In addition to the three systems for handling DKK, Denmark also participates in the TARGET cooperation which is the European Central Bank’s system for handling payments in EUR between EU countries.
In 2008, Denmark switched over to the new TARGET2 payment system. This makes it possible for participants that are represented in several countries to have one access point for allocating liquidity in the Eurozone, which can mean more effective utilization of liquidity.
As a non-Euro country, Denmark is subject to a range of limitations which mean, for example that Danish participants with TARGET2 access via the Central Bank of Denmark do not have access to Euro liquidity overnight.
TARGET2 is closed on the following days (in addition to Saturdays and Sundays):
New Year’s Day