Overview
- The ECB reported a fresh incident early on Monday that disrupted the start of the T2 settlement window and moved the system into a non-optional maintenance mode that queued incoming euro and Danish krone instructions.
- At 02:40 CET the platform began holding submitted payments in a queue while accepting instructions, and operators later processed the backlog and restored normal T2 operations with most users seeing 30–40 minute delays.
- This was the second disruption tied to the same June software release, following a similar incident on June 29, prompting the ECB to open a formal root-cause investigation into post-release maintenance processes.
- The bank says it has found no evidence of a cyberattack, but market participants are watching for short-term liquidity effects for commercial banks and for euro on‑ and off-ramps used by crypto exchanges.
- T2 is the Eurosystem’s high-value payment platform that settles more than €2 trillion a day, so even short interruptions can delay wholesale payments and create operational strain for banks and their clients.