PRESS RELEASE

Amendment to the calendar for the phasing-out of marketable tier two assets eligible as collateral for eurosystem credit operations

25 May 2007

The European Central Bank (ECB) is today providing further details on assets eligible as collateral for Eurosystem credit operations.

The Governing Council has decided that the marketable assets which have been issued prior to 31 May 2007 and are traded on non-regulated markets that currently fulfil the Eurosystem’s requirements for safety and accessibility, but not for transparency, will remain eligible until 31 December 2009 and will become ineligible thereafter. The uncovered marketable tier two assets issued by credit institutions will be phased out on 31 May 2007 and become ineligible after that date.

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