Euroclear Bank announces today a second round of fee reductions for 2008.
Effective 1 July, clients will benefit from EUR 38 million in savings, bringing the total tariff reductions delivered in 2008 to more than EUR 100 million when including the EUR 70 million already implemented in January. Since 2006, overall client fees have dropped by 27% or EUR 244 million.
The latest tariff reductions deliver:
- a sizeable decrease in safekeeping fees for Eurobonds, representing a fee reduction of almost 30% over the past two years;
- lower safekeeping fees for Euro-denominated domestic debt and depository receipts; and
- substantial savings for transactions settled between Euroclear Bank clients involving fixed-income securities, equities, warrants and depository receipts.
Frédéric Hannequart, Chairman of the Board of Euroclear Bank, commented: "These latest tariff reductions are part of a long-term programme of sharing savings with clients as a result of economics of scale, growing business volumes and our ongoing investment programme. They are particularly well timed in helping clients reduce their costs during these difficult, present-day market conditions."