BUSINESS TERMS AND CONDITIONS - Magyar Nemzeti Bank

More documents

Recommendations

Info

15.1.5. Central bank receivables not settled before VIBER opening ....................................... 3916. Sending and receiving orders ............................................................................................................................ 3916.1. SWIFT FIN Y-Copy ........................................................................................................................................ 3916.2. Checking orders in various phases of CAS ............................................................................................... 4016.3. Acceptance of orders .................................................................................................................................. 4116.4. Settlement of payments ............................................................................................................................. 4116.5. Suspension of payments ............................................................................................................................. 4216.6. Priorities in VIBER ........................................................................................................................................ 4216.7. Queue managing mechanism ..................................................................................................................... 4316.8. Withdrawal of orders .................................................................................................................................. 4316.9. Gridlock ......................................................................................................................................................... 4416.10. Insolvency proceedings ............................................................................................................................. 4416.11. Notification of transactions, queries ..................................................................................................... 4416.12. Extraordinary situations ........................................................................................................................... 4417. Use of the VIBER monitor ................................................................................................................................... 45ANNEXES ....................................................................................................................................................................... 464
1. DEFINITIONSFor the purposes of the rules set forth in these Business Terms and Conditions, in their Annexes andAppendices (hereinafter collectively: Business Terms and Conditions) the following definitions apply:Agreement on settlement finality:<strong>Bank</strong> account:Resident credit institution:Investment firm:ICS:Available ICS funds:ICS minimum funds:Agreement concluded by the direct and indirectparticipants of VIBER on the enforcement of ActXXIII/2003 on Settlement Finality in Payment andSecurities Settlement Systems. (hereinafter: the SFD)A payment account managed by the MNB forCustomers in order to carry out payment transactions.Credit institutions established in Hungary, foreigncredit institutions established in the EuropeanEconomic Area with a branch incorporated in Hungaryby way of its Hungarian branch and the Hungarianbranches of foreign credit institutions established incountries outside of the European Economic Area.Any enterprise established in the territory of theEuropean Economic Area or incorporated as a branchthat is engaged in the pursuit of investment serviceactivities under Directive 2004/39/EC of the EuropeanParliament and of the Council.An interbank clearing system (hereinafter: ICS)operated by GIRO Zrt. with two types of clearing:night clearing and intraday multiple clearing.Funds specified by MNB to GIRO Zrt. on a daily basis ascoverage available for the execution of Customerpayment orders submitted to ICS for ICS nightclearing, consisting of the total of the bank accountbalance and the limit granted for the Customer of aresident credit institution. The negative value of theusable funds represents sufficient coverage inaccordance with the applicable amount of usablefunds. However, value of the usable funds is positiveif MNB has prescribed the threshold of usable fundsdue to lack of sufficient funds on the account of theICS member in question.Funds with a positive sign (indicating insufficientcoverage) specified to GIRO Zrt. for night clearing;the Customer can only receive credit items in the ICS,and the Customer‟s transfers can only be executed upto an amount that exceeds a minimum amount offunds.5
Page 1 and 2: Amended and consolidatedBUSINESS TE
Page 3: 3.6.2. Payment orders to the debit
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 and 16: MNB shall refuse to execute and sha
Page 17 and 18: MNB shall be liable for the accurac
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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?