TARGET PAYMENTS SYSTEM PROVES IT IS YEAR 2000 COMPLIANT.

The demonstration of year 2000 compliance by the TARGET payments system (trans-European real-time gross settlement express transfer system) was completed successfully on September 25, the European Central Bank confirmed in a press release published on September 27. In a general testing of a full business day, systems opened at 11 a.m. with the business date of January 3, 2000 and processed cross-border customer and interbank payments, which were sent and received by the participating credit...