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PRESS RELEASE

Update of the assessment of securities settlement systems

21 February 2001

On 20 February 2001, the Governing Council of the ECB updated the operational conditions for the use of eligible securities settlement systems (SSSs) in the settlement of collateral for Eurosystem credit operations.

The SSSs have maintained their efforts to enhance compliance with the standards, allowing the Eurosystem to continue reducing the preconditions for their use. In this respect, CADE and Monte Titoli have introduced real time delivery versus payment procedures. Therefore, there are now seven SSSs in the euro area - CADE (Spain), Euroclear France (France), Monte Titoli (Italy), Necigef (The Netherlands), Siteme (Portugal), Interbolsa (Portugal) and APK/RM (Finland) - that can be used without preconditions, compared with one SSS in July 1998 and five in May 1999.

The eligible SSSs and the conditions for use are provided in the enclosed Table 1 and Table 2, which are an update of the list published by means of a press release on 28 May 1999.

Table 1: Operational conditions for the use of eligible SSSs in the euro area

Country SSS to assess Eligibility
Belgium NBB Clearing System Delivery versus payment (DVP) until 4.15 p.m., then on a free of payment (FOP) basis
CIK DVP (until 3.15 p.m.) or FOP, with pre-deposited securities after 4 p.m.
Euroclear FOP basis, with pre-deposited securities after 5.45 p.m.
Germany Clearstream Banking Frankfurt DVP (until 4.30 p.m.) or FOP
Greece BOGS DVP or FOP basis, with pre-deposited securities after 4 p.m.
Spain CADE DVP or FOP basis
SCLV/SCLV-AIAF With pre-deposited securities
SCL Barcelona With pre-deposited securities
SCL Bilbao With pre-deposited securities
SCL Valencia With pre-deposited securities
France Euroclear France DVP or FOP basis
Ireland Euroclear FOP basis
NTMA FOP basis
Italy Monte Titoli DVP or FOP basis
Luxembourg Clearstream Banking Luxembourg FOP basis
Netherlands Necigef DVP or FOP basis
Austria OeKB System DVP or FOP basis, with pre-deposited securities after 5 p.m.
Portugal Siteme DVP or FOP basis
Interbolsa DVP or FOP basis
Finland APK/RM DVP or FOP basis
APK/OM With pre-deposited securities

Table 2: Operational conditions for the use of eligible SSSs in the European Union, but outside the euro area

Country SSS to assess Eligibility
Denmark VP DVP (until 3 p.m.) or FOP basis
Sweden VPC System DVP or FOP basis
United Kingdom CREST FOP basis, with pre-deposited securities after 5.30 p.m.
CMO FOP basis, with pre-deposited securities after 5.45 p.m.
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