PRESS RELEASE

Update of the assessment of links between securities settlement systems

28 June 2005

The Governing Council of the European Central Bank has updated the assessment of links between securities settlement systems (SSSs) eligible for the settlement of collateral for Eurosystem credit operations. Links between SSSs are assessed periodically against the “Standards for the use of EU securities settlement systems in ESCB credit operations” published by the European Monetary Institute in 1998.

The number of eligible links has gone down from 67 to 59 since the last link assessment in 2001. The main reason for this development is that, since 1 July 2003, only securities issued and held in an SSS located in the euro area have been eligible for Eurosystem credit operations. As a result, links to SSSs located outside the euro area do not handle Eurosystem collateral any more and are therefore no longer assessed by the Eurosystem.

The overall level of compliance with the standards is high, and the SSSs have maintained their efforts to enhance compliance further. The list of all eligible links is set out in the table below, which replaces the list published in a press release on 4 July 2001.

Table: List of links eligible for Eurosystem credit operations

Country Eligible links
Belgium Euroclear (Belgium) to NBB SSS (Belgium)
Euroclear (Belgium) to Clearstream (Luxembourg)
Euroclear (Belgium) to Clearstream (Germany)
Euroclear (Belgium) to OeKB (Austria)
Euroclear (Belgium) to Euroclear (the Netherlands), operated by ABN AMRO
Euroclear (Belgium) to Euroclear (France), operated by Société Générale
Euroclear (Belgium) to Monte Titoli (Italy), operated by UniCredito Italiano
Germany Clearstream (Germany) to Euroclear (France)
Clearstream (Germany) to Euroclear (the Netherlands)
Clearstream (Germany) to OeKB (Austria)
Clearstream (Germany) to APK (Finland)
Clearstream (Germany) to Clearstream (Luxembourg)
Clearstream (Germany) to CADE (Spain)
Clearstream (Germany) to Monte Titoli (Italy)
Spain CADE to Clearstream (Germany)
CADE to Euroclear (France)
CADE to Monte Titoli (Italy)
CADE to Euroclear (the Netherlands)
SCLV to Monte Titoli (Italy)
SCLV to Euroclear (France)
SCLV to Euroclear (The Netherlands)*
France Euroclear (France) to Clearstream (Germany)
Euroclear (France) to Euroclear (the Netherlands)
Euroclear (France) to Monte Titoli (Italy)
Euroclear (France) to OeKB (Austria)
Euroclear (France) to NBB SSS (Belgium)
Euroclear (France) to CADE (Spain)
Euroclear (France) to APK (Finland)
Euroclear (France) to Clearstream (Luxembourg)
Euroclear (France) to SCLV (Spain)
Euroclear (France) to Euroclear (Belgium)
Italy Monte Titoli to Euroclear (Belgium)
Monte Titoli to Clearstream (Germany)
Monte Titoli to Euroclear (France)
Monte Titoli to OeKB (Austria)
Monte Titoli to SCLV (Spain)
Monte Titoli to CADE (Spain)
Monte Titoli to Euroclear (the Netherlands)
Monte Titoli to Clearstream (Luxembourg)
Luxembourg Clearstream (Luxembourg) to Euroclear (Belgium)
Clearstream (Luxembourg) to Clearstream (Germany)
Clearstream (Luxembourg) to NBB SSS (Belgium), operated by ING Belgium
Clearstream (Luxembourg) to OeKB (Austria), operated by Erste Bank
Clearstream (Luxembourg) to Euroclear (the Netherlands), operated by Kas Associatie
Clearstream (Luxembourg) to Monte Titoli (Italy), operated by Sanpaolo IMI
Netherlands Euroclear (the Netherlands) to Euroclear (France)
Euroclear (the Netherlands) to Clearstream (Germany)
Euroclear (the Netherlands) to OeKB (Austria)
Euroclear (the Netherlands) to CADE (Spain)
Euroclear (the Netherlands) to Monte Titoli (Italy)
Euroclear (the Netherlands) to SCLV (Spain)
Austria OeKB to Euroclear (Belgium)
OeKB to Clearstream (Germany)
OeKB to Euroclear (France)
OeKB to Monte Titoli (Italy)
OeKB to Euroclear (the Netherlands)
OeKB to Clearstream (Luxembourg)
Finland APK to Clearstream (Germany)
APK to Euroclear (France)

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