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PRESS RELEASE

The Correspondent Central Banking Model

21 April 1999

In December 1998 the European Central Bank (ECB) released a brochure entitled "Correspondent central banking model (CCBM)" describing the main features of the model that the Eurosystem is using for the cross-border use of collateral in its credit operations.

An updated version of the brochure is now available on the ECB Web site (http://www.ecb.europa.eu). This new brochure, in addition to the general presentation of the main features of the correspondent central banking model, includes further information on national procedures, which will prove helpful to counterparties in using the model. In particular, a table summarising the main technical and operational features of domestic securities settlement systems has been added.

Copies of the brochure are also available from the ECB at the following address:

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