EBF: Strong conditional support for T2S

27 February 2007

The European Credit Sector Associations (ECSAs) have expressed their strong support for the T2S project, albeit support that is conditional on the fulfillment of a number of principles. The ECSAs underline that banks’ views must be accommodated in the fullest way possible and expect to be closely involved in the governance of the project, during both the design and build and during the operational phase.

ECSAs urge the Eurosystem to establish a fully transparent consultative process with stakeholders, based on a fully fledged and forward looking impact assessment of the project, and full disclosure of relevant documents going forward. The consultative process should focus on competition issues (including potential conflicts of interest), governance, user requirements as well as any residual feasibility issues.

The European Credit Sector Associations also call for direct access to T2S for banks and the extablishment of a level playing field for all providers of custody and banking services.

The Eurosystem should ensure a manageable system, with flexibility both in terms of the project’s capability and capacity in the future.

Finally, the ECSAs call for an efficient settlement service at price levels that are lower than the competitive current fees for domestic settlement transactions.

Press release

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