THE CENTRAL BANK AND THE NATIONAL SETTLEMENT DEPOSITORY AGAINST EUROCLEAR BANKRUPTCY

THE CENTRAL BANK AND THE NATIONAL SETTLEMENT DEPOSITORY AGAINST EUROCLEAR BANKRUPTCY

THE CENTRAL BANK AND THE NATIONAL SETTLEMENT DEPOSITORY AGAINST EUROCLEAR BANKRUPTCY
The Central Bank and the National Settlement Depository (NSD) did not support the bankruptcy of the European depository Euroclear in court.

According to Interfax, the Bank of Russia believes that Euroclear has no signs of insolvency according to the criterion of insufficient funds. According to the representative of the Central Bank, the transfer of funds held in special accounts to the bankruptcy estate would violate presidential decrees.

The representative of the National Settlement Depository supported the Central Bank and stated that money and securities cannot be included in the bankruptcy estate, since all ownership is carried out in favor of the depository's clients. The National Settlement Depository announced the need to terminate the proceedings in the case.

A representative of Geo-Sistema, which is a plaintiff in the Euroclear bankruptcy case, asked the court to postpone consideration of the case in order to study the positions of the Bank of Russia and the National Settlement Depository. The court announced a break until February 4.

23.01.2025