If a Spanish woman writes a check to her therapist, the money comes out of her account and goes into the therapist’s account. So long as both accounts are at Spanish banks, this is just a transfer from one bank to another, and the Target2 balance at the Banco de España is unchanged. But let’s say our Spanish depositor decides to move €1,000 from Banco Santander to an account at Deutsche Bank. In that case, the balance on her Santander account will go down by €1,000, and the Banco de España will likewise deduct €1,000 from Santander’s account at the central bank. In Germany, €1,000 appears in the Deutsche Bank account, and in the first instance Deutsche Bank will keep that money in its account at the Bundesbank, so the Bundesbank adds €1,000 to Deutsche Bank’s balance.