CityCompass Research says EUSD rumours unfounded

London, UK 25th April 2005–CityCompass Research, the independent research company that provides analysis of the European financial markets, by professionals for professionals, today announced that according to their recent research market rumours of a delay in the July 2005 date for capturing reporting information for the European Savings Directive (EUSD) currently has no foundation. Gary Wright, Managing Director of CityCompass Research said "CityCompass Research was approached to ascertain if recent market rumours of a delay in the implementation of EUSD in July 2005 had any foundation. We undertook a snap market survey of a selection, representative of the UK securities market, and found that although there are a significant number of firms that are still not prepared, all expected the July 2005 date to remain. A delay in the July date would require Government intervention and while the UK is in the process of elections, it is unlikely that there would be any directions to delay. Therefore, the only other possibility for a delay in the enforcement date would need to be made by the European Parliament and this appears equally unlikely, despite other European Union States lagging behind the UK. CityCompass Research urges all securities firms that have not already started their EUSD project to begin immediately and not rely on gathering reporting information respectively, as this will prove expensive, inefficient and lead to possible misreporting and fines."

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