TARGET (T2) closing days 2027
From the operators' own calendars.
3 weekday closures in 2027
- New Year's Day
- Good Friday
- Easter Monday
T2 doesn't settle on TARGET closing days, so large-value euro payments and payments that settle through it wait for the next TARGET day.
Holidays on a weekend
- Labour Day, . A Saturday; still a TARGET closing day.
- Christmas Day, . A Saturday; still a TARGET closing day.
- Christmas holiday, . A Sunday; still a TARGET closing day.
What keeps running
- SEPA Instant. Instant euro payments settle in TIPS, which Banca d'Italia says is always operational, 24/7/365.
- Stablecoins. EURC and USDC move on their blockchains at any hour; a payout to a bank still waits for the bank's rail.
Worth knowing
TARGET closing days aren't moved when they fall on a weekend: in 2027, 1 May, 25 December and 26 December all fall on weekends, so only the three dates above close T2 on a weekday.
National holidays such as Ascension Day, Whit Monday or All Saints' Day aren't TARGET closing days, but banks in countries that observe them may still be closed or slower.
The ECB approved a short T2 settlement window for liquidity management during most weekends, and possibly on TARGET closing days, in June 2026, to start within two years. It doesn't change the 2027 closing days above.
Paying across borders over a holiday? A SWIFT payment can pass through banks in several countries, each with its own calendar. See how to track a SWIFT payment and why international payments get returned.
Other calendars
Common questions
- Is SEPA open on Good Friday 2027?
- SEPA Instant is: it settles in TIPS, which runs every day. T2 is closed on Good Friday (26 March) and Easter Monday (29 March), so payments that settle through T2 wait until Tuesday 30 March.
- Are TARGET closing days the same every year?
- The list is: New Year's Day, Good Friday, Easter Monday, 1 May, Christmas Day and 26 December. Which of them fall on weekdays changes from year to year.
- Is 24 December a TARGET closing day?
- No. The ECB itself is closed on 24 and 31 December 2027, but neither is a TARGET closing day.
Sources
- European Central Bank, Public holidays and TARGET closing days
- Banca d'Italia, Closure of the T2 system during the Easter period: clarification
- European Payments Council, SEPA Instant Credit Transfer
- European Central Bank, Decisions taken by the Governing Council, June 2026 (T2 weekend settlement window)
Dates as published by each operator in October 2026. Banks set their own cut-off times, and can be closed on local holidays not listed here.
Get started
Pay suppliers on time, holidays included.
Named USD, EUR, GBP and AED accounts in your company's name, with balances in USDC or USDT that move at any hour. Apply online; our compliance team reviews applications in 1 to 5 business days.