Launch of a joint procedure between the Banque centrale du Luxembourg and Clearstream Banking Luxembourg to improve the settlement of Clearstream's night-time processing.

The Banque centrale du Luxembourg (BCL) and Clearstream Banking Luxembourg (CBL) are about to introduce a new procedure which will enable Luxembourg customers to increase the usage of the available collateral and thus to further enhance the financial safety of CBL's night-time settlement process.

The new procedure will become effective on 8 July 2002

The procedure consists of two parts:

1. CBL's customers may use the funds they have available at the BCL to collateralise the intraday credit granted by CBL during the night-time settlement process. Cash balances as well as intraday credit lines granted by BCL are those funds that may be used for that purpose.
2. At the end of the night-time process the reimbursement of the credit granted will be made automatically through the customer's account at the BCL.

Besides making available new sources of collateral and thus enhancing the secured liquidity of the settlement process, the new procedure gives banks the advantage of further facilitating central liquidity management.

For further information, please contact the Payment Systems Department at the BCL (tel: +352 4774 4317).

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