Georgia: Georgian Lari to become eligible settlement currency and Bank of Georgia appointed as Cash Correspondent Bank - correction
Note: This announcement, originally published on 20 November 2015 and updated on 7 December 2015, has been further updated to correct the summer FX deadline.
Effective value date
as part of the Clearstream Banking’s1 ongoing efforts to develop its Caucasus region offering and to foster Eurobond issuance in local currency, the Georgian Lari (GEL) will become an eligible settlement currency in Clearstream Banking. Bank of Georgia has been selected to become Clearstream’s cash correspondent bank (CCB) for GEL.
Impact on customers
All payments from value date 25 November 2015 must be made to the following account:
Bank of Georgia
Cash instruction deadlines
The applicable deadlines with Bank of Georgia will be as follows:
for Value Date (VD) = Settlement Date (SD)
25 November 2015 - 26 March 2016
VD -2 11:30
27 March 2016 - 29 October 2016
VD -2 11:30
Note: All times are Central European Time (CET). Please note that Georgia does not apply Daylight Saving Time (DST).
Rejection and re-sending of instructions
Any instructions sent to Clearstream before 25 November 2015 will be automatically rejected and customers will be required to re-send the initially rejected instructions from 25 November 2015.
Unless otherwise indicated, the deadlines will be valid upon implementation on 25 November 2015, provided that customer instructions are complete, accurate and eligible for straight-through processing (STP). Customers must also ensure having necessary cash provision in case of withdrawal of funds. If these criteria are not met, timely settlement cannot be guaranteed.
The cash correspondent details relating to the GEL will be updated in the relevant documentation on the effective date.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500, and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248.