PRESS RELEASE

Data on the use of eligible links

6 June 2005

There are currently 59 links between securities settlement systems (SSSs) that are eligible for the settlement of cross-border collateral in Eurosystem credit operations. The table below lists all these links and provides data on the extent to which they are used in such credit operations. As the table shows, some of the links have not been used at all while others have been used relatively frequently.

List of Eligible links

Investor SSS Issuer SSS Value of assets held by the Eurosystem[a] (end-of-month average in 2004) (in million euros)
Euroclear (Belgium) NBB SSS (Belgium) 0
Euroclear (Belgium) Clearstream (Luxembourg) Not applicable[b]
Euroclear (Belgium) Clearstream (Germany) 3,023
Euroclear (Belgium) OeKB (Austria) 346
Euroclear (Belgium) Euroclear Netherlands (the Netherlands) 1,805
Euroclear (Belgium) Euroclear (France) 1,648
Euroclear (Belgium) Monte Titoli (Italy) 979
Clearstream (Germany) Euroclear (France) 317
Clearstream (Germany) Euroclear Netherlands (the Netherlands) 192
Clearstream (Germany) OeKB (Austria) 173
Clearstream (Germany) APK (Finland) 2
Clearstream (Germany) Clearstream (Luxembourg) 12,704
Clearstream (Germany) CADE (Spain) 13
Clearstream (Germany) Monte Titoli (Italy) 0
CADE (Spain) Clearstream (Germany) 0
CADE (Spain) Euroclear (France) 178
CADE (Spain) Monte Titoli (Italy) 3,668
CADE (Spain) Euroclear Netherlands (the Netherlands) 0
SCLV (Spain) Monte Titoli (Italy) 0
SCLV (Spain) Euroclear (France) 0
SCLV (Spain) Euroclear Netherlands (The Netherlands) 0
Euroclear (France) Clearstream (Germany) 124
Euroclear (France) Euroclear Netherlands (the Netherlands) 905
Euroclear (France) Monte Titoli (Italy) 3,621
Euroclear (France) OeKB (Austria) 52
Euroclear (France) NBB SSS (Belgium) 7
Euroclear (France) CADE (Spain) 125
Euroclear (France) APK (Finland) 64
Euroclear (France) Clearstream (Luxembourg) 564
Euroclear (France) SCLV (Spain) 0
Euroclear (France) Euroclear (Belgium) 0
Monte Titoli (Italy) Euroclear (Belgium) 4
Monte Titoli (Italy) Clearstream (Germany) 1,227
Monte Titoli (Italy) Euroclear (France) 84
Monte Titoli (Italy) OeKB (Austria) 0
Monte Titoli (Italy) SCLV (Spain) 81
Monte Titoli (Italy) CADE (Spain) 81
Monte Titoli (Italy) Euroclear Netherlands (the Netherlands) 62
Monte Titoli (Italy) Clearstream (Luxembourg) 3,077
Clearstream (Luxembourg) Euroclear (Belgium) Not applicable[c]
Clearstream (Luxembourg) Clearstream (Germany) 13,426
Clearstream (Luxembourg) NBB SSS (Belgium) 0
Clearstream (Luxembourg) OeKB (Austria) 170
Clearstream (Luxembourg) Euroclear Netherlands (the Netherlands) 1,009
Clearstream (Luxembourg) Monte Titoli (Italy) 1,490
Euroclear Netherlands (the Netherlands) Euroclear (France) 2,908
Euroclear Netherlands (the Netherlands) Clearstream (Germany) 0
Euroclear Netherlands (the Netherlands) OeKB (Austria) 0
Euroclear Netherlands (the Netherlands) CADE (Spain) 0
Euroclear Netherlands (the Netherlands) Monte Titoli (Italy) 0
Euroclear Netherlands (the Netherlands) SCLV (Spain) 0
OeKB (Austria) Euroclear (Belgium) 0
OeKB (Austria) Clearstream (Germany) 3,529
OeKB (Austria) Euroclear (France) 221
OeKB (Austria) Monte Titoli (Italy) 0
OeKB (Austria) Euroclear Netherlands (the Netherlands) 238
OeKB (Austria) Clearstream (Luxembourg) 0
APK (Finland) Clearstream (Germany) 0
APK (Finland) Euroclear (France) 0

[a] Value of collateral issued in the issuer SSS and held on an account of a member of the Eurosystem with the investor SSS.

[b] Due to the special characteristics of the link from Euroclear (Belgium) to Clearstream (Luxembourg) and vice versa, the notion of “value of assets held by the Eurosystem” through that link is not applicable.

[c] Due to the special characteristics of the link from Euroclear (Belgium) to Clearstream (Luxembourg) and vice versa, the notion of “value of assets held by the Eurosystem” through that link is not applicable.

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