Settlement services - Irish government debt securities - Citibank
Pre-matching service
The table below summarises CBL's pre-matching service for external settlement instructions, as well as the pre-matching method and start time in the market. For details of CBL's pre-matching services, see Pre-matching services for external settlement instructions.
Service offered | Method employed | Start (local time) |
Immediate Release Flag available | Automated through Citibank NA, London | On receipt of instructions |
Connectivity medium | Instruction format |
Xact Web Portal | Tick to enable the “Immediate Release” option. |
Xact via SWIFT and Xact File Transfer | Field :22F::STCO/CEDE/IREL |
Procedures for domestic counterparties
Procedure for the domestic counterparty | Deadline |
Receipt in CBL | |
Domestic counterparties must instruct as follows: Deliver to: Citibank NA London participant account in Euroclear Bank 22818 For account of: Clearstream Banking, Luxembourg account 6010145653 In favour of: Account number of CBL customer | Market deadline |
Delivery from CBL | |
Domestic counterparties must instruct as follows: Receive from: Citibank NA London account - participant account in Euroclear Bank 22818 From account of: Clearstream Banking, Luxembourg account 6010145653 By order of: Account number of CBL customer | Market deadline |
Allowed countervalue difference
A maximum difference in countervalue of GBP 10, EUR 15 or USD 15 is allowed for matching and settlement of against payment transactions with domestic counterparties.
Specific settlement rules / settlement restrictions
Transactions in Irish government bonds settle on trade date plus 2 business days (TD+2).
Partial settlement
Partial settlement is not applicable to transactions in Irish government bonds.
Management of failed instructions
Unconfirmed instructions remain in suspense for ten business days, after the requested settlement date or the next business day.
Pending-unmatched residual and removal transactions will be cancelled by the depository fifteen business days after the requested settlement date.
CBL reserves the right to cancel unmatched receipt and delivery instructions that have not settled on the fifth domestic business day after the requested settlement date and have not been re-confirmed by the customer.
Registration
The Central Bank of Ireland, CBI, is the registrar for Irish government bonds. The CBI register consists of the holdings of:
- Euroclear Nominees Limited (grouping all securities positions held in Euroclear Bank accounts into a single account on the register);
- Non-Euroclear Nominees (mainly retail investors).
- Clearstream holdings are held under Citibank NA London account at EB 22818
New issues settlement
Transactions in new issues are settled on the day on which the distribution takes place in the Irish market.