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Germany TARGET2 balance and reserve assets

Germany TARGET2 balance and reserve assets detail the external position of the Deutsche Bundesbank.

Source: Deutsche BundesbankLast updated: Curated by Bui Thanh Phuc

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Indicator09-202608-202607-202606-202605-202604-202603-202602-202601-202612-202511-202510-202509-202508-202507-202506-202505-202504-202503-202502-202501-202512-202411-202410-202409-202408-202407-202406-202405-202404-202403-202402-202401-202412-202311-202310-202309-2023
Reserve assets and foreign currency liquidity2
Reserve assets2
Positions (stocks)3
(mthly.), Total, Positions4487,498502,625469,982469,429507,009513,150518,687562,209545,341481,795476,102462,176435,692401,591399,485389,303402,515399,435402,671390,627385,150363,705366,023364,864345,338335,474332,651328,214324,156324,404312,728295,014294,402292,259292,718295,288282,490
(mthly.), Reserve Position in the IMF, Positions8,3978,2798,1858,2028,2438,1238,1868,1238,0878,2018,1768,2508,1578,2908,3748,2968,4938,5408,0448,3288,4488,2678,2218,3398,3958,3188,4018,3558,3998,5918,5638,7778,9218,7828,9589,2569,278
(mthly.), Monetary gold, Positions397,205413,877380,411380,732418,979426,202430,173475,489459,239395,215388,846375,658349,996315,035311,036301,591312,447310,207310,903295,956290,776270,580271,468274,165254,267244,992240,587234,891232,717232,438220,571202,181202,641201,335201,195202,630190,232
(mthly.), Other reserve assets (currency, deposits, securities, financial derivatives and other claims), Positions234,16233,40334,11833,12832,98832,21533,22332,17031,86731,85132,24731,51931,11631,68832,73332,50233,68433,04134,63935,47535,26533,97035,71733,06833,59532,95734,04135,10933,53834,00734,31434,74433,42833,37633,62733,87133,333
(mthly.), Currency and deposits, Positions21,0981,2081,9491,1882,6422,8391,6154,0004,2372,7214,6694,2523,8186,2615,4265,7905,3145,6586,6608,3075,7445,8126,1315,4917,1427,1196,1496,6385,6064,8186,4005,8668,7698,1196,9105,4236,862
(mthly.), Currency and deposits, with monetary authorities and BIS, Positions9331,2068589662,2167011,6131,0768912,3791,0031,5681,6193,5633,7643,1444,2064,0294,1154,3681,9425,8083,9473,9273,9775,2762,1305,0655,1624,4473,9642,6323,9237,1634,1643,2096,106
(mthly.), Currency and deposits, with MFIs, Positions16521,0902224262,13822,9243,3473433,6662,6852,1992,6991,6622,6471,1081,6282,5453,9403,80242,1841,5643,1651,8434,0191,5734433712,4363,2344,8469572,7462,215756
(mthly.) - Securities (Equity, investment fund shares, units and debt securities) - Positions233,06432,19532,16931,94030,34629,37631,60828,17027,62929,12927,57927,26727,29725,42627,30726,71128,37027,38327,97927,16729,52028,15829,58727,57726,45325,83827,89228,47227,93329,18927,91428,87824,65925,25626,71728,44826,471
(mthly.), Debt securities, Long term, Positions30,33728,86028,52327,85125,47025,11727,09922,99523,61223,80524,10623,97624,27923,65824,43723,57224,01423,22724,44623,72023,76224,65924,14922,53721,75420,85522,43923,91623,47923,68723,77923,73821,30921,18821,22922,72821,337
(mthly.), Debt securities, Short term, Positions2,7273,3363,6464,0894,8764,2594,5095,1754,0185,3253,4723,2913,0181,7692,8703,1394,3574,1563,5333,4485,7593,4995,4375,0404,6994,9835,4534,5564,4545,5014,1355,1403,3504,0685,4885,7205,134
(mthly.), SDRs, Positions47,73547,06647,26847,36846,79846,61047,10546,42746,14946,52846,83246,75046,42446,57947,34246,91447,89147,64749,08550,86950,66050,88850,61749,29249,08149,20749,62249,85849,50149,36849,28149,31349,41248,76648,93949,53149,647
(mthly.), Currency and deposits, with MFIs, headquartered in the reporting country or the euro area000000000000000000000000000000000045700
(mthly.), Currency and deposits, with MFIs, headquartered outside the reporting country or the euro area16521,0902224262,13822,9243,3473433,6662,6852,1992,6991,6622,6471,1081,6282,5453,9403,80242,1841,5643,1651,8434,0191,5734433712,4363,2344,8469572,2892,215756
Changes in positions other than transactions1
(mthly.), Total, Changes in positions other than transactions3-15,69632,880-728-37,044-6,977-4,873-44,06016,89763,4235,63913,09826,41234,7402,87910,563-12,9512,440-3,75212,3755,54220,253-341-51220,8949,0083,3745,6313,150-40411,99418,279-5812,392110-2,63511,940-1,308
(mthly.), Monetary gold, Changes in positions other than transactions-16,67233,466-321-38,247-7,223-3,971-45,31616,25164,0236,36913,18925,66234,9613,9999,445-10,8562,239-69514,9475,17920,196-889-2,69619,8989,2754,4055,6962,17427911,86818,390-4611,306140-1,43512,398-2,682
(mthly.), Other reserve assets (currency, deposits, securities, financial derivatives and other claims), Changes in positions other than transactions2189-263-295535105-475460402-310-247-100367-38-548572-9458-1,383-1,211230522321,053416-119-45211558-210-68-73-78541159-354-320580
(mthly.), Currency and deposits, Changes in positions other than transactions30-16-22185-219128-58-55-1256-27-71113-17726-341-30624376153164-52-115-5158-7120-207196107-28-125-13136
(mthly.) - Securities (Equity, investment fund shares, units and debt securities) - Changes in positions other than transactions159-247-273517100-454370374-252-192-88310-10-477459-768-18-1,042-90420749156899252-67-33762500-139-88134-274435187-229-307443
(mthly.), SDRs, Changes in positions other than transactions670-275-96569120-364678207-247-4108326-155-485464-977164-1,439-1,1701135272970495-126-495-65357-403165-32-36461-160-715-116668
Reserve template (foreign currency liquidity)18
(mthly.), Contingent short-term net drains on foreign currency assets, contingent liabilities in foreign currency, total0000000000000000000000000000000000000
(mthly.), Contingent short-term net drains on foreign currency assets, other contingent liabilities than related to collateral0000000000000000000000000000000000000
(mthly.), Memo items, Securities lent and on repo301,1102242232,17902,9813,3393473,4452,7372,2412,0271,6932,6989041,6592,5944,0173,87701,5111,5932,4751,4354,098966972,0842,3744,9419422,7992,257723
(mthly.), Memo items, Securities lent or repoed and included in official reserves (-)-163000-210000-730-29200-72400-22400000-7140-751-4440-637-442-369-388-9190-3100-46
(mthly.), Memo items, Securities lent or repoed but not included in official reserves (-)0000000000000000000000000000000000000
(mthly.), Memo items, Securities borrowed or acquired and included in official reserves (+)0000000000000000000000000000000000000
(mthly.), Memo items, Securities borrowed or acquired but not included in official reserves (+)16601,1102244332,17902,9813,4123473,7372,7372,2412,7511,6932,6981,1281,6592,5944,0173,87702,2261,5933,2261,8794,0981,6024513772,4723,2934,9419742,7992,257769
(mthly.), Predetermined short-term net drains on foreign currency assets (nominal values), foreign currency loans, securities, and deposits, inflows (+)0000000000000000000000000000000000000
(mthly.) - Predetermined short-term net drains on foreign currency assets (nominal values) - foreign currency loans, securities, and deposits - inflows (+), principal0000000000000000000000000000000000000
(mthly.) - Predetermined short-term net drains on foreign currency assets (nominal values) - foreign currency loans, securities, and deposits - inflows (+), interest0000000000000000000000000000000000000
(mthly.), Predetermined short-term net drains on foreign currency assets (nominal values), aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency (including the forward leg of…0000000000000000000000000000000000000
(mthly.), Predetermined short-term net drains on foreign currency assets (nominal values), foreign currency loans, securities, and deposits, total00000000000000000-100-1-1-1-1-1-1-1-1-10-1-179-1-1-102-103-103
(mthly.) - Predetermined short-term net drains on foreign currency assets (nominal values) - other (flows related to repos and reverse repos, trade credits and other accounts payable, receivable) - total-163000-210000-730-29200-72400-22400000-7140-751-4440-637-442-369-388-9190-3100-46
(mthly.), Predetermined short-term net drains on foreign currency assets (nominal values), foreign currency loans, securities, and deposits, outflows (-)00000000000000000-100-1-1-1-1-1-1-1-1-10-1-179-1-1-102-103-103
(mthly.) - Predetermined short-term net drains on foreign currency assets (nominal values) - foreign currency loans, securities, and deposits - outflows (-), principal00000000000000000-100-1-1-1-1-1-1-1-1-10-1-179-1-1-102-103-103
(mthly.) - Predetermined short-term net drains on foreign currency assets (nominal values) - foreign currency loans, securities, and deposits - outflows (-), interest0000000000000000000000000000000000000
(mthly.), Other foreign currency assets (securities, deposits, loans, financial derivatives and gold not included in reserve assets)0009650065200851001,491040005000000000000000550
(mthly.), Other foreign currency assets (securities, deposits, loans, financial derivatives and gold not included in reserve assets), currency and deposits0009650065200851001,491040005000000000000000550
External position of the Bundesbank (incl. TARGET2)2
Assets10
Assets, Other Investment, Currency and deposits, Assets relating to the transfer of reserve assets to the ECB10,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,80210,63510,63510,63510,635
Assets, Other Investment, Currency and deposits, Balances vis-a-vis the ESCB (e.g. Target)1,004,2961,071,7651,037,1161,043,2081,065,6901,059,4771,030,7801,017,1301,033,4121,023,4821,040,7001,046,5461,049,6001,060,7911,043,8761,051,2501,066,8431,075,2721,069,1721,080,8331,068,0231,046,3181,066,5111,064,4561,073,5121,075,2391,048,4381,090,4441,061,1101,047,9321,065,7591,075,5101,041,9021,093,3711,060,0741,058,9851,048,059
Assets, Other Investment, Currency and deposits, TARGET plus other balances vis-a-vis the ESCB1,004,295.61,071,765.291,037,116.111,043,208.021,065,689.641,059,476.871,030,779.711,017,130.431,033,412.131,023,481.611,040,700.311,046,545.991,049,600.161,060,791.161,043,875.521,051,249.751,066,843.031,075,271.971,069,171.971,080,832.641,068,023.461,046,318.051,066,511.371,064,456.061,073,511.531,075,239.341,048,437.541,090,443.751,061,110.441,047,932.071,065,758.971,075,510.291,041,902.441,093,370.871,060,074.061,058,984.741,048,058.65
Assets, Other Investment, Currency and deposits, TARGET (net)1,004,295.61,071,765.291,037,116.111,043,208.021,065,689.641,059,476.871,030,779.711,017,130.431,033,412.131,023,481.611,040,700.311,046,545.991,049,600.161,060,791.161,043,875.521,051,249.751,066,843.031,075,2721,069,171.971,080,832.641,068,023.461,046,318.051,066,511.371,064,456.061,073,511.591,075,239.41,048,437.61,090,443.811,061,110.51,047,932.131,065,759.031,075,510.351,041,902.51,093,370.931,060,074.131,058,984.81,048,058.71
Assets, Other Investment, Other equity, ECB (European Central Bank)2,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,7862,6142,5782,5782,5782,578
Assets, Other Investment1,018,3711,085,4331,050,9551,057,0781,079,4791,073,7111,044,6701,030,8691,047,2821,042,0561,054,6261,060,3921,064,2871,074,7561,057,6931,065,2421,081,2991,090,0901,083,7631,096,0611,084,1041,063,1651,082,1061,080,0821,088,0581,090,9651,064,4051,106,4291,077,4471,063,8041,083,2421,093,2621,058,5081,117,9781,076,4151,074,6271,064,193
Assets, Other Investment, Currency, deposits and loans1,015,5351,082,5971,048,1191,054,2421,076,6431,070,8751,041,8341,028,0331,044,4461,039,2201,051,7901,057,5561,061,4511,071,9201,054,8571,062,4061,078,4631,087,2541,080,9271,093,2251,081,2681,060,3291,079,2701,077,2461,085,2221,088,1291,061,5691,103,5931,074,6111,060,9681,080,4061,090,4261,055,8451,115,3511,073,7881,072,0001,061,566
Assets, Other Investment, Other equity2,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,8362,6642,6272,6272,6272,627
Assets, Portfolio investment27,90428,30328,82128,12129,97930,35130,29931,11131,62632,54032,67933,28133,31535,35033,98633,88533,87234,11035,81036,18536,90237,52138,19738,58338,80238,87738,73939,47039,75839,92840,75443,36144,26145,55045,10745,48846,654
Assets, Other Investment, Currency and deposits, TARGET2 (net), monthly averages based on TARGET2 business days1,047,504.651,055,525.111,057,664.561,041,651.561,055,532.891,034,223.181,016,610.371,036,403.361,041,899.841,044,862.341,060,212.371,050,856.571,058,001.941,071,432.121,061,567.611,073,609.061,110,979.241,084,007.491,077,532.091,082,621.551,064,134.481,068,004.381,070,296.991,073,801.771,060,241.791,063,931.91,089,860.381,080,365.221,085,816.531,063,265.611,074,302.861,074,748.761,062,885.321,070,091.871,068,542.581,045,764.061,046,653.39
Liabilities4
Liabilities, Other Investment, Currency and deposits, Deposits from euro area residents incl. the ECB620,040618,517612,921609,409612,414606,258605,467611,475602,575602,880597,127594,594594,804591,346585,393583,964584,641579,372577,987584,205581,230585,337572,896570,422569,903567,890558,746558,908563,280557,240558,665557,243552,906573,118558,434560,398562,218
Liabilities, Other Investment, Currency and deposits of euro area residents incl. the ECB, of which Euro currency (legal share according to participation plus "technical claims" of the Eurosystem)615,323612,042608,683605,115603,130600,969598,682597,230595,880593,107590,224588,543585,595582,035578,622575,605573,694571,453569,854567,967566,317567,191563,386561,311558,314554,435550,210547,321545,687543,333541,539538,594536,228543,670541,251540,199538,702
Liabilities, Other Investment, Currency and deposits, Deposits from non-euro area residents39,35148,68251,06363,02341,15434,08534,55037,99645,75555,97844,40341,76441,72443,28357,14553,39349,36246,00940,89051,04454,27190,74750,21157,55059,14359,63950,53862,17054,05750,49661,63676,24370,858161,03287,03082,054104,821
Liabilities, Other Investment, Special Drawing Rights45,00344,37244,63144,72144,18444,07144,41343,77443,57843,81144,19944,19143,88344,02944,49244,05644,97344,81946,17247,25847,15347,14946,89745,99545,53645,65346,11246,17245,84146,21746,06346,09346,12745,69545,84546,51446,623
Total assets1,533,7741,616,3611,549,7591,554,6291,616,4671,617,2121,593,6571,624,1891,624,2491,556,3901,563,4061,555,8491,533,2941,511,6981,491,1641,488,4291,517,6851,523,6351,522,2441,522,8731,506,1561,464,3911,486,3231,483,5291,472,1971,465,3161,435,7951,474,1131,441,3621,428,1361,436,7231,431,6381,397,1721,455,7881,414,2411,415,4031,393,337
Total liabilities704,395711,570708,615717,153697,752684,413684,430693,245691,909702,670685,729680,549680,411678,659687,030681,413678,976670,200665,048682,507682,654723,234670,005673,967674,582673,181655,396667,250663,179653,953666,365679,579669,890779,844691,309688,966713,662
Total Net (Assets minus Liabilities)829,379904,790841,144837,475918,715932,799909,226930,944932,340853,720877,677875,301852,883833,039804,134807,016838,709853,435857,196840,367823,501741,157816,318809,562797,615792,134780,399806,863778,183774,183770,359752,058727,281675,943722,932726,437679,675

Latest reading

The series on this page is monthly and runs from Jan 1999 to Sep 2026. Source: Deutsche Bundesbank.

About this data

Germany TARGET2 balance and reserve assets detail the external position of the Deutsche Bundesbank. The table breaks down total net assets and liabilities, including monetary gold, SDRs, currency and deposits, and debt securities. Available since 1998 on a monthly basis, this external balance sheet includes the TARGET2 claim on the Eurosystem. The series are published in EUR million, capturing predetermined and contingent short-term net drains on foreign currency assets.

Frequently asked questions

What is the latest figure for Germany TARGET2 balance and reserve assets?
The latest reading is 1,004,295.6 EUR million, for Sep 2026. That is −67,469.69 EUR million from Aug 2026 and −45,304.56 EUR million from a year earlier.
Is Germany TARGET2 balance and reserve assets at a high or a low right now?
The reading of 1,004,295.6 EUR million is the lowest since Jun 2020.
How far back does the Germany TARGET2 balance and reserve assets data go?
The series on this page is monthly and runs from Jan 1999 to Sep 2026. Source: Deutsche Bundesbank. Every series in the table can be charted over its full history and downloaded as CSV or Excel.
What does the Germany TARGET2 balance measure?
The Germany TARGET2 balance represents the net claim of the Deutsche Bundesbank on the Eurosystem. It is the single largest item on the external balance sheet of the Bundesbank and reflects cross-border payment flows within the euro area.
What is included in the German official reserve assets?
The German official reserve assets include monetary gold, special drawing rights (SDRs), currency and deposits, and debt securities. The external position data also tracks predetermined and contingent short-term net drains on foreign currency assets.
How is the net external position of the Bundesbank calculated?
The net external position is calculated as the total assets minus the total liabilities of the Deutsche Bundesbank against the rest of the world. All positions, including the TARGET2 balance, are denominated in EUR million.