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Ewa Gruszecka-Grant
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Paris, June 6th, 2006 - Vermeg, The Bank of France, as part of its PRISME 7 project, wished to modernise the IT system supporting its custody and depository activities, as well as to install a new technology platform for the management of its securities activities arising from its membership of the ESCB (the European System of Central Banks) and from serving its institutional clientele.

After an overview of the European market, a selection process and a first proof of concept phase that started towards the end of 2005, the Bank has confirmed the selection of the J2EE-based software suite, MEGARA, supplied by Vermeg.

The scope of the PRISME 7 project encompasses several activities of the new Post-trade Operations Department (created in February 2006 by the merger of the Securities Department with the Back Office Department): management of collateral for refinancing operations, operational support of the French Treasury Agency, custody of institutional clients' securities, and the depository activity of the Bank relating to Mutual Funds.

Jean-Louis Landais, Director of Post -Trade Operations, stated: "Belonging as it does to the ESCB, the Bank of France participates actively in the shaping of monetary policy and the management of collateral. It has to adapt to the continuous evolution of the global and European financial markets and systems. The upgrading of our Securities platforms was vital in order to meet such developments as Target 2, the development of guarantees in foreign securities, the European restructuring of both Stock Exchanges and Central Depositories, and the modernisation of delivery and settlement systems.

After a rigorous selection process, the MEGARA software suite from Vermeg seemed to us to best meet the totality of our current requirements and to satisfy their future evolution. Its comprehensive coverage, its development tools based on a modern JAVA /J2EE platform, as well as the professionalism of its management team all contribute to the project’s success and the long term viability of the solution".

Christian Cure, Executive Vice President of VERMEG, added: "Vermeg is very proud to have been chosen by the Bank as the supplier to the PRISME 7 project. Vermeg has already installed its solutions in numerous major European and global banks; this Central Bank reference is a further, important confirmation of Vermeg’s leading place in the custody and asset servicing market".