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Euroclear UK & Ireland processes first transactions with the Central Bank & Financial Services Authority of Ireland

Euroclear UK & Ireland and the Central Bank & Financial Services Authority of Ireland announce today that the cash component of euro-denominated securities transactions for Euroclear UK & Ireland’s clients are now settling with the Central Bank of Ireland instead of the Bank of England (BoE), as the cash settlement agent for euro. With the introduction of the European Central Bank’s TARGET2 euro payment system earlier this year, the BoE decided to withdraw its euro payment services. Its existing sterling services are completely unaffected by this decision.

The transition between the two central banks was seamless, with Euroclear UK & Ireland’s payment banks supporting cash movements in euro with the Central Bank of Ireland, via TARGET2. There will be no change in deadlines, tariff, interfaces or payment finality for Euroclear UK & Ireland clients.

Tim May, Chief Executive Officer of Euroclear UK & Ireland, said: “We believe that Euroclear UK & Ireland is the only domestic central securities depository to work with two different central banks to settle transactions in two different currencies. Naturally, we are delighted that this switch to settlement with the Central Bank & Financial Services Authority of Ireland went so smoothly. Our aim is to ensure clients continue to enjoy the highest levels of system stability, service and quality, with minimal changes required from them during the transition.”

Tony Grimes, Director General of the Central Bank & Financial Services Authority of Ireland, said: “We are pleased to co-operate with Euroclear UK and Ireland to facilitate the continued smooth settlement of euro-denominated securities transactions.”