[ U P D A T E ]
Euroclear to make first € 1.5 billion payment to Ukraine fund from frozen Russian assets
ICSD also announces a redesign of the structure and composition of its top management team , which includes a string of appointments to the executive committee .
Euroclear will make a first payment of € 1.55 billion ($ 1.68 billion ) to the European Fund for Ukraine , following the recent implementation of the EU regulation on the windfall contribution . The first payment is in addition to the € 836 million of corporate taxes to be paid to the Belgian State on the profits related to the Russian assets in H1 2024 . The ICSD announced the payment as part of its halfyear results for 2024 , which revealed that € 3.4 billion of the € 4 billion interest income generated relate to Russian sanctioned assets . In addition , Euroclear said that the sanctions and Russian countermeasures resulted in direct costs of € 48 million and a loss of business income of € 13 million . The remainder of the profits related to sanctioned assets are being put aside as an important buffer against current and future risks . In the group ’ s wider results , underlying operating income increased by 5 % to reach a record € 1.45 billion , while business income increased by 3 % to € 865 million . Assets under custody reached a new record at € 39.6 trillion , growing for the seventh quarter in a row – with Euroclear attributing the growth to “ solid stock exchange performances coupled with robust results in fixed income ”. Valerie Urbain , chief executive officer of Euroclear , said : “ This is my first set of results as CEO of Euroclear and I am proud to announce continued strong results as clients entrusted us with record levels of safekeeping and settlement volumes . Our commitment to client satisfaction , operational excellence and innovation has driven this excellent performance . “ With an ambitious strategy and a committed team ,
Euroclear aims to extend its position as a European leader with a global footprint . Already in 2024 , we have taken steps to further support the financing of the real economy by making capital markets more integrated , liquid , and efficient . Not only have we connected global investors to the world ’ s tenth largest economy , South Korea , but we have also put in place a renewed focus on contributing to Europe ’ s strategic autonomy and Capital Markets Union . Such efforts are of critical importance given the pressing need to finance the green and digital transition around the globe .” The business has also announced a redesign of the structure and composition of its top management team , which includes a string of new appointments to the executive committee . Incoming Sébastien Danloy will join the committee in mid-September as Euroclear ’ s new chief business officer ; while internal appointments will see Peter Sneyers join the committee in his role as the chief executive officer of Euroclear Bank ; Bernard Frenay in his role as group chief financial officer ; and Daniel Miseur in his role as group chief people and communications officer .
Fall 2024 globalcustodian . com 15