Governing Council appoints members of the T2S Programme Board

The Governing Council of the European Central Bank (ECB) today appointed members of the T2S Programme Board, which will ensure the successful and timely completion of the TARGET2-Securities (T2S) programme in 2013. The following members have been appointed:

The members of the T2S Programme Board are appointed for a renewable term of 18 months. In addition, the Governing Council has appointed Alfons Vaes, Nationale Bank van België/Banque Nationale de Belgique; Jochen Metzger, Deutsche Bundesbank; Jesús López Pedruelo, Banco de España and Walter Hoffenberg, Oesterreichische Nationalbank, as alternates.

Members of the T2S Programme Board do not represent their respective institutions, but exclusively act in the interest of the Eurosystem and the T2S programme. The T2S Programme Board will commence work in May 2009.

Implementation of the T2S programme will constitute a major step forward in the delivery of a single integrated securities market for financial services, thereby reinforcing the Lisbon strategy. T2S will provide a single, borderless pool of pan-European securities, as well as a core, neutral, state-of-the-art settlement process. Market users will be able to access these assets through central securities depositories in a way which can accommodate, rather than perpetuate, national and regional differences, and which already embodies agreed harmonisation measures in several key areas.

Further information about the T2S project can be found on the ECB’s website.