News Release
UK Government Euro and ECU Treasury Bills

03 November 1998

The Bank of England today announced the issue by Her Majesty'sTreasury of Euro 800 million nominal of UK Government Euro Treasury Bills and ECU 200 million nominal of UK Government ECU Treasury Bills, for tender on a bid-yield basis on Tuesday, 10 November 1998 in the following maturities:

ECU 200 million for maturity on 10 December 1998,
Euro 500 million for maturity on 11 February 1999 and
Euro 300 million for maturity on 13 May 1999.

The Bank's announcement on 6 January 1998 of the auction calendar for 1998 noted that 13 May 1999 was listed by the ECU Banking Association (EBA) as an ECU non-clearing day, but was likely to be a clearing day within TARGET after the introduction of the euro, and said that the exact maturity date of the May 1999 Bill would be confirmed at the time of the announcement of the November 1998 tender. It has now been confirmed that 13 May 1999 will be a clearing day within TARGET. The maturity date of the May 1999 Bill will therefore be 13 May 1999.

An additional Euro 50 million nominal of six-month Bills, maturing on 13 May 1999, will be allotted directly to the Bank of England for the account of the Exchange Equalisation Account. A copy of the tender notice published by the Bank is attached.

Statistics showing the turnover of UK Government Euro and ECU Treasury Bills by market makers in October 1998 are attached.