Further developments in the Government Securities market hinges on legislative changes consistent with modern technology and market practices; introduction of a RTGS system, integrating the payments and settlement systems for Government securities and standardisation of practices with regard to manner of quotes, conclusion of deals and code of best practices for repo transactions.
Having started from a level of 534 staff members at the beginning of 1999, the ECB currently employs around 760 people. This number is set to increase to slightly above 1,000 employees by the end of the current year. The rising staffing level has also necessitated extension of infrastructure and premises. This brings me to the annual accounts of the ECB for 1999.