Paris, 14 January 1999

EBA payment reach 50,000 per day commercial payments pattern emerges

review of first days of EURO CLEARING

By the end of the second week of euro clearing operations the EBA Clearing Company expects daily payments through its Euro Clearing System (EURO1) to reach 50,000 with an increase of commercial traffic using the system.

Reviewing the first eight days of euro clearing today, Willy Scheerlinck, Chairman of the EBA Clearing Company, said: "We are delighted with the number and value of payments passing through our system. Over the past days, the number of payments have increased ahead of expectation, whilst the value of those payments has settled down to reflect an increase in commercial payments over interbank payments. To be up to 50,000 payments a day at this stage indicates to us that more banks are switching their correspondent banking into the EBA system."

The EBA Euro Clearing System has performed smoothly and payments are being settled successfully.

Helmut Schäfer, Deputy Chairman of the EBA Clearing Company, added: "Our EURO1 system has performed well with no technical problems at the EBA level. Settlement through Target is going well, without significant problems."

EBA Euro Clearing System volumes increased from 92 billion on Monday 4thJanuary to 182 billion representing 34,000 daily payments by Friday, 8th January 1999. By the close on Wednesday, 13th January, daily payments had grown to 44,600 and volumes were at a similar level, reflecting the increasing number of smaller commercial payments.