ECB says Target2 outage was caused by third-party network device

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European Central Bank

The European Central Bank

The outage of the eurozone’s Target2 settlement system on October 23 was caused by a “third-party network device” in the internal network of the Eurosystem of national central banks, the European Central Bank said.

“The root cause has been found in a software defect of a third-party network device used in the internal network of the central banks operating the Target2 service on behalf of the Eurosystem,” the ECB announced today (October 28).  “The Eurosystem has taken measures to prevent this

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