SWIFT announced today the Board of Directors has raised its rebate for 2005 from 5%, previously announced on 7 November 2005, to 7% for 2005 FIN messaging usage.
The Board took this decision at its December Board meeting following a review of SWIFT's full year financial results. Two new Board Members representing the United Kingdom have also been elected.
7% rebate for 2005
Users will receive a total of 7% in rebates in 2005 on their FIN messaging. The 2005 rebate is expected to yield approximately EUR 23 million. Including the mid-year price reductions announced in June, SWIFT will have returned EUR 38 million to customers in 2005. This is the fourth year running that SWIFT has announced a rebate. Since 2002, SWIFT has returned EUR 96 million in total to the community.
Commenting on the December Board decisions, Leonard H. Schrank, CEO SWIFT said: "2005 was an excellent year for SWIFT. We made important investments for the future and had the financial scope to announce mid-year price reductions as well. We are pleased that we are able to give back even more to our members via this rebate thereby lowering their total cost of ownership for using SWIFT."
The rebate will be issued as a credit note to all users in January 2006.
UK Board Members Elected
The SWIFT Board of Directors elected two new Members to represent the United Kingdom: John Ellington, Director, Payment Operations, The Royal Bank of Scotland and Marilyn Spearing, Head of Sales, Global Transaction Banking, HSBC Corporate Investment Banking and Markets.