EBA launches EURO1

The EBA Clearing Company has launched the first fully operational private clearing system to settle the euro as of January 4^th 1999. The launch follows an extensive testing and development phase, which transformed its ECU settlement infrastructure into the new platform. The EBA Euro Clearing System (EURO1) has been developed together with SWIFT and is able to transact an average of 200, 000 payments per day with a peak hour capacity in excess of 60,000 payments. The new system will handle all member banks ECU payments until the end of the year.

The launch, a full six weeks before the implementation of the euro as Europe’s single currency, means that the 62 clearing bank members of the Euro Clearing System, are in the position to offer their clients a reliable and effective euro clearing and settlement service.

The launch of the Euro Clearing System is the culmination of twelve years’ development and experience with the ECU Clearing and Settlement system. Since 1995, the EBA has been working to transform its ECU settlement infrastructure into a system able to manage high volumes of euro transactions safely and cost effectively across Euroland.

Willy Scheerlinck, Chairman of the EBA Clearing Company and Senior Manager of Generale Bank said, "The launch marks a historic day for the EBA Clearing Company. With our rigorous testing completed, our members can look forward to a smooth transition to the euro on January 4^th."

Helmut Schäfer, Deputy Chairman of the EBA Clearing Company and a Vice President of Deutsche Bank said, "With all the issues surrounding the introduction and implementation of the euro, I am delighted that we can demonstrate our readiness well in advance of January 4^th."