Using the²⁰⁴Hg(, pn)-reaction and-particles of energies 39–55 MeV, we have found an isomeric 3.6 min 12^– state in²⁰⁶Tl at 2,642.9 keV which has the two-hole configurationh ₁₁ ^2/–1 vi ₁₃ ^2/–1 The 12^– state decays mainly by anE5 transition of energy 1,021.4 keV to a 7⁺ state at 1,621.5 keV whose main configuration iss ₁ ^2/–1 vi ₁₃ ^2/–1 There is, in addition, evidence for a weak 565 keVM 4 branch to an 8⁺ state at 2,078 keV whose main configuration should beh ₁₁ ^2/–1 vf ₅ ^2/–1 . The 7⁺ state decays by a stretched cascade of-rays to states of the following values ofJ and excitation energy: 5 _– ⁺ , 1,405.4 keV; 4^–, 952.1 keV; 2^–, 265.8 keV and 0^–, 0 keV. The main configurations of these states areh ₁₁ ^2/–1 vp ₁ ^2/–1 ,d ₃ ^2/–1 vf ₅ ^2/–1 ,d ₃ ^2/–1 vp ₁ ^2/–1 ands ₁ ^2/–1 vp ₁ ^2/–1 respectively. From the nuclear masses of²⁰⁸Pb,²⁰⁷Pb,²⁰⁷Tl, and²⁰⁶Tl and the experimental excitation energies it is possible to obtain the proton hole-neutron hole interaction in²⁰⁶Tl. This interaction is compared with the calculations of Kuo and Herling and the discrepancies are discussed. The 12^–8⁺ M4 transition rate is reduced because of destructive interference between the protonh _11/2d _3/2 and the neutroni _13/2f _5/2 contributions. The magnitude of the reduction is accurately reproduced by the wave functions of Kuo and Herling. The 12^–7⁺ E5 transition rate is about twice as large as the single-holeh ₁₁ ^2/–1 s ₁ ^2/–1 transition rate. This deviation is fully explained by the configuration admixtures in the 7⁺ state, given by Kuo and Herling.