The European Commission has requested Poland and Slovenia to notify within the next two months the measures they are taking to implement EU rules that strengthen the protection of settlement systems and financial collateral arrangements in financial markets. These rules, set out in Directive 2009/44/EC, were due to be implemented by Member States by 1 January 2011.
What is the aim of the Directive?
The Directive introduces a number of simplifications and clarifications to facilitate the application of the Financial Collateral and the Settlement Finality Directives. The Directive broadens the scope of the protection provided by both Directives, by including credit claims eligible for the collateralisation of central bank credit operations in order to facilitate their use throughout the EU. Particularly in times of market turmoil, this is indispensable for the stability of financial markets. The Directive also promotes cross-border business and competitiveness.
Press release
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