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The reference rates are based on the regular daily concertation procedure between central banks within and outside the European System of Central Banks, which normally takes place at 2.15 p.m. (14:15) ECB time.
For further information, please refer to the ECB press release: Additional reference exchange rates for the euro, 29 November 2007.
The reference exchange rates are published both by electronic market information providers and on the ECB's website shortly after the concertation procedure has been completed. Reference rates are published according to the same calendar as the TARGET system.