Euroclear UK & Ireland has confirmed that its project to develop alternative arrangements for Euro settlement is drawing to close. It will be launching the new model of Euro settlement for March 29, 2021.

These new arrangements will allow Euroclear UK & Ireland to provide Euro settlement in central bank money alongside its existing central bank money settlement arrangements for GBP and USD.

CREST participants are not impacted by the changes, which only affects how the CREST settlement banks provide their Euro liquidity to Euroclear UK & Ireland.

Euroclear UK & Ireland has been working closely with the settlement banks that are now fully prepared for the changes in how they supply their Euro liquidity to support their clients settlement.

Central bank money settlement in all Euroclear UK & Ireland 3 currencies, provides the optimum form of cash settlement of client transactions and is a cornerstone of its support to Issuers, allowing the execution of corporate actions and payment of dividends in CREST in currencies that best suits the needs of the issuers and their investors.