In order to provide long-term certainty to the Irish securities market in light of the UK’s decision to leave the EU, the current issuer CSD services for Irish securities provided by the CREST system (operated by Euroclear UK and Ireland), will migrate to Euroclear Bank by the end of March 2021.
The Euroclear group has provided post-trade services for Irish securities for over 20 years. Euroclear Bank, an international CSD incorporated in Belgium - therefore recognised as an EU27 CSD- has been the settlement provider for Irish government bonds since 2000.
In December 2019, the Migration of Participating Securities Act 2019 (‘the Act’) was passed which allows issuers , subject to the requirements set out in the Act , to seek shareholder approval by special resolution of the migration of their securities from CREST to Euroclear Bank without the need to go through individual schemes of arrangement. The Irish Stock Exchange plc, trading as Euronext Dublin, as the designated ‘Listing Authority’ is required under the Act to carry out the below functions :