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Unable to restrict access to Oracle Database from Excel 2003

I need to restrict access to the company Oracle Database using Office Excel 2003 in the following context:

- all users are on terminal server Windows 2008 R2 SP1 (x64)
- Excel 2003 SP3 properly working (11.8169.8329)
- server has Oracle client installed (mandatory for the ERP application)
- currently, users may very easily open the Database from Excel 2003 [data->External data->...]
using login and password they have for the ERP/Oracle application

I tried to restrict access to the data from this way with preventing access to .odc files with a GPO and have set the Excel 2003:
"Block opening Database and Datasource files" policy setting Enabled and "check to enforce" which in turn set the key:
"HKEY_CURRENT_USER\Software\Policies\Microsoft\Office\11.0\Excel\Security\FileOpenBlock\DatabaseandDatasourceFiles":DWORD=1

- the key is properly distributed on the server (veriofied) BUT HAS NO EFFECT
- setting an other key like changing the macro security level with the same policy file distribute the key and the effect is correct

- is it the wrong way
- Is an other global setting with more priority ?

Thanks in advance for any help

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johnsone

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orieben

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Clever; as clearly noted with the solution, there is a possibility to work around but is sufficient for the context I have here. More to difficult to implement because the Windows OS team had to talk to the Database Team...

Accepted a good first solution until we understand why policies does not work in Excel.