Ireland: Change of issuer CSD for Irish corporate securities - Additional information
Further to Announcement A20164, Clearstream Banking1 would like to provide its customers with additional updates.
15 March 2021
Euroclear Bank will take over the role of issuer CSD for Irish corporate securities (equities and corporate bonds) from Euroclear UK and Ireland. After the migration, Irish corporate securities remain eligible in the CREST system of Euroclear UK and Ireland.
From 15 March 2021 and until further notice, Clearstream Banking will continue to hold Irish corporate securities such as Irish equities via its custodian Citibank NA London branch, which will hold the securities in the CREST system operated by Euroclear UK and Ireland. Consequently:
- Customers can continue to settle transactions via the Bridge against counterparties in Euroclear Bank for Bridge-eligible Irish corporate bonds and other instruments.
- Customers can continue to settle non-Bridge eligible Irish equities against counterparties in CREST as described in the Market Link Guide Equities, corporate bonds and other instruments.
- Clearstream Banking continues to provide asset servicing including Irish Qualified Intermediary (QI) relief.
- Current proxy voting process and handling of voted positions may be subject to change. We will provide further details as soon as they are available from the market.
At a later stage, Clearstream Banking, together with its custodian, aims to migrate Irish corporate securities from the CREST system to Euroclear Bank. Clearstream Banking will communicate further details on the migration as well as impacts on customers in due course.
For further information, please contact the Clearstream Banking Client Services or your Relationship Officer.
1. Clearstream Banking refers collectively to 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, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.