TARGET2 Incident On 11th Of

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TARGET2Incident on 11th ofAugust 2020AMI-Pay/SeCo3 December 2020Sylvain DebeaumontMarket Infrastructure Management Divisionwww.ecb.europa.eu

RubricDISCLAIMER:One of the authors of this presentation is member of one of the user groups with access to TARGET2 data in accordance with Article 1(2) ofDecision ECB/2010/9 of 29 July 2010 on access to and use of certain TARGET2 data. The ECB, the MIB and the MIPC have checked thepresentation against the rules for guaranteeing the confidentiality of transaction-level data imposed by the PSSC pursuant to Article 1(4) of theabove mentioned issue.www.ecb.europa.eu

Key steps (1/2)11/0813:09TARGET2 disconnected from network13:551st Crisis Managers call / decision to publish to market14:00 - 15:30Several unsuccessful attempts to restore service on primary site15:35Decision to perform intra-region failover and to delay closure16:43Site recovery completedFIN traffic workingICM, AS files settlement and liquidity transfers to/from TIPS & T2S not available17:54Connection to T2S restarts18:05Liquidity transfers to/from T2S & TIPS available / AS processing not confirmed / ICM still unavailable /decision to activate the TARGET2 contingency network18:15TARGET2 contingency network activated (ICM available) / ÀS processing available / decision to delayT2S event cut-offs18:30A2A traffic (ICM & ASI) restored19:00All services operating, except U2A access to ICM via SWIFT3www.ecb.europa.eu

Key steps (2/2)11/0812/0819:45Automatic cash-sweep unsuccessful (TARGET2); End of Day postponed until 20:3020:10Automatic cash-sweep successful / decision to postpone business day events / maintenance windowpostponed to 23:00 (shortened to 2h)20:30Cut-off for interbank payments21:15Business day change cannot take place / decision to delay start of T2S NTS phase21:51ICM available22:13Change of Business Day22:30Technical completion of inter-region failover22:34SSP closed automatically / maintenance window started (SSP close could not be moved to 23:30 asdecided); this prevented the execution of Standing Facilities refunds, modification of credit lines andcompletion of transmission of MT95001:09Maintenance Window ends / MT950 messages completed successfully / Standing Facilities refundsreactivated at the start of the day trade phase07:00TARGET2 reopening for daylight phase07:45Refunding of overnight deposits18:00TARGET2 end of day4www.ecb.europa.eu

Root cause of the incidentThe initial investigations revealed that for the installation of a new computer unit, two newinfrastructure components (so-called tap-off boxes) were connected in order to supplypower to the new computer unit.On the 11th of August, these tap-off boxes were integrated into a control system to enablemonitoring and to allow for them to be set to ‘on’ and ‘off’. The mainframe systems areredundantly connected to two separate power supplies. Due to a wrong assessment by thesupport staff (human error), work was carried out on both power supply units almostsimultaneously, which led to a power failure for the connected part of the mainframehosting TARGET2.5www.ecb.europa.eu

Impact on the businessThe incident had an impact on the availability of the TARGET2 ICM, FIN messages processing,liquidity transfers between TARGET2, T2S and TIPS, and the processing of AS files.Chart 1: cumulated settlement in value of all paymentsChart 2: cumulated settlement in volume of all paymentsTotal traffic002020% settled4060% settled40608080100100Total traffic07:0010:0013:0015 July 202011 August 202016:0019:0021:0007:00Payment categories included: 1.1 1.2 2.1 2.2 2.3 2.4 2.5 3.1 3.2 3.3 3.4 3.5 4.1 4.2 4.3 4.5 4.6 4.7.Only settled transactions are included.Source: TARGET2. Note: 1% of all the payment valuesettled between 07:00 CET and EoD corresponds toaround 14.80bn, compared to 22.22bn on 15 July and 19.11bn on 05 August.10:0013:0015 July 202011 August 202005 August 202016:0019:0021:0005 August 2020Payment categories included: 1.1 1.2 2.1 2.2 2.3 2.4 2.5 3.1 3.2 3.3 3.4 3.5 4.1 4.2 4.3 4.5 4.6 4.7.Only settled transactions are included.Source: TARGET2. Note: 1% of all the payment volumesettled between 07:00 CET and EoD corresponds toaround 2,889 transactions, compared to 3,728 on 15 Julyand 3,165 on 05 August.6www.ecb.europa.eu

Technical lessons learntOn the side of the providing Central Banks, an initial analysis has shown that the following activities haveto be performed in order to address the identified shortcomings.PROPOSED ENHANCEMENTS: Site Recovery Test to be scheduled as close as possible to the Rotation Internal technical test to be executed after major infrastructural changes Possible enhancement of the remote copy procedures under discussion7www.ecb.europa.eu

Operational lessons learntCOMMUNICATIONTARGET2 participants are informed about incidents affecting TARGET2 via ECB website and communication channelsbetween Central Banks and participants.Current communication: website is only updated when there are new developments.Proposed ENHANCEMENT: better manage customers’ expectations, e.g.:a) update website every 30 min (also when new information is not available) or;b) indicate at each communication when next update will be availableECONSPossibility of activating the contingency solution (ECONS) should be considered more pro-actively.Proposed ENHANCEMENT: add decision making point to activate/not activate ECONS to the relevant operationaldocumentation (crisis manager call checklist).TARGET2 CONTINGENCY NETWORKProposed ENHANCEMENT: add decision making point to activate/not activate the contingency network to the relevantoperational documentation (crisis manager call checklist)8www.ecb.europa.eu

Questions?9www.ecb.europa.eu

One of the authors of this presentation is member of one of the user groups with access to TARGET2 data in accordance with Article 1(2) of Decision ECB/2010/9 of 29 July 2010 on access to and use of certain TARGET2 data.

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