1. The evolution of EBA CLEARING’s SEPA Services José M Beltrán, Director STEP2 Services, EBA CLEARING

2. STEP2 SCT Ramp-up STEP2 SCT currently processes 185,000 payments a day -54% migrated from STEP2 XCT -46% new SEPA payments STEP2 SCT SEPA domestic -23% of SCT payments are within the same country STEP2 SCT is SEPA domestic to: -Luxembourg, Finland and major Italian Banks -A number of other countries

3. STEP2 SCT: Participants 111 Direct Participants 4,341 Indirect Participants 95% of FIs having adhered to the EPC SCT Scheme Euro SIC VOCALINK IBERPAY SCC EQUENS (DE) SIBS DIAS KIR EQUENS (NL) STEP.AT SIA SSB SECETI BANKA SLOVENIJE PBS STEP2: SEPA HUB 14 Technical Facilitators in 12 Countries

4. Recent and ongoing developments Launch of STEP2 SCT Service on 28 th January 2008 –Payments Ahead of Value Date (Warehousing), STP Returns, –ISO 20022 XML messaging Implementation of M-PEDD Phase 1: –STEP2 SDD Service: Ready to use–in Test & Training Introduction of a Same Day Processing Cycle on 5 th May 2008 SEEBACH – Development of Multilateral Netting Module (MNM) Settlement of STEP2 SCT Service in TARGET2: on 8 th December 2008 –Multilateral Net Balances –Two Settlement cycles on D – 07:30 & 14:00 –Supporting Settlement of Bilateral Clearing Introduction of a Night-Time Settlement Window for STEP2 SCT –Settlement on D at 01:30 CET