PRESS RELEASE

Relayed link between Clearstream Banking Frankfurt via Clearstream Banking Luxembourg to Euroclear France approved

17 October 2008

The Governing Council of the European Central Bank (ECB) approved a relayed link between Clearstream Banking AG Frankfurt (CBF) via Clearstream Banking S.A. Luxembourg (CBL) to Euroclear France as eligible to be used for the collateralisation of Eurosystem credit operations.

Relayed links are contractual and technical arrangements for the transfer of securities involving at least three securities settlement systems (SSSs): the “investor” SSS, the “issuer” SSS and the “intermediary” SSS. The Governing Council of the ECB decided in January 2005 that relayed links may be used in the collateralisation of the credit operations of the Eurosystem, but only after an assessment has been carried out against the Eurosystem’s standards to ensure that the conditions set by the Governing Council have been met.

The relayed link covered in this ad hoc assessment was put forward by the German central securities depository, CBF, acting as investor SSS, while CBL acts as the intermediary SSS between Euroclear France, the issuer SSS, and the investor SSS. The assessment has confirmed that this relayed link is eligible to be used in the collateralisation process of the Eurosystem’s credit operations. The assessment also confirmed that the direct link from CBL to Euroclear France is considered eligible to participate in the collateralisation process of the Eurosystem’s credit operations.

The eligible relayed links are set out in a table, which can be found on the ECB’s website. The current list replaces the list published in a press release on 31 July 2007. The eligible direct links between SSSs are set out in a table, which can also be found on that website. The current list replaces the list published in a press release on 9 November 2006.

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