Svenska Handelsbanken becomes ECU clearing bank

As part of its preparations for European Monetary Union (EMU) and the introduction of the new common currency, the euro, Svenska Handelsbanken will become a clearing bank for ECU (European Currency Unit), the basket currency, on 2 February 1998.

ECU clearing will be conducted by the ECU Banking Association (EBA) which at present consists of 49 major banks which together carry out clearing in co-operation with S.W.I.F.T. and BIS.

The European Currency Unit (ECU) is a basket of currencies from 12 European countries used for financial transactions and commercial payments. Turnover in ECU clearing is the equivalent of SEK 400 bn daily. From 1 January 1999, the ECU will be replaced by the euro and turnover is expected to increase dramatically.

For further information, please contact Lars O Grönstedt, Head of Business Development, tel: +46 8-701 16 33 Ellen Johnn, Project Manager, tel: +46 8-701 28 99.

BIS - Bank for International Settlements
S.W.I.F.T. - Society for Worldwide Interbank Financial Telecommunication