On 28 May 2020, the European Central Bank (ECB) published FAQs for TARGET2 (T2) participants (banks and ancillary systems) providing them with information regarding the T2-T2S consolidation project.  In particular, the FAQs provide such participants with information on the overall migration strategy and the key project milestones, as well as details on service providers, connectivity, migration rehearsals and the organisation of the migration. The T2-T2S consolidation is a large-scale market infrastructure project to meet changing market demands by replacing T2 with a new real-time gross settlement system called T2 and optimising liquidity management across all TARGET Services.