The data describes the Target2 balances in selected Eurozone countries as of December 2017. Target2 is an interbank payment system that allows for the real-time processing of cross-border transfers throughout the European Union. Target2 is one of the biggest payment systems in the world.
If an Austrian importer, for example, places an order with a company in Germany, payments to and from the accounts of the buyer and the seller are channeled via central banks. This would mean that the Austrian exporter's bank gets a credit with the Oesterreichische Nationalbank, which in turn has a claim on the ECB.
