1409/2013 on payment statistics (ESB/2013/43) (ESB/2020/59) are shown in Table 1 and Table 2.