Euroclear UK & Ireland Plans to Continue to Offer Euro Settlement

​Euroclear UK & Ireland, the central securities depository for the UK and Ireland, announced on Wednesday that the company's 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 the depository's 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 encourage 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 UK & Ireland's 3 currencies, provides the optimum form of cash settlement of client transactions and is a cornerstone of the company's 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.