Europe’s banks have come out in support of the European Central Bank’s (ECB) controversial plans to implement an integrated securities settlement system in the eurozone, but only if they have more control over the project. The pan-European system – dubbed Target2-securities (T2S) – would connect all clearing networks in the eurozone into a single platform, extending the payments system used for central bank operations to cover securities settlements. The ECB believes an integrated securities settlement infrastructure in the eurozone could cut settlement costs by up to 90%. In a statement the European Credit Sector Association (ECSA) – which comprises of The European Banking Federation (EBF), The European Savings Banks Group (ESBG) and The European Association of Co-operative Banks (EACB) – says it strongly supports the project, but its backing is conditional on a number of factors, including the close involvement of banks in the design and implementation of the system.
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