BUSINESS TERMS AND CONDITIONS - Magyar Nemzeti Bank

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3.3.7. Delay in settlement, forced overdraftMNB charges default interest on central bank receivables, which are still in the queue at the end of theday until settlement. The default interest rate is twice the prevailing central bank base rate.In contingency situations under Sections 4.1 and 4.3 of Annex 4/a, if ICS position matrix I is settled in theVIBER or if ICS multiple intraday clearing is settled without the cover having been checked and, as aresult, the VIBER member is still unfunded at the end of the VIBER business hours, because, for lack ofpledged securities collateral, no O/N credit in a sufficient amount can be awarded, the MNB provides theVIBER member forced-overdraft in order that net ICS and multiple intraday clearing and queued officialtransfer orders and remittance summons to be executed with priority under the applicable legislationcan be executed.The overdraft becomes due and matures upon disbursement. The interest rate charged on authorisedoverdraft is twice the prevailing central bank base rate.3.3.8. Items booked directly in MNB customer-account management systemMNB shall carry out the following payment-related booking operations on the Customer account:a) amounts of debit and credit of I. ICS clearing position matrix of ICS members produced by ICSnight clearing;b) the sum of daily VIBER turnover of VIBER participants;c) incoming payment transactions sent to MNB on behalf of Other Customers in ICS or VIBER;a) payment orders initiated by Other Customers in ICS or postal intermediary payment servicesprovided to Other Customers;d) for all Customers, payments resulting from transactions and settlements with MNB (e.g.settlement of costs of closing procedures, collateralised credits, expiration of deposits and theforint leg of foreign exchange transactions executed not on value date, etc.);b) cash transactions affecting the Customer‟s account, conducted outside of VIBER business hours;c) placement of deposits, if the transaction cannot be booked in VIBER due to the closing of that.3.3.9. Submission of payment orders by Other Customers electronicallyThe Other Customer shall be entitled to dispose of his bank account electronically, other than by way ofthe SWIFT network, if the electronic data exchange has been tested in co-operation with MNB, and MNBhas made out a technical certificate of the test result for the Other Customer, valid for the given methodof data transmission.MNB shall consider payment orders submitted electronically, other than by way of the SWIFT network,valid only if forwarded in the form of messages executed with double electronic signatures.The Other Customer shall initiate payment orders in the format determined by the standard described inAppendix 2 of these Business Terms and Conditions.MNB shall also inform the Other Customer of the result of the processing of messages sent by way ofelectronic means – and of items received on paper or from other systems (e.g. VIBER) as well – in an e-mail message following the closure of the business day.In the event of a failure of the electronic correspondence system or a line fault, the party whichperceives the irregularity shall immediately and shortly (e.g. through telephone, fax, SWIFT or theInternet) inform the other party. Until the defect is remedied, data transmission shall be performed in apaper-based manner, through GIROHáló GIROFile, or by delivering USB data carriers or CDs, or viaencrypted fax.16/47
MNB shall be liable for the accuracy and completeness of the data in relation to the part between thetime of receipt and the time of initiating the return of the data.As for the deadline of submitting electronic orders by the Other Customer, the provisions set forth inAnnex 2 shall apply.MNB shall forward the result of the accounting day in several steps, depending on the course ofprocessing. The data contain the processed and erroneous items in separate files.3.3.10. Cash desk servicesThe general contract term and conditions for Customer transactions for the depositing and/or withdrawalof banknotes and coins to and from the Customer‟s bank account are laid down in the Business Terms andConditions for Large Cash Transactions.3.4. Provisions relating to ICS settlements3.4.1. Settlement for ICS night clearingMNB shall inform GIRO Zrt. regarding the funds available for the settlement of the payment orderssubmitted to ICS night clearing of Customers with direct access to ICS (hereinafter: available ICS funds)every day upon closing.The available ICS funds shall be the total of:a) the daily closing account balance andb) the credit line of a Customer with pre-authorised credit limit.Deductions from the Customer‟s available ICS funds:a) Where the balance of funds on the account is found insufficient for the priority execution ofofficial transfer orders and remittance summons, MNB shall notify the Customer andsimultaneously decrease the usable funds provided by the Customer by the amount required forexecution of these payment orders;b) Sums of matured central bank receivables;c) Forced overdrafts;d) Amount of a loan provided based on lack of funds for a sanction imposed in relation to minimumreserve requirements;e) Minimum account balance requirement resulting from the revaluation of collateral;f) Sums blocked for the execution of FX payment orders on the day(s) prior to the day of execution.If the available ICS funds available fail to cover the amount of the payment orders, MNB shall specify theICS minimum account balance to GIRO Zrt., which means that as long as the account has insufficientfunds, in the ICS night clearing mode the Customer is allowed to receive only credit entries, and debittransfers may only be effected after the credit items have exceeded their lack of funds.The MNB shall, after the bank account has been closed, send notification to the Customer who is a directparticipant of the ICS of the amount of the available ICS funds (Notification no. I of ICS available funds).MNB shall quantify the values specified in I. Advice of Usable Funds by the re-valued central bankcollateralised loans (as the system accumulates interest) and by revaluation of the blocked securitiesportfolio (values are shown at the new, updated prices). After setting the collateral for the ICS creditline at KELER, MNB sends another notice to the Customer (II. Advice on Usable Funds). MNB shall dispatchthe aforementioned notice on usable funds to customers through GIROHáló GIROFile in the form specifiedin Appendix 2. If MNB sets the positive limit for the Customer in the notice, MNB shall specificallyindicate if additional collateral is required.17/47
Page 1 and 2: Amended and consolidatedBUSINESS TE
Page 3 and 4: 3.6.2. Payment orders to the debit
Page 5 and 6: 1. DEFINITIONSFor the purposes of t
Page 8 and 9: Market infrastructure:PVP:SWIFT:Any
Page 10 and 11: 2.3. Customer identification proced
Page 13 and 14: Disposal rights over bank accounts
Page 15: MNB shall refuse to execute and sha
Page 19 and 20: made available the Customer is noti
Page 21 and 22: The procedures of submitting and ex
Page 23 and 24: B) VIBER BUSINESS CONDITIONS4. SYST
Page 25 and 26: . GIRO Zrt. operates the ICS, the m
Page 27 and 28: MNB shall register the termination
Page 29 and 30: model of which is contained in Anne
Page 31 and 32: submit payment orders in the amount
Page 33 and 34: 13. LIQUIDITY MANAGEMENT ISSUES IN
Page 35 and 36: the time when due. It does not nece
Page 37 and 38: The two orders may be submitted in
Page 39 and 40: participants in a debit position, c
Page 41 and 42: an MT298-SMT701 message regarding r
Page 43 and 44: 9 Other DVP transactions MNB, KELER
Page 45 and 46: VIBER if such circumstances occur.
Page 47: Annex 3:Rules for the administratio

BUSINESS TERMS AND CONDITIONS - Magyar Nemzeti Bank

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