We have been informed by our local agent Citibank Athens that effective
immediately
the Bank of Greece System (BOGS) allows free of payment deliveries to foreign BOGS participants, i.e. Clearstream Banking1, under the following conditions:
- The free of payment transfer aims to cover an onward delivery that has already been concluded;
- The sale proceeds of the onward delivery must be returned to a cash account maintained in the Greek banking system as specified in the Ministerial Decision of 31.7.2015/Article 1-par 5.
The responsibility to provide evidence that the above conditions are met lies with the deliverer of the securities.
Impact on customers
Customers that receive BOGS eligible securities from counterparties in Greece are not required to take any action. It is the responsibility of the delivering party in BOGS to submit the relevant proof to the Bank of Greece. Customers should note that the process applied by the Bank of Greece may result in settlement delays.
Further information
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
----------
1. Clearstream Banking refers 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.