The Governing Council of the European Central Bank (ECB) has confirmed yesterday that the so-called New Global Note (NGN) arrangement for international debt securities is in compliance with the Eurosystem's "Standards for the use of EU securities settlement systems in ESCB credit operations" (http://www.ecb.int/paym/coll/standards/), provided that the respective NGN is held for safekeeping by an institution that has been positively assessed against these standards by the Eurosystem. |