T2 (TARGET2) Holidays 2027: Euro Payment Closing Days

T2, the Eurosystem's settlement system (called TARGET2 until March 2023), closes on six fixed days a year. On those days euro payments don't settle, so euro wires, SEPA Credit Transfers and SEPA Direct Debits move to the next T2 business day, whatever the national holiday calendar says.

2027 T2 closing days

How the T2 calendar works

• The same six days every year: New Year's Day, Good Friday, Easter Monday, 1 May, Christmas Day and 26 December.
• National holidays don't count. T2 stays open on days like Whit Monday, Ascension Day or German Unity Day, even when banks in that country close their branches.
• Weekend holidays are not moved. If 1 May or Christmas falls on a weekend, there is no substitute closing day. In 2027, 1 May (Saturday), Christmas Day (Saturday) and 26 December (Sunday) fall on a weekend, so T2 closes on three weekdays in 2027 instead of six.

Value dates and FX

A euro payment with a value date on a closing day settles on the next T2 business day. EUR legs of FX trades follow the same calendar, which is why spot dates for EURUSD skip both T2 closing days and US holidays. See how FX spot value dates are calculated.

Check T2 business days in code

curl "https://bankday.dev/v1/business-day?calendar=eu-target2&date=2027-03-29" \
  -H "Authorization: Bearer $BANKDAY_KEY"

Add us-fed or uk-bacs to the calendar list to get days when both systems are open, for example calendar=eu-target2,us-fed.

See also: T2 calendar · Bacs bank holidays 2027 · ACH holiday schedule 2027