On 18 February 2008, TARGET2-Banco de España, a system which forms part of TARGET2, came into operation replacing the Banco de España Settlement System (SLBE). This system serves to make large-value payments in euro with real time gross settlement.
TARGET2 provides a wide range of advanced services. However, it does not include some of the functions offered by the Banco de España Settlement System (SLBE), such as the recording and settlement of transactions conducted between member institutions of the interbank deposit market.
Therefore, given its usefulness, the Banco de España has deemed it appropriate to maintain the SLBE as an additional service separate from those offered within TARGET2, and it is still governed by its pertinent regulations.
