Any reference in this BREXIT section to the UK exiting the European Union on 29 March 2019 should now be read as 31 December 2020
Migration of the CREST connection to TARGET2-ECB for euro settlement
Euroclear UK & Ireland Limited has been working with the European Central Bank (ECB) and the Central Bank of Ireland (CBoI) regarding the migration of the CREST system's connection to TARGET2 for the settlement of euro from T2-CBoI to T2-ECB. The migration will allow Euroclear UK & Ireland to continue providing euro settlement services via TARGET2 for a limited time period until 29 March 2021.
The service went live on 30 March 2019.
As previously notified to participants there will be consequential changes to the CREST Terms and Conditions (or other relevant participant terms and conditions) as well as the CREST Manual (together the 'CREST Documents') to reflect the change of TARGET2 sponsoring central bank for Euroclear UK & Ireland. The changes to the CREST Documents take effect on 30 March 2019. The amended CREST Documents are available on the Euroclear UK & Ireland Legal basics web-page.