Currencies of member states of the European Union that adopted the euro as their new currency on January 1, 1999 had their national currencies cease to exist as currencies in their own right. Instead, for a limited transition period prior to their final disappearance on December 31, 2001, these currencies existed as distinct units of the euro (“national currency units”). Terms relating to national currency units are not reflected in the 2000 Definitions. However, ISDA has published the NCU Supplement to the 2000 Definitions (the “NCU Supplement”) for use by parties that wish to document transactions involving one or more national currency units.
The NCU Supplement contains definitions of the various national currency units, together with certain other provisions, including associated business day definitions, that may be relevant to transactions involving national currency units. The NCU Supplement does not contain definitions for any national currency unit floating rate options. Parties that wish to specify a national currency unit floating rate option (to the extent that such floating rate options are still being published) may wish to define that floating rate option in their confirmation or specify a floating rate option by reference to the 1998 Supplement to the 1991 ISDA Definitions.