The euro and ICC rules

Paris, 28 April 1998 - ICC has issued guidance to users of ICC rules on trade finance in light of the introduction of the euro. Aimed at bankers, traders and other practitioners, the guidance takes the form of a decision by the ICC Commission on Banking Technique and Practice.

The ICC provides instructions on how contracts and documents related to ICC rules and involving the euro and other national currency units should be drawn up and s during the runup to introduction of the euro on 1 January 1999 and after that that date.

ICC Rules covered include those on documentary credits (UCP 500), bank-to-bank reimbursements (URR 525), collections (URC 522), contract guarantees (URCG 325), demand guarantees (URDG 458) and on contract bonds (URCB 524).

Click here for the full text of the ICC guidance

The impact of the European single currency (euro) on monetary obligations related to transactions involving ICC Rules, an official ICC Decision.

ICC Commission on Banking Technique and Practice

ICC Commission on International Commercial Practice