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Euroclear Bank to support issuance of Ireland’s first ever Treasury Bills

Euroclear Bank will process the issuance and secondary market settlement of a new type of Irish government debt – Irish Treasury Bills (ITBs) – effective today. Acting through the National Treasury Management Agency (NTMA), the Irish government will offer three lines of between €400 million and €500 million each during today’s auction of these securities. Issuance of ITBs, which will initially have one, three and six month maturities, will occur through Euroclear Bank.

Pierre Yves Goemans, Managing Director and head of Euroclear’s Commercial Division, said: “This development is a natural extension of Euroclear Bank’s continued support of the Irish capital markets, in its role as the central securities depository for Irish government bonds. As the NTMA schedules further T-bill auctions throughout the year, we will work closely with the NTMA, and with the Central Bank of Ireland, to ensure an orderly market for the settlement and safekeeping of Irish T-bills, which may also be used as collateral for Eurosystem purposes.”

The National Treasury Management Agency commented: “As with Irish Government Bonds we are pleased to work with Euroclear Bank in bringing new products to the market quickly and efficiently. Together with The Bank of New York Mellon as distribution and paying agent and Euroclear Bank as settlement provider, we look forward to building up the Irish Treasury Bill programme quickly so that it becomes a deep and liquid market with regular twice-monthly auctions.”

Euroclear Bank has served as the central securities depository (CSD) for Irish government bonds since 2000, when the NTMA outsourced this function to Euroclear Bank. Euroclear UK & Ireland (formerly CRESTCo) has been the CSD for Irish equities, covered warrants, ETFs and corporate bonds since 1996.