MALTA AND CYPRUS JOIN THE EURO AREA

The euro has been introduced in Cyprus and Malta on the 1st of January 2008. The number of EU Member States that use the single European currency has now increased to 15. The European Central Bank (ECB) welcomes this further enlargement of the euro area. As a result of the adoption of the euro by Cyprus and Malta, the Central Bank of Cyprus and the Central Bank of Malta are now full members of the Eurosystem, with the same rights and obligations as the 13 national central banks of the other EU Member States that have adopted the euro.

The integration of the Cypriot and Maltese monetary financial institutions (MFIs) into the euro area banking system on 1 January 2008 was already taken into account in the publication of the euro area liquidity needs and in the benchmark allotment on 27 and 28 December 2007. The Cypriot and Maltese counterparties of the Eurosystem will be able to participate in the Eurosystem’s main refinancing operations for the first time on 3 January 2008.

The lists of MFIs located in Cyprus and Malta that are subject to reserve requirements are published on the ECB’s website, as are the lists of the MFIs located in other EU Member States that have adopted the euro. The lists of assets located in Cyprus and Malta that are eligible as collateral for the credit operations of the Eurosystem are also available on the ECB’s website. http://www.ecb.europa.eu

Frankurt am Main, Germany, 1st of January 2008

WWW.TREASURYANDFINANCE.INFO

Source: European Central Bank (edited and compiled), Frankfurt am Main, Germany

WWW.ECB.EUROPA.EU

Email to Friend

Fill in the form below to send this news item to a friend:

Email to Friend
* Your Name:
* Your Email:
* Friend's Name:
* Friend's Email:
* Security Image:
Security Image Generate new
Copy the numbers and letters from the security image
* Message: