Euroclear UK & Ireland announces that its work in developing alternative arrangements for Euro settlement has been successful, and it is planning to continue to offer Euro settlement on and from 29 March 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. The company encourages CREST participants to speak to their settlement banks (who are fully aware of these changes) to consider what (if any) impact the new arrangements may have on their Euro settlement activity with them.

Central bank money settlement in all Euroclear’s 3 currencies, provides the optimum form of cash settlement of client transactions and is a cornerstone of the 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.

For more than 20 years, Euroclear has provided integrated multi-currency settlement services for both Irish and UK corporate securities. Today, these services are provided by Euroclear UK & Ireland, a UK-based company with no physical presence in Ireland.

The migration of Irish securities from Euroclear UK & Ireland to Euroclear Bank is planned to take place by Monday 15th March and Euroclear UK & Ireland is planning to continue fully supporting Euro settlement from Monday 29th March following the termination of the existing Ancillary System access to TARGET2.