On 12 January 2009, Mme Lagarde, the Minister for finance and the economy in France sent a letter to Commissioner McCreevy referring to the different approaches that Member States have taken on the role and liability of UCITS funds’ depositaries. The matter was then discussed by EU Finance Ministers at the ECOFIN Council meeting on 20 January 2009. The European Commission has now published a press release in which Commissioner McCreevy discusses the steps the Commission will take to respond to the concerns.  

View Commission sets out steps to clarify the responsibilities of UCITS depositaries, 26 January 2009