Central Banking

UK's CrestCo goes electronic

London's international settlement house, CrestCo, is proposing to take the risk and cost of errors out of processing takeovers in the UK by replacing the paper form-filling with an electronic process. The proposals for Takeover Procedures in Crest, published on the CrestCo website on Jan. 29, 2001, will mean that Crest members will be able to accept takeovers by using existing electronic Crest messages.

Ian Saville, chief executive of CrestCo, said: "A lot of the ground-work has been done for