PRESS RELEASE

TARGET2-Securities

20 October 2006

The Governing Council yesterday discussed the market reactions to the informal consultation on the proposal to offer securities settlement services in central bank money in euro (TARGET2-Securities).

The Governing Council invited its Payments and Settlement Systems Committee (PSSC) to prepare a detailed feasibility study on the project by end-February 2007. This study will provide the elements for the Governing Council to finally decide to launch the project. A further consultation will take place after the Governing Council has considered the feasibility study. In the meantime discussion at expert level will continue.

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