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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