Two further bonds were later issued and were also well received by the market as they were issued at spreads of 154 and 120 basis points above the R157 respectively, and are now trading at compressed spreads of 105 and 104 basis points respectively.
Most European countries perceive a need for such regulation in order to ensure sound market practices, to protect those who use e-money, and to take adequate account of both systemic and monetary policy concerns. The envisaged rules will allow for enough freedom for the e-money business to evolve, and technological progress will not be hindered.