Designated Authority to notify opening of insolvency proceedings

29/01/2010

In accordance with the terms of the law dated 10 November 2009 relating to payments services (the "Law"), the Banque centrale du Luxembourg is, as from 1 November 2009, the designated authority to notify insolvency proceedings relating to a Luxembourg participant to the other Members States' designated authorities.

 The Banque centrale du Luxembourg is, from 1 November 2009 on as well, the designated authority to receive from the Member States' designated authorities, notification of insolvency proceedings taken by the Member States' relevant authorities vis-à-vis a participant.

 The list of all Member States’ designated authorities (including Luxembourg’s) is published on the European Commission’s web site (www.ec.europa.eu).

 The Law implements Article 6.2 of the Settlement Finality Directive 98/26 relating to the designated authority to notify opening of insolvency proceedings.

 The Banque centrale du Luxembourg’s contact details are the following:

Banque centrale du Luxembourg

Département Surveillance Prudentielle

2, Bvd Royal

L-2983 Luxembourg

Facsimile: +352 4774 4970

Email: Oversight@bcl.lu