Temporary Special Conditions for Settlement of Government Securities

UniCredit Bank Hungary Zrt.
Summary: 
The settlement through KELER of four newly issued government securities will temporarily take place under special technical conditions
Thu, 05/06/2014

KELER, the CSD in Hungary, announced that with respect to four new government securities it issued on behalf of the Government Debt Management Agency - with ISIN codes as follows: HU0000402805, HU0000402813, HU0000402847, HU0000402854 - it will temporarily apply different technical procedures for settlement due to the nominal value of these securities being HUF 1 instead of the customary HUF 10,000.

While KELER is working on adjusting its system, the above securities will be settled under the following procedures:

  • free of payment transactions can be settled without any changes
  • against payment transactions can be settled only if their total nominal value is a multiple of HUF 1,000

Impact on investors: Until KELER is able to implement the technical enhancements in its system, UniCredit GSS Hungary would be expecting its clients to be sending their settlement instructions for the impacted government bond issues in line with the temporary settlement procedures announced by KELER, in order for these instructions to be settled  STP (as otherwise manual repair will be required for successful settlement).