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The Swiss Path to Euroland |
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Tuesday, 23 October 2007 |
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Switzerland will, until further notice, not be connected with TARGET, the interlink between the clearing systems of the EMU (European Monetary Union) due to its status as an "out-out" country. It is not a member of the EEMU (European Economic and Monetary Union) nor the EU (European Union). Therefore, the Swiss Bankers Association asked the Telekurs conglomerate to find another solution to provide both an appropriate connection for euroSIC, the clearing system for payments in Euro in Switzerland and across the international borders and to ensure liquidity. As a result, SECB Swiss Euro Clearing Bank GmbH in Frankfurt am Main was founded on February 27, 1998. The founding partners are Telekurs Holding AG (40 %), Credit Suisse Group (30 %) and UBS AG (30 %). On October 1st, the Bundesaufsichtsamt für das Kreditwesen, Berlin, issued a statement granting SECB the "Permission to Execute Banking and Financial Services". Operations began on January 1st, 1999.
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