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FERNBACH-hosted platform selected to support rapid European growth strategy and accurate compliance for long-term benefits

Luxembourg, 09 August 2007 – Mizuho Trust & Banking (Luxembourg) S.A. today announced they chose the FlexFinance® solution from FERNBACH, a leading provider of solutions for Enterprise-wide Value and Risk Management (EVRM), to meet IFRS, Basel II and CSSF reporting compliance requirements.

FERNBACH’s FlexFinance® IFRS compliant double-entry book-keeping accounting solution will enable the bank to have an accurate and state-of-the-art IFRS accounting and will streamline the entire accounting processes by reducing processing time for all banking products. By maximising the transparency of the audit trail and taking advantage of the pre-defined templates provided by FERNBACH, MHTBL will significantly reduce both project risks and costs.

MHTBL will also take advantage of the FlexFinance® Basel II functionalities that offer a straightforward and rapid solution for banks within Europe to meet Basel II requirements. Since this software also offers templates, the automatic import of data is not time-consuming any more. The ultimate motivation behind the implementation of the FlexFinance® Basel II solution was the synergy benefits of data quality and data processing.

By the beginning of 2008 banks in the European Union will have to adapt their software to the standards COREP (COmmon REPorting) and FINREP (FINancial REPorting), also laid down in the new Luxembourg regulatory reporting. As all Luxembourg based banks, MHTBL will have to provide those reports and has opted for FERNBACH and its solution FlexFinance® CSSF Reporting, which standardises and simplifies the financial data exchange in a short period of time and in a fully automated process flow.

Christophe Coutelet, Head of Information Technology Department, Mizuho Trust & Banking (Luxembourg) S.A., said, “We wanted to deploy a central financial repository and modernise our whole system landscape while being able to fulfil reporting according to CSSF. We therefore picked a provider offering state-of-the-art technology while presenting a fully-automated risk, accounting and reporting solution. We were extremely impressed by the quality and the breath of functionalities included as standard in the solution provided by FERNBACH.”

Hiroki Gomi, Department Head of Planning and Accounting, Mizuho Trust & Banking (Luxembourg) S.A., said, “We are glad that we chose FERNBACH as they offer a portfolio of straightforward, cost-efficient and fast solutions. We will now be able to manage, in a modern manner, best of breed accounting while fulfilling current compliance requirements.”

Fabrizio Romano, Benelux Country Manager, FERNBACH-Software S.A., said, “We are extremely glad that MHTBL chose us amongst other vendors to meet their challenges and truly believe our software solutions will help MHTBL to enhance its corporate value by strengthening competitiveness and profitability. We are convinced that the collaboration will help achieve sustained success for both FERNBACH and MHTBL.”

About MHTBL

Mizuho Trust & Banking (Luxembourg) S.A. (‘MHTBL’) is a wholly owned subsidiary of Mizuho Trust & Banking Co, Ltd. in Tokyo, Japan within the Mizuho Financial Group. MHTBL is located in the Grand-Duchy of Luxembourg, the heart of the European Community and the centre of financial and investment fund services.

MHTBL was founded in 1989 and currently has a capital of USD 30 million and 96 employees who work in the service and product departments of fund administration, custody and securities agency.

www.mizuho.lu

About FERNBACH

FERNBACH has developed a solution offering called FlexFinance® which is based upon a sophisticated methodology called EVRM. EVRM is a vision and a solution for the integration of risk management, risk and regulatory requirements, balance sheet reporting and controlling within financial institutions.

The EVRM methodology is built upon a meta level data repository which collects all data from the banking and trading books and stores this centrally while simultaneously standardising and enriching the data. This centralised meta repository of financial transactions guarantees single calculation of all financial ratios ensuring perfect alignment and reconciliation so that the data can be used for purposes such as Basel II, IAS/IFRS (Multi-GAAP), Liquidity, Controlling, Regulatory Reporting, etc. The entire process is transparent and fully auditable as uniquely the data can be traced back to the deal level. This advanced approach also enables the bank to cost-effectively implement new requirements as they occur such as ECAP.

www.fernbach.com

For further information please contact:

Emma Connolly
Marketing Director
FERNBACH-Software S.A.
Tel.: + 352 / 40 22 44 405
Mob.: + 352 / 69 15 55 174
Email: emma.connolly@fernbach.com

For interviews, further information or photography please contact:

Hazel Butters or Sean McManus at Prompt Communications
Tel: 020 8996 1653 / Out of hours: 07780 687813
Email: fernbach@prompt-communications.com

This press release was distributed by ResponseSource Press Release Wire on behalf of Prompt Communications Ltd in the following categories: Business & Finance, for more information visit http://pressreleasewire.responsesource.com/about.