Resolution Of 11 June 2015, The Executive Committee Of The Bank Of Spain, Modification Of 20 July 2007 Laying Down General Provisions Concerning Uniform Conditions For Participation In Target2-Bank Approved ...

Original Language Title: Resolución de 11 de junio de 2015, de la Comisión Ejecutiva del Banco de España, de modificación de la de 20 de julio de 2007, por la que se aprueban las cláusulas generales relativas a las condiciones uniformes de participación en TARGET2-Banco...

Read the untranslated law here: http://www.boe.es/buscar/doc.php?id=BOE-A-2015-6822

In accordance with paragraphs a) and h) of Article 23.1 of Law 13/1994 of 1 June, autonomy of the Bank of Spain, in paragraphs a) i) of Article 66.1 of the Rules of Procedure of the Bank Spain, and in the 49th clause of general clauses concerning uniform conditions for participation in TARGET2-Bank of Spain approved by Resolution of the Executive Committee of the Bank of Spain on July 20, 2007, on the occasion of the adoption by the European Central Bank Guideline ECB / 2015/15, of 2 April 2015 amending Guideline ECB / 2012/27 Guidance on the automated system Express transfer gross settlement is modified in real time ( TARGET2), the Executive Committee of the Bank of Spain agrees:

First.

Include in the resolution of the Executive Committee of the Bank of Spain on July 20, 2007 the amendments set out below:

1. the reference to "general provisions concerning uniform conditions for participation in TARGET2-Bank of Spain (TARGET2-BE)" is replaced in the title of the resolution by 'general clauses concerning uniform conditions for the opening and operating a payment account module in TARGET2-Bank of Spain. "

2. as follows 1st Clause (Definitions) is given:

'For the purposes of these General clauses concerning uniform conditions for the opening and operation of an account payment module TARGET2-Bank of Spain (hereinafter the "Conditions") shall apply:

- "Multiple account access" facility by which branches of credit institutions or credit institutions established in the EEA can access the relevant TARGET2 system integral presenting payment orders directly or receiving payments directly from him ; this facility authorizes these entities to pursue their payment orders whose settlement is made on account of payments module an account holder module without the intervention of payment thereof;

- "AL agreement", the multilateral agreement for aggregating liquidity, concluded between the AL group members and their respective AL NCBs, for the purposes of use of the AL;

- "ICM announcement" information disseminated by the ICM simultaneously to all TARGET2 participants or to a certain group of them;

- "Direct debit authorization" the general mandate of the payer to the central bank which empowers and obliges this to make a charge on the payer's account in case of receiving an order direct debit of the beneficiary;

- "Eurosystem central bank" means the ECB or an NCB of the euro area;

- "Central banks", the central banks of the Eurosystem NCBs and connected;

- "ECB", the European Central Bank;

- "BCN" national central bank;

- "NCBs" the NCBs of the euro area which is party to an AL agreement and acts as a counterpart to the AL group members participating in its TARGET2 system;

- "Connected NCB" means the NCB that is not a Eurosystem central bank and which is connected to TARGET2 pursuant to a specific agreement;

- "NCBs of the euro area," the NCB of a Member State whose currency is the euro;

- "Managing NCB" means the NCB AL TARGET2 component system in which the AL group manager participates;

- "BCN providers SSP", the Deutsche Bundesbank, the Banque de France and the Banca d'Italia as NCBs building and operating the SSP for the benefit of the Eurosystem;

- "Payee", except in the sense that it is used in clause 46, the TARGET2 participant whose account payment module receive payment for the settlement of the payment order payment;

- "BIC" (business identification code), the code defined in ISO No. 9362;

- "Calendar and hours of operation", schedule and hours of operation of TARGET2-Bank of Spain established in the Technical Applications corresponding issued by the Bank of Spain force at any time;

- "Intraday credit", the granted and repaid within the same business day;

- "CRR" Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms, and. Regulation (EU) No 648/2012 amending ° (1).;

(1) OJ L 176, 27.6.2013, p. 1.


- "Dedicated cash account", the account holder maintains a dedicated cash account, opened in TARGET2-Bank of Spain, and used for cash payments in connection with the settlement in T2S ;

- "Payment module account", the account maintains TARGET2 participant in the PM with a central bank which is necessary for the participant:

(A) curse payment orders or receive payments via TARGET2, and

(B) settle payments with the central bank;

- "Local account" open account outside the PM by a central bank for an entity to be susceptible indirect participant;

- "Main account module payments" account payment module that is linked to a dedicated account cash and which will automatically transfer the remaining balance at the end of the day;

- "DCV" central securities depository;

- "Business day" means any day, as set out in the schedule and hours of operation, TARGET2 is available for the settlement of payment orders;

- "Capacity opinion" the legal opinion on a particular participant including the assessment of their legal capacity to assume and fulfill its obligations under these Conditions;

- "Directive on settlement finality" Directive 98/26 / EC of the European Parliament and of the Council of 19 May 1998, on settlement finality in payment systems and settlement values ​​(2);

(2) OJ L 166, 11.6.1998, p. 45.

- "Available for sale", the phase of processing payments in TARGET2-Bank of Spain is settled by the specific procedures provided in clause 20.ª a payment order validated under clause 14th ;

- "General Documentation" Orientation (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the framework for monetary policy of the Eurosystem (ECB / 2014/60) (3) ;

(3) OJ L 91, 4.2.2015, p. 3.

- "EEA" European Economic Area;

- "Investment service", as defined in point 1 of paragraph 1 of Article 4 of Directive 2004/39 / EC of the European Parliament and of the Council of 21 April 2004 on markets financial instruments amending Council Directives 85/611 / EEC and 93/6 / EEC and Directive 2000/12 / EC of the European Parliament and of the Council amending and Directive 93/22 / EEC repealing (4) except entities that paragraph 1 of Article 2 of Directive 2004/39 / EC concerns, and provided that the investment services company in question:

(4) OJ L 145, 30.4.2004, p. 1.

(A) is authorized and supervised by a designated as such under Directive 2004/39 / EC recognized competent authority, and

(B) is entitled to carry out the activities referred to in paragraphs 2, 3, 6 and 7 of Section A of Annex I to Directive 2004/39 / EC;

- "Credit institution", (a) a credit institution within the meaning of point 1) of paragraph 1 of Article 4 of CRR and Article 1 of Law 10/2014 of 26 June, management , supervision and solvency of banks, which is subject to supervision by a competent authority; or (b) another credit institution within the meaning of paragraph 2 of Article 123 of the Treaty on the Functioning of the European Union that is subject to scrutiny comparable to supervision by a competent authority;

- "Public sector entity", an entity of the "public sector" as defined in Article 3 of Regulation (EC) No 3603/93 of 13 December 1993, laying down definitions for the application of the prohibitions referred to in Article 104 and paragraph 1 of Article 104 of the Treaty (5);

(5) OJ L 332, 31.12.1993, p. 1.

- "Technical specifications of processing payment orders" Technical Applications issued by the Bank of Spain then current technical specifications regarding the processing of payment orders;

- "Deposit facility", the Eurosystem standing facility which counterparties may use to make overnight deposits at a central bank of the Eurosystem, the interest rate specified above;

- "Marginal lending facility", the Eurosystem standing facility which counterparties may use to receive overnight credit a Eurosystem central bank to the marginal lending rate previously established;


- "Form static data collection", the form created by the Bank of Spain to register applicants services TARGET2-Bank of Spain and to record any changes on the provision of those services;

- "AL group manager", the AL group member appointed by the other AL group members to manage available liquidity within the AL group during the business day;

- "CAI group manager," the IC group member appointed by the other members of group IC to monitor and distribute the available liquidity in the IC group during the business day;

- "Group"

(A) a set of credit institutions included in the consolidated financial statements of a parent company where the parent company is obliged to present consolidated under IAS 27 financial statements, and consisting of:

(I) a parent company and one or more subsidiaries, or

(Ii) two or more subsidiaries of a parent company;

(B) a set of credit institutions those referred to in subparagraphs (i) or (ii) of subparagraph (a), where the parent company does not present consolidated under IAS 27 financial statements, but may be able to meet the criteria for inclusion in the consolidated financial statements in IAS 27 preflight central bank accountholder module payments or, in the case of an AL group, the managing NCB;

(C) a group of credit institutions based on ties of bilateral or multilateral basis:

(I) organized under regulatory provisions governing the affiliation of credit institutions to that group, or

(Ii) characterized by cooperation mechanisms of voluntary membership (promoting, supporting and representing the business interests of its members) or financial solidarity that go beyond the ordinary cooperation usual between credit institutions, under which such cooperation and solidarity is allowed in the statutes of credit institutions or established by separate agreements, and in both cases the letter c), whose application to be considered as a group has been approved by the Governing Council of the ECB;

- "AL group", the group formed by the AL group members using the AL mode;

- "IC group", the group of account holders payment module using the IC service;

- "ICM" (information and control module), the module of the single shared platform that allows account holders payment module online information and gives them the possibility of transfer orders liquidity, manage liquidity and initiate payment orders contingency;

- "Real-time gross settlement", the processing and settlement of payment orders for each transaction in real time;

- "Available liquidity", the credit balance in the account payment module of a participant and, if applicable, any intraday credit line granted by the NCB of the relevant euro area relative to that account but still is not used;

- "Technical malfunction of TARGET2" problems, defects or faults affecting the technical infrastructure or the computer systems used by TARGET2-Bank of Spain, including the SSP or the T2S platform, and any other event that prevents process on the same day payments in TARGET2-Bank of Spain;

- "AL group member", the account holder payments module that has an agreement AL;

- "Contingency Module", the module that allows SSP to process critical and very critical payments in contingency situations;

- "Payments Module" module in the single shared platform whose accounts payments account holders module payments are settled;

- "IAS 27" International Accounting Standard 27, adopted pursuant to Regulation (EC) No 2238/2004 of 29 December 2004 amending Regulation (EC) No. 1725 / 2003 establishing certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and the Council adopted, as regards IFRS 1, IASs Nos 1 to 10, 12 to 17, 19 to 24, 27 to 38, 40 and 41 and SIC numbers 1 to 7, 11 to 14, 18 to 27, 30 to 33 (6);

(6) OJ L 394, 31.12.2004, p. 1.

- "Direct debit order", the statement that the recipient sends to its central bank by which the central bank pays charge on the account of this, under a direct debit authorization, the amount specified in the order;


- "Payment order", the transfer order, the liquidity transfer order, direct debit order or order liquidity transfer payments module dedicated cash account;

- "Payment order not settled", the payment order that is not settled on the same business day that is validated;

- "Transfer order" instruction payer to make funds available to the beneficiary by an entry in an account payment module;

- "Liquidity transfer order", the payment order whose main purpose is to transfer liquidity between different accounts of the same participant or within an IC or group;

- "Liquidity transfer order payments module dedicated cash account", the order to transfer a specific amount of funds from the account payments module dedicated cash account;

- "Payer", except in the sense that it is used in clause 46, the TARGET2 participant whose account payment module will be owed as a result of the settlement of the payment order;

- "Participant" or "direct participant", the entity that holds at least one PM account payments (account holder payments module) or a dedicated cash account (account holder dedicated cash) with a Eurosystem central bank;

- "TARGET2 participant" means a participant in a TARGET2 component system;

- "Indirect participant" credit institution established in the EEA has concluded an agreement with the account holder for payment module submit payment orders and receive payments through such holder, and has been recognized by a TARGET2 component system as an indirect participant;

- "Sending participant", the TARGET2 participant that has initiated a payment order in the system;

- "Single Shared Platform" (SSP), the only technical infrastructure provided by the NCBs providers SSP;

- "Insolvency proceedings", as defined in point j) of Article 2 of the Directive on settlement finality;

- "Contingency procedures and operational continuity" contingency procedures and operational continuity established in the Technical Applications corresponding issued by the Bank of Spain in effect at all times.

- "Network service provider TARGET2", the provider of computerized network connections designed to take payment messages in TARGET2 appointed by the Governing Council of the ECB;

- "AL mode" consisting of the aggregation of available liquidity on PM accounts payment service;

- "IC service", providing consolidated information on the accounts of payment module via the ICM;

- "TARGET2 component system" means any of the systems real-time gross settlement of central banks that are part of TARGET2;

- "Ancillary system" managed by an entity established in the EEA, system subject to supervision or oversight of a competent authority and complies with the oversight requirements for the location of infrastructures offering services in euro, as They are published on the ECB's website (7), which are exchanged or offset payments or financial instruments, while the resulting monetary obligations are settled in TARGET2 in accordance with Guideline ECB / 2012/27 Guideline 5 December 2012 on the trans-European automated Express transfer the real-time gross settlement (TARGET2) (8), and a bilateral arrangement between the ancillary system and the relevant central bank;

(7) The Eurosystem's current policy for the location of infrastructure is set out in the following statements, available on the ECB's Internet www.ecb.europa.eu: (a) Policy statement on euro payment and settlement systems located outside the euro area, of November 3, 1998; (B) The Eurosystem's policy line With regard to consolidation in Central counterparty clearing of September 27, 2001; (C) The Eurosystem's policy principles on the location and operation of infrastructures settling in euro-denominated payment transactions, of July 19, 2007; (D) The Eurosystem's policy principles on the location and operation of infrastructures settling euro-denominated payment transactions: specification of "legally and operationally located in the euro area" of November 20, 2008, (e) The Eurosystem oversight policy framework, July 2011, subject to the judgment of the General Court of 4 March 2015, United Kingdom of Great Britain and Northern Ireland against the European Central Bank, T-496/11.

(8) OJ L 30, 30.1.2013, p. 1.


- "Branch", a branch within the meaning of paragraph 17) of paragraph 1 of Article 4 of CRR;

- "Enforcement event" with respect to an AL group member:

(A) any event of default in paragraph 1 of clause refers to 41st;

(B) any other event of default or other measures paragraph 2 of the 41st clause in relation to which the Bank of Spain had decided concerned, taking into account the seriousness of the event of default or another nature, which must run a garment in accordance with the provisions of clause 32nd and should produce a compensation rights under the provisions of clause 33rd; or

(C) any decision to suspend or terminate access to intraday credit;

- "Event of Default" means any impending or actual circumstances which may endanger the fulfillment by the participant of its obligations under these Conditions or other rules (including, only for access to intraday credit, specified by the Governing Council of the ECB for monetary policy operations of the Eurosystem) applicable to relations between the participant and the Bank of Spain or other central bank (Eurosystem, in respect of intraday credit). These circumstances include the following:

(A) the participant no longer meets the access criteria 4th clause, or the requirements of subsection i) of subparagraph a) of paragraph 1 of clause 8 th, the Terms and where appropriate, under title XII; or, only in respect of access to intraday credit, which the admissibility of the participant as a counterparty for Eurosystem monetary operations has been suspended or terminated;

(B) the opening of insolvency proceedings against the participant;

(C) submission of an application for opening of proceedings referred to in point b);

(D) the participant's written statement on its inability to pay all or part of its debts or to meet its obligations in relation to intraday credit;

(E) celebration by the participant of a general voluntary agreement or arrangement with creditors;

(F) the participant is insolvent or unable to pay its debts, or its central bank it deems;

(G) the participant's credit balance on your account or payments module dedicated cash account or all or a substantial portion of its assets are subject to a freezing order, attachment, seizure or any other procedure to protect the public interest or the rights of creditors of the participant;

(H) has been suspended or finished participation of the participant in another TARGET2 system or in a linked system;

(I) that are incorrect or false any material representation or pre-contractual statement that the participant has made or is presumed to have made under the applicable law;

(J) transfer by the participant of all or a substantial part of its assets;

- "Suspension", the interruption of the rights and obligations of a participant for the time determined by the Bank of Spain;

- "TARGET2", the set of all TARGET2 component systems of central banks;

- "TARGET2-Bank of Spain" (TARGET2-BE), the TARGET2 component system of the Bank of Spain;

- "TARGET2 CUG" (CUG), the subset formed by customers of the service provider network TARGET2 grouped to use the relevant services and products of the network service provider when accessing TARGET2 module payments;

- "TARGET2-Securities" or "T2S" or "T2S platform", the set of physical and logical components and other components of technical infrastructure through which the Eurosystem provides CSDs and Eurosystem central banks services that enable settlement of securities transactions, with basic, neutral and borderless character, by the method of delivery versus payment in central bank money;

- "Type of the deposit facility", the interest rate applicable to the deposit facility;

- "Marginal lending rate", the interest rate applicable to the marginal lending facility;

- "BIC holder" means the entity that (a) holds a BIC, (b) is not recognized as an indirect participant, and (c) is a correspondent or customer of an account holder module payments or a branch of an account holder payments module or an indirect participant, and can submit payment orders to TARGET2 system and receive payments from him, through the account holder payments module;


- "TARGET2 UDFS" the most current version of the detailed functional specifications TARGET2 users (UDFS), which is the technical documentation that details how a participant interacts with TARGET2;

- "Close links", as defined in Article 138 of the General Documentation "
.
3. the following new clause shall be inserted 1st. Scope:

"The Conditions govern the relationship between the Bank of Spain and the account holder payments module with respect to the opening and operation of the account."

4. 2nd Clause (Annexes), the wording of the title of Annex II (Application for participation in TARGET2-Bank of Spain) is replaced by 'Application for opening an account module payments in TARGET2-Bank of Spain ".

5. the following wording in 3rd Clause (general description TARGET2-Bank of Spain and TARGET2):

"1. TARGET2 provides for payments in euro real-time gross settlement and central bank money on all accounts module dedicated payments and cash accounts.

2. TARGET2-Bank of Spain following payment orders are processed:

(A) payment orders directly resulting from monetary policy operations of the Eurosystem or are related to those operations;

(B) settlement of the euro leg of foreign exchange operations of the Eurosystem;

(C) settlement of euro transfers resulting from transactions in clearing systems of large cross-border payments;

(D) settlement of euro transfers resulting from transactions in retail payment systems of systemic importance euros;

(E) settlement of the cash component of securities transactions;

(F) orders to transfer liquidity payments module dedicated cash account; and

(G) any other payment orders in euro addressed to TARGET2 participants.

3. TARGET2 is established and functions on the basis of the SSP. The Eurosystem assesses the configuration and technical features of the single shared platform. Services of the single shared platform are provided for the benefit of the Eurosystem central banks and through specific agreements, NCBs providers SSP.

4. The Bank of Spain is the provider of services under these Conditions. The acts and omissions of the NCBs providers SSP shall be considered acts and omissions of the Bank of Spain, which shall be responsible as provided in clause 38th Participation under the Conditions shall not create a contractual relationship between account holders payment module and the NCBs providers when the SSP act in that capacity. Instructions, messages or information that account holders module payments received from the SSP or send it in relation to the services provided under these Conditions shall be deemed received by the Bank of Spain or sent to him.

5. TARGET2 is legally structured as a multiplicity of payment systems composed of all the TARGET2 component systems designated as "systems" under the standards incorporated into domestic law the Directive on settlement finality. TARGET2-Bank of Spain has been designated as "system" in accordance with paragraph (i) of Article 8 of Law 41/1999 of 12 November, on payment systems and securities settlement.

6. Participation in TARGET2 takes effect via participation in a TARGET2 component system. These Conditions describe the mutual rights and obligations of account holders payment module and the Bank of Spain. The rules on the processing of payment orders (Title IV) apply to all payment orders submitted and all payment received by an account holder payments module. "

6. In paragraphs 2, 3 and 4 of Clause 5th (direct participants), references to "direct participant" are replaced and "direct participants" by the words "account holder module payments 'and' account holders payments module "respectively.

7. 6th Clause (indirect participants), references to "direct participant" by the words "account holder module payments' are replaced.

8. The following amendments 7th Clause (Direct participant's responsibility) are introduced:


8.1 paragraphs 1 and 2 references to "direct participant" and "participant" by 'account holder module payments' are replaced.

8.2 two new paragraphs 3 and 4 with the following wording is introduced:

'3. The holder of an account payment module to accept that your account is designated as the main account payment module will be bound by the invoices for the opening and operation of each account dedicated cash linked to that account payment module , as provided in the Technical Applications corresponding issued by the Bank of Spain in force at any time regarding fees for services related to TARGET2-Bank of Spain, as well as the penalties imposed pursuant to paragraph 5 (d) of clause 19th meetings of the general Clauses concerning uniform conditions for the opening and operation of a dedicated account cash in TARGET2-Bank of Spain, regardless of content or breach of contracts or other arrangements between the holder account payment module and dedicated account holder cash.

4. Under the terms established in the Technical Applications issued by the Bank of Spain in force at any time regarding fees for services related to TARGET2-Bank of Spain, the holder of a master account payment module will be bound by the invoices for linking accounts dedicated cash account with the corresponding payment module. "

9. the following amendments in Clause 8 th (Application procedure) are introduced:

9.1 the following wording to paragraph 1 (a) (i) is given:

"Install, manage, operate and monitor the necessary IT infrastructure to connect to TARGET2-Bank of Spain and take him orders, and ensure the security of that infrastructure. Notwithstanding its sole responsibility, applicants may use third parties to fulfill this requirement. In particular, applicants will enter into a contract with the network service provider TARGET2 to obtain the necessary connection and admissions according to the technical specifications of processing payment orders. "

9.2 the following wording is given to paragraph 4 (c):

"According to the Bank of Spain, such participation would endanger the stability, soundness and safety of TARGET2 Bank of Spain or any other TARGET2 component system, or would jeopardize the performance by the Bank of Spain of its tasks as described in Law 13/1994 of 1 June, autonomy of the Bank of Spain and the Statute of the European System of Central Banks and of the European Central Bank, or poses a risk for reasons of prudence. "| ||
10. 9th Clause (TARGET2 Directory), references to "TARGET2 participants" and "participants" are replaced by the words "account holders payment module"; and references to "participant" and "direct participant" by the words "account holder module payments'.

11. the following wording in paragraph 2 of Clause 10th (Obligations of the Bank of Spain and the participants):

"Participants shall pay to the Bank of Spain commissions established in the corresponding Technical Applications issued by the Bank of Spain in effect at all times."

12. the following amendments in Clause 11 th (Cooperation and exchange of information) are introduced:

12.1 In paragraph 3, the reference is replaced in the second sentence to "T2IS 'by' TARGET2 Information System."

12.2 In paragraph 6, the reference to "providing CBs the single shared platform 'by' BCN providers SSP" and the "network service provider" it is replaced by that of "network service provider TARGET2."

13. 13th Clause (payment orders classes) the following paragraph (d) is inserted:

"Liquidity transfer orders module dedicated payments to the cash account."

14. In paragraph 1 (a) of Clause 14th (Acceptance and rejection of payment orders) the reference to 'network service provider' by 'network service provider TARGET2' is replaced.

15. the following wording in paragraph 2 of Clause 15th (Priority rules for ordering payments):

"Only an order may qualify as highly urgent payment order:

(A) central banks; and


(B) participants, in cases of payments to (and from) CLS International Bank and liquidity transfers in relation to ancillary system settlement using the interface for ancillary systems.

All payment instructions submitted by an ancillary system through the interface to systems linked to make a debit or credit in the accounts of payments module participants and any order liquidity transfer payments module cursada the dedicated cash account will be considered a highly urgent payment order. "

16. the following wording in paragraph 3 of Clause 19th meetings (Liquidity limits):

'Paragraph 4 of the 15th clause, paragraph 2 of the clause 22nd and paragraph 1 (a) of clause 29 th shall apply mutatis mutandis to warehoused payment orders. "|| |
17. the following wording in paragraph 1 of Clause 22nd (Moment of acceptance and irrevocability of payment orders submitted to the system):

'For the purposes of the first sentence of Article 3.1 and Article 5 of the Directive on settlement finality and the provisions of Articles 3, 11.1 and 13 of Law 41/1999 of 12 November on payment systems and securities settlement, the payment orders submitted to TARGET2-Bank of Spain will be considered accepted at the time when the debited account in the payments module corresponding participant. "

18. the following wording in Clause 23rd (Definition of intraday credit):

"The Bank of Spain may grant intraday credit to participants, subject contribution by them of adequate collateral. This funding should be repaid within the same business day on which it was granted, either by providing enough cash or charged to the marginal lending facility regulated by the general conditions applicable to monetary policy operations of the Bank of Spain and regulations. "

19. the following wording in Clause 24th (Criteria access to intraday credit):

"1. Have access to intraday credit the Spanish credit institutions and branches in Spain of foreign credit institutions which are authorized to act as counterparties in monetary policy operations of the Eurosystem, which have access to the marginal lending facility and are account holders with the Bank of Spain. No intraday credit is granted to entities subject to restrictive measures adopted by the Council of the European Union or the Member States under subparagraph b) of paragraph 1 of Article 65, Article 75 or Article 215 of the Treaty on the Functioning of the European Union, whose application in the Bank of Spain reviewed after informing the ECB, is incompatible with the proper functioning of TARGET2.

2. They may have access to intraday credit the following entities:

A) Spanish credit institutions and branches in Spain of foreign credit institutions that are not authorized to act as counterparties in monetary policy operations of the Eurosystem or no access to the marginal lending facility;

B) The Treasury and the equivalent bodies of the autonomous communities, and public sector entities authorized to hold accounts for customers;

C) firms Spanish investment services, including branches in Spain of foreign companies investment services, established in accordance with the procedure laid down in Article 66 of Law 24/1988 of 28 July, market, who have signed an agreement with a counterparty in monetary policy operations of the Eurosystem to ensure any residual debit position at the end of the day in question;

D) entities not covered by subparagraph (a) that manage ancillary systems and act in that capacity, provided that the arrangements for granting intraday credit have been submitted to the Governing Council of the European Central Bank and have been approved .

3. For entities referred to in paragraph 2, the intraday credit is limited to the day in question and can not become overnight credit.


No derogation, the Governing Council of the ECB may decide, by a previous reasoned decision, provide access to the marginal lending facility to certain eligible central counterparties, within the provisions of Article 139.2 ( c) of the Treaty on the functioning of the European Union, in conjunction with articles 18 and 42 of the Statute of the European System of Central Banks and of the European Central Bank and Article 1.1 of the General Documentation. Such entities eligible central counterparties are those that at the relevant time:

A) they are admissible for the purposes of paragraph 2 (d) entities, provided that those eligible entities are also authorized to act as central counterparties in accordance with national law or applicable European Union;

B) are established in the euro area;

C) they are subject to supervision or oversight of the national competent authorities;

D) meet supervision requirements for the location of infrastructure providing services in euro, as amended and published regularly on the ECB's website (9);

(9) The Eurosystem's current policy for the location of infrastructure is set out in the following statements, available on the ECB's Internet www.ecb.europa.eu: (a) Policy statement on euro payment and settlement systems located outside the euro area, of November 3, 1998; (B) The Eurosystem's policy line With regard to consolidation in Central counterparty clearing of September 27, 2001; (C) The Eurosystem's policy principles on the location and operation of infrastructures settling in euro-denominated payment transactions, of July 19, 2007; (D) The Eurosystem's policy principles on the location and operation of infrastructures settling euro-denominated payment transactions: specification of "legally and operationally located in the euro area" of November 20, 2008, (e) The Eurosystem oversight policy framework, July 2011, subject to the judgment of the General Court of 4 March 2015, United Kingdom of Great Britain and Northern Ireland against the European Central Bank, T-496/11.

E) have accounts in the TARGET2 payment module;

F) have access to intraday credit; "

20. the following wording in Clause 25th (Eligible collateral):

"1. Intraday credit shall be based on eligible collateral and granted in the form of guaranteed discovered intraday or transactions with intraday repurchase, in accordance with the additional minimum common features (including the events of default therein listed and the corresponding consequences) that the Governing Council of the ECB set for monetary policy operations of the Eurosystem.

2. Without prejudice to the provisions of Title VI, eligible collateral for intraday credit will be the same that can be used as collateral in monetary policy operations of the Eurosystem, and are subject to rules of measurement and control of identical risk to those in the general clauses applicable to monetary policy operations of the Bank of Spain.

3. Debt instruments issued or guaranteed by the entity, or a third party with which the entity has close links, shall only be eligible collateral under the conditions laid down in the general clauses applicable to monetary policy operations of the Bank of Spain .

4. The Governing Council of the European Central Bank, at the request of the Bank of Spain, waive ensure that financing the Treasury and the equivalent bodies of the Autonomous Communities the letter (b) of paragraph 2 of Clause 24 concerns. ª "

21. The following wording is given to paragraphs 4 and 5 of Clause 26 th (Procedure for granting intraday credit):

"4. Automatically it is deemed to resort to the marginal lending entities to which paragraph 1 of the 24th clause have not reimbursed the intraday credit at the end of the day concerned.

5. The entity referred to in subparagraphs (a), (c) or (d) of paragraph 2 of the 24th clause reimburse the intraday credit at the end of the day must satisfy a penalty, calculated according to the following:

A) whether the entity has a debit balance on its account at the end of the day for the first time in a twelve month period, it shall be imposed the penalty interest resulting from applying the amount of the debit balance a rate five percentage points above the marginal lending rate;


B) for the entity that has a debit balance on its account at the end of the day for the second time at least in the same twelve-month period, the penalty interest to which the letter refers to) will increase by 2, 5 points each time, from the first, that the entity has a debit balance in that period of twelve months. "

22. the following wording in Clause 27th (Suspension, limitation or termination of intraday credit):

"1. (A) The Bank of Spain suspend or terminate access to intraday credit if any of the following events occurs:

(I) the suspension or closure of an account module payments entity with the Bank of Spain;

(Ii) the entity concerned ceases to meet any of the criteria set out in this title for the provision of intraday credit;

(Iii) the competent judicial or other authority decides to initiate liquidation proceedings of the company, appointment of a liquidator or analogous officer activities, or other analogous procedure;

(Iv) the entity becomes subject to the freezing of funds or other measures imposed by the European Union that restrict their ability to use its funds; or

(V) the suspension or termination of eligibility of the entity as consideration for monetary policy operations of the Eurosystem.

(B) The Bank of Spain may suspend or terminate access to intraday credit if an NCB suspends or terminates the participant's participation in TARGET2 under subparagraphs (b) to (e) of paragraph 2 of Clause 41. ª or occur one or more events of default (other than those referred to in (a) of paragraph 2 of clause 41st).

(C) if the Eurosystem suspends, it limits or excludes access TARGET2 participant to monetary policy instruments on grounds of prudence or otherwise in accordance with Article 158 of the General Documentation, the Bank of Spain also apply suspension, limitation or exclusion from access to intraday credit pursuant to the provisions of these Conditions and other contractual provisions or existing regulations applicable at any given time.

(D) The Bank of Spain may suspend, limit or terminate access to intraday credit, a participant if it considers that poses a risk for reasons of prudence. In such cases, the Bank of Spain will notify in writing without delay to the ECB, the other NCBs of the euro area NCBs and connected. If appropriate, the ECB Governing Council shall decide on the uniform application of the measures taken in all TARGET2 component systems.

2. The decision by the Bank of Spain to suspend, limit or terminate access to intraday credit of a counterparty in monetary policy operations of the Eurosystem in accordance with the provisions in paragraph (d) of paragraph 1 above will not be effective while not approves the ECB.

3. Notwithstanding the provisions of paragraph 2 above, in case of emergency the Bank of Spain may suspend with immediate effect the access to intraday credit of a counterparty in monetary policy operations of the Eurosystem, in which case it shall notify in writing without delay to the ECB. The ECB may revoke the decision of the Bank of Spain. However, if the receipt of the notification of the Bank of Spain ten working days, the ECB does not notify the revocation of the decision, this shall be considered approved by the ECB. "

23. the following amendments in Clause 30th (Service aggregated liquidity (AL mode)) are introduced:

23.1 In paragraph 1, the reference to "participating NCB 'by' NCBs of the euro area 'is replaced.

23.2 In paragraph 3, references to "TARGET2 participants" and "TARGET2 participant" by the words "account holders payment module" and "account holder module payments" are replaced respectively.

23.3 In paragraph 4, the reference is replaced by 'participant' by 'account holder module payments'.

24. In paragraph 2 of Clause 31th (Pledge), the reference is replaced by 'participant' by 'account holder module payments'.

25. the following wording in Clause 34th (Contingency procedures and operational continuity):

"In case of an abnormal external event or any other event affecting the operation of the SSP occur, contingency procedures and operational continuity shall apply."


26. In paragraph 7 of Clause 38th (liability regime), the reference is replaced by "providing CBs the single shared platform 'by' BCN providers the single shared platform."

27. In paragraphs 1, 2 and 3 of Clause 39th (Evidence), references to "network service provider" by the words "network service provider TARGET2" is replaced.

28. the following amendments in Clause 41st (Suspension and extraordinary termination of participation) are introduced:

28.1 In paragraphs 1, 2, 5 and 6, references to "participant" by the words "account holder module payments' are replaced.

28.2 the following text to paragraph 2 is given (e):

"Any other circumstance related to the account holder payments module, according to the Bank of Spain, puts the stability, soundness and safety of TARGET2-Bank of Spain or any other member system in danger it occurs TARGET2 or jeopardize the performance by the Bank of Spain of its functions under the Law 13/1994 of 1 June, autonomy of the Bank of Spain, and the Statute of the European System of Central Banks and of the European Central Bank, or poses a risk for reasons of prudence; or "

28.3 In paragraph 4, references to "participant" and "participants" by the words "account holder module payments 'and' account holders module payments" are replaced respectively.

29. the following amendments in Clause 45th (Confidentiality) are introduced:

29.1 the following wording is given to paragraph 2:

"Without prejudice to paragraph 1, the participant agrees that the Bank of Spain disclose payment information, technical or organizational participant, participants in the same group or the participant's customers obtained in the course the operation of TARGET2-Bank of Spain, other CBs or third parties involved in the operation of TARGET2-Bank of Spain, to the extent necessary for the proper functioning of TARGET2 or monitor exposure of the participant or group, or supervisory authorities and surveillance of the Member States and the European Union, to the extent necessary to carry out their public duties, and in all those cases provided that the disclosure is not contrary to applicable law. The Bank of Spain is not responsible for the financial and commercial consequences of such disclosure. "

29.2 In paragraph 5, the reference is replaced by "network service provider" by 'network service provider TARGET2. "

30. the following amendments in clause 46 (Data protection, prevention of money laundering, administrative or restrictive measures and related issues) are introduced:

30.1 In paragraph 1, the reference is replaced by "network service provider" by 'network service provider TARGET2. "

30.2 as follows paragraph 3 is given:

'3. Participants, when acting as service providers pay a payer or a beneficiary, fulfill all the obligations arising from administrative or restrictive measures taken under Articles 75 and 215 of the Treaty on the Functioning of the European Union who applicable, including notification or obtaining the consent of the competent authority for the processing operations. In addition:

(A) when the Bank of Spain is the payment service provider of a participant who is the payer:

(I) the participant made the required notification or obtain consent on behalf of the central bank primarily required to make notification or obtain consent, and shall provide the Bank of Spain evidence of having made the notification or having received consent;

(Ii) the participant shall issue any orders not transfer TARGET2 until it has received confirmation from the Bank of Spain that has made the required notification or consent has been obtained by the payment service provider of the beneficiary or his first name;

(B) when the Bank of Spain is the payment service provider of a participant who is the beneficiary, the participant will make the required notification or obtain consent on behalf of the central bank primarily required to make notification or obtain consent, and provide the Bank of Spain evidence of having made the notification or having received consent.


For the purposes of this section, the terms "payment service provider", "payer" and "payee" shall have the meaning attributed to them by the administrative or restrictive measures. "

31. the following wording in paragraph 1 of Clause 47th (Notifications):

"Unless otherwise provided in these Conditions, all notices required or permitted pursuant to these Conditions shall be sent by registered mail, facsimile or other written form, or by authenticated through the network service provider TARGET2 message. ESPBESMMXXX: notifications to the Bank of Spain to the Director of Payment Systems Department of the Bank of Spain, c / Alcalá, 48, 28014 Madrid, or to the following address BIC Bank of Spain will be sent. Notices to the participant shall be sent to the address, fax number or BIC that the participant has notified the Bank of Spain direction. "

32. The following amendments are introduced 48th Clause:

32.1 drafting the title of the clause by 'contractual relationship with the network service provider TARGET2' is replaced.

32.2 In paragraph 1, the reference is replaced by "network service provider" by 'network service provider TARGET2. "

33. the wording of the title of Title XII by 'General clauses relating to complementary and modified for the opening and operation of an account module payments in TARGET2-Bank of Spain using Internet-based access uniform conditions' is replaced.

34. the following amendments in Clause 55th (Definitions) are introduced:

34.1 the following wording is given to the definition of 'certificate' 'electronic certificate' or:

"" Electronic certificate "or" certificate "means an electronic file issued by certification authorities that binds a public key to an identity and is used for the following purposes: to verify that a public key belongs to an individual; authenticate the identity of the holder; check a signature from this individual or to encrypt a message addressed to him. Certificates are held on material devices such as smart cards or USB bars, and references to certificates include such physical devices. Certificates are important in the authentication process of the participants accessing TARGET2 through the Internet and pursuing payment messages or control; "

34.2 a final paragraph with the following wording is introduced:

'For the purposes of this title, the definition of "payment order" shall have the meaning of transfer order, order liquidity transfer order or direct debit. "

35. the following amendments in Clause 57th (complementary and modified conditions) are introduced:

35.1 the following wording is given to paragraph 2:

'2. 3rd clause is amended as follows:

(A) Paragraph 1 is replaced by the following:

"TARGET2 provides for payments in euro real-time gross settlement and central bank money accounts in all payment module."

(B) Paragraph 2 is replaced by the following:

"In TARGET2-Bank of Spain following payment orders are processed:

(a) payment orders directly resulting from monetary policy operations of the Eurosystem or are related to those operations;

(b) settlement of the euro leg of foreign exchange operations of the Eurosystem;

(c) settlement of euro transfers resulting from transactions in clearing systems of large cross-border payments;

(d) settlement of euro transfers resulting from transactions in retail payment systems in euro systemically important, and

(e) any other payment orders in euro addressed to a participant TARGET2. "

(C) shall be inserted the following paragraph 2a:

"For the sake of clarity, for technical reasons, any participant using Internet-based access shall not transfer orders cash payments module dedicated to the cash account."

(D) Paragraph 4 is replaced by the following:


"The Bank of Spain is the provider of services under these Conditions. The acts and omissions of the NCBs providers or SSP certification authorities shall be considered acts and omissions of the Bank of Spain, of which shall be responsible as provided in clause 38th participation under these Conditions shall not create a contractual relationship between participants and the NCBs providers when the SSP act in that capacity. the instructions, messages or information that participants receive from the SSP or send it in relation to the services provided under these Conditions shall be deemed received by the Bank of Spain or sent to him. "

(E) Paragraph 6 is replaced by the following:

"Participation in TARGET2 takes effect via participation in a TARGET2 component system. These Conditions describe the mutual rights and obligations of account holders payment module TARGET2-Bank of Spain and the Bank of Spain. The rules on the processing of payment orders (title IV) refer to all payment orders submitted and any payment received by a holder of an account payment module and apply subject to title XII. ""

35.2 In paragraph 4 (b), the reference to "network service provider" by 'network service provider TARGET2' is replaced.

35.3 the following wording is given to paragraph 6 (a):

'(A) Paragraphs 1 and 2 are replaced by the following:

. "1 Bank of Spain will offer Internet-based access described in Title XII. Unless the conditions or the law provides otherwise, the Bank of Spain will use all reasonable means at its disposal to fulfill its obligations under these Conditions, but is not required to guarantee results.

2. participants using Internet-based access shall pay the fees established in the corresponding Technical Applications issued by the Bank of Spain in effect at all times. ""

35.4 the following wording is given to paragraph 9:

"The 13th clause is replaced by the following:

"Are classified as payment orders for the purposes of TARGET2 the following:

(a) transfer orders;

(b) direct debit instructions received under authorization direct debiting participants using Internet-based access may not take direct debit from your account payment module;..

(c) liquidity transfer orders' "

36. the following amendments to Annex I (terms of reference to the legal opinions must comply capacity and country) are introduced:

36.1 drafting the header ( "Terms of reference for capacity opinions for participants in TARGET2 ') by' Terms of reference for capacity opinions of account holders payment module is replaced TARGET2-Bank of Spain. "

36.2 The reference to 'The General Provisions Relating to the Standard Conditions of Participation in the System dated [insert date] (hereinafter the' Rules') "in the section" Documents Examined "of the" Terms of reference capacity opinions of account holders payment module TARGET2-Bank of Spain 'is replaced by:

"The general clauses concerning uniform conditions for opening and operating a payment account module in the system, approved by decision of 20 July 2007 of the Executive Committee of the Bank of Spain, in its version force at [insert date] (hereinafter the "Rules"). "

36.3 drafting the heading "Terms of reference for country opinions for participants in TARGET2 non-EEA 'by' Terms of reference for country opinions of account holders is replaced module payments in TARGET2-Bank of Spain outside the EEA. "

36.4 the following wording is given to the first paragraph of the 'Terms of Reference of the country opinions of account holders payment module TARGET2-Bank of Spain Non-EEA'


"Asked as [external] [specify name of Participant or branch of Participant] (the" Participant ") have been asked this opinion on issues that the laws of [jurisdiction in which the participant is settled down; hereinafter the "jurisdiction"] in connection with participation in TARGET2-Bank of Spain (hereinafter the "System"). The reference herein to the laws of [jurisdiction] include all applicable regulations of [jurisdiction]. We formulate this opinion on the basis of the law of [jurisdiction], with particular regard to the Participant established outside Spain regarding the rights and obligations arising from participation in the system set out in documents the system as defined in this opinion). "

36.5 The reference to "General Provisions Relative to the Standard Conditions of Participation in the System dated [insert date] (hereinafter the 'Rules')' in paragraph (1) of section" Documents considered " of the 'Terms of reference of the country opinions of account holders payment module TARGET2-Bank of Spain not belonging to the EEA' is replaced by:

"The general clauses concerning uniform conditions for opening and operating a payment account module in the system, approved by decision of 20 July 2007 of the Executive Committee of the Bank of Spain, in its version force at [insert date] (hereinafter the "Rules"). "

36.6 b in Section 3.3 of the "Terms of reference for country opinions of account holders payment module TARGET2-Bank of Spain Non-EEA 'is replaced reference to" service provider network 'by' network service provider TARGET2. "

36.7 the following wording is given to paragraph 3.6.a of the 'Terms of Reference of the country opinions of account holders payment module TARGET2-Bank of Spain Non-EEA'

"The assignments for security purposes are valid and enforceable under the laws of [jurisdiction]. Specifically, the creation and enforcement of a pledge agreement guarantee or financial collateral arrangement title transfer in accordance with the provisions 25th, 31st, 32nd, 43rd and 44th of the Rules and , where appropriate, in accordance with contracts signed with the Bank of Spain that paragraph 3 of the 26th clause of the Regulations refers to, is valid and enforceable under the laws of [jurisdiction]. "| ||
37. the following amendments in Annex II are introduced:

37.1 drafting the title of Annex II by 'Application for opening an account payment module TARGET2-Bank of Spain' is amended.

37.2 the following wording to the content of Annex II is given:

'[Place], [date]

[Name of the applicant], with NIF [...], [registration number], established in [...] and, on its behalf, [...] DNI [...], with special powers for this act by power of attorney before [the / a] Notario [...] dated [...] (hereinafter, "the account holder payments module")
EXHIBITS

1st
belonging to one of the categories of entities mentioned in clause 4th of general clauses concerning uniform conditions for the opening and operation of an account payment module TARGET2-Bank of Spain (hereinafter the "Conditions").

2nd That meets the technical requirements set out in paragraph 1 (a) of clause 8 th of the conditions, for which provides certification issued by the Bank of Spain have passed the tests referred the paragraph 1 (a) (ii) of clause 8 th of the Terms.

3.º That meets the legal requirements in paragraph 1 (b) of clause 8th of conditions, whose effect has submitted to the Bank of Spain the following documentation (10) refers to: || |
(10) Tick the appropriate box.

Capacity opinion;

Country opinion.

4.º That has duly completed and provided to the Bank of Spain forms static data collection provided by it.
5th
That, therefore, requests to participate in the payments system TARGET2 integral and operated by the Bank of Spain called TARGET2-Bank of Spain.

6th That, to that effect, it prompts you open an account payment module to its name at the Bank of Spain, in accordance with the provisions of the Terms.


[...] .º [Insert if applicable, if access to the account module payments via internet request: You want to access the module account payments through internet, whose effects submitted to the Bank of Spain, duly completed, the application forms for issuing electronic certificates needed.]

[...] .º [Insert if applicable, if access to the account module payments via internet request: That also requests will be open another account payments module to its name in the Bank of Spain in accordance with the provisions of the Terms, you want to access through the network service provider TARGET2.]

[...] .º That, complementary to its [s] character account [s] payment module, to which they belong, asks you to be open by the Bank of Spain as many sub-accounts the account holder module payments notify you to dedicate liquidity for the purposes of carrying out the settlement of payment instructions submitted by the respective ancillary systems.

[...] .º It also requested the opening of [one / two] account [s] center [is] out payments module (hereinafter, the [s] "account [s] Central [es] ") in the Bank of Spain, specifically instructing it to transfer to that at the end of the business day all the existing balance in the [s] account [s] module payments and to return to transfer the existing balance in the [s] account [s] center [is] the beginning of the day the next business day after the [s] account [s] module payments account holder module payments, in accordance with the provisions of 12th clause, paragraphs 2 and 3, respectively, of the conditions;
For which purpose

EXPRESSES

That
1st expressly agree the content of the Terms, Technical Applications and other acts that the Bank of Spain issued for the implementation thereof, as well as those provisions that in the future they come to replace, modify or supplement in whole or in part, the aforementioned conditions, including annexes, Technical Applications and other acts issued for its implementation.
That
2nd accepts the rules established at any time the Bank of Spain to regulate the operation and types of eligible operations in the [s] account [s] center [is].

3rd May, under the provisions of Royal Decree-Law 5/2005 of 11 March, on urgent reforms to boost productivity and to improve public procurement, and the effects of compensation shall be considered as one account accounts which holds the same, whether the [s] account [s] module payments, if any, accounts dedicated cash, the [s] account [ s] center [is] or open ordinary current accounts in the books of the Bank of Spain, authorizing expressly to the Bank of Spain to amortize or regularize the accounts receivable with the balance of the creditor through transfers or debits and also to retain the funds or securities belonging to the account holder module debtor payments that the Bank of Spain has on deposit or management for any reason, to the extent necessary to ensure the effectiveness of any discovered that their accounts or relationships with the Bank of Spain result for this and their interests and expenses. Such compensation shall operate in particular in the event of, with respect to the account holder module payment, an enforcement event as defined in the Conditions, notwithstanding the opening of insolvency proceedings against the holder's account payment module or any assignment, judicial seizure or other or other disposition of their rights.

4th expressly authorizing that are due on your [s] account [s] module payments the amounts resulting from the settlement of any obligation account holder module payments resulting from operations completed between same and the Bank of Spain in the exercise of their functions.

For the applicant, "

38. In Annex III the references to 'uniform conditions' by 'conditions' are replaced.

39. the following wording to Annex IV is given 'Request for use of [insert as appropriate: (consolidated information service) (liquidity aggregation service)] TARGET2-Bank of Spain'

'[Place], [date]

[Name of the applicant], with NIF [...], [registration number], established in [...] and, on its behalf, [...] DNI [...], with special powers for this act by power of attorney before [the / a] Notario [...] dated [...].
EXHIBITS


1st
involved in the payment system TARGET2 integral and operated by the Bank of Spain, called TARGET2-Bank of Spain.

2nd That meets the access requirements for the use of [insert as appropriate: (consolidated information service) (liquidity aggregation service)] set out in paragraph one of clause [insert as appropriate (29th) (30th)] of the General Clauses concerning uniform conditions for the opening and operation of an account payment module TARGET2-Bank of Spain (hereinafter the "conditions").

3.º That has duly completed and provided to the Bank of Spain forms static data collection provided by it.

[...] .º [Insert if applicable should be the AL group manager: That has contributed Agreement for aggregating liquidity duly executed by all members of the group in accordance with the relevant model established for this purpose in Conditions.]

[...] .º That, therefore, requested {insert as appropriate: [as group manager (IC) (AL)] [as a member of the group (IC) (AL), consisting of (insert relationship members that form the IC or group), the use of [insert as appropriate: (consolidated information service) (liquidity aggregation service)}, according to the provisions of the Terms.

For the applicant, "

Second.

The amendments contained in the previous paragraph one shall apply from 22 June 2015.

Third.

Is approved as Annex of this Resolution a consolidated general clauses concerning uniform conditions for the opening and operation of an account payment module TARGET2-Bank of Spain, approved by Resolution of the Executive Committee of the text Bank of Spain on July 20, 2007, with the amendments made to them by the resolutions of this Executive Committee on May 21, 2009 ( "BOE" June 3), of 7 October 2007 ( "BOE" 22 October) of 6 October 2010 ( "BOE" Nov. 16) of 6 April 2011 ( "BOE" of April 9) of 15 November 2011 ( 'BOE' oF 19 November) of 26 December 2012 ( "BOE" of December 31), July 15, 2014 ( "BOE" of July 19) and this resolution.

Madrid, 11 June 2015. The Secretary General of the Bank of Spain, Francisco Javier Pérez Priego.


ANEJO
General clauses concerning uniform conditions for the opening and operation of an account payment module TARGET2-Bank of Spain

(Consolidated version)
TITLE
I
General provisions


Definitions Clause 1st.

For the purposes of these General clauses concerning uniform conditions for the opening and operation of an account payment module TARGET2-Bank of Spain (hereinafter the "Conditions") shall mean:

- 'Multi-addressee access "facility by which branches of credit institutions or credit institutions established in the EEA can access the relevant TARGET2 system integral presenting payment orders directly or receiving payments directly from him ; this facility authorizes these entities to pursue their payment orders whose settlement is made on account of payments module an account holder module without the intervention of payment thereof;

- "AL agreement" means the multilateral agreement for aggregating liquidity, concluded between the AL group members and their respective AL NCBs, for the purposes of use of the AL;

- "ICM announcement" information disseminated by the ICM simultaneously to all TARGET2 participants or to a particular group of them;

- "Direct debit authorization" the general mandate of the payer to the central bank which empowers and obliges this to make a charge on the payer's account in case of receiving an order direct debit of the beneficiary;

- 'Eurosystem central bank' means the ECB or NCBs of the euro area;

- 'Central banks' central banks of the Eurosystem NCBs and connected;

- 'ECB', the European Central Bank;

- 'NCBs' national central bank;

- 'NCBs', the NCBs of the euro area which is party to an AL agreement and acts as a counterpart to the AL group members participating in its TARGET2 system;

- 'Connected NCB' means the NCB that is not a Eurosystem central bank and which is connected to TARGET2 pursuant to a specific agreement;

- 'NCBs of the euro area, "the NCB of a Member State whose currency is the euro;


- 'Managing NCB' means the AL NCB of the TARGET2 component system in which the AL group manager participates;

- 'NCB providers SSP ", the Deutsche Bundesbank, the Banque de France and the Banca d'Italia as NCBs building and operating the SSP for the benefit of the Eurosystem;

- 'Payee', except in the sense that it is used in clause 46, the TARGET2 participant whose account payment module receive payment for the settlement of the payment order payment;

- 'BIC' (business identification code), the code defined in ISO No. 9362;

- 'Calendar and hours of operation ", the calendar and hours of operation of TARGET2-Bank of Spain established in the Technical Applications corresponding issued by the Bank of Spain force at any time;

- "Intraday credit", granted and repaid within the same business day;

- "CRR" Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms, and. Regulation (EU) No 648/2012 amending ° (11).;

(11) OJ L 176, 27.6.2013, p. 1.

- "Dedicated cash account" the account holder maintains a dedicated cash account, opened in TARGET2-Bank of Spain, and used for cash payments in connection with the settlement in T2S ;

- "Bill payment module," the account maintained TARGET2 participant in the PM with a central bank which is necessary for the participant:

(A) curse payment orders or receive payments via TARGET2, and

(B) settle payments with the central bank;

- "Local account" open account outside the PM by a central bank for an entity to be susceptible indirect participant;

- "Main account module payments' account payment module that is linked to a dedicated account cash and which will automatically transfer the remaining balance at the end of the day;

- "DCV" central securities depository;

- 'Business day' means any day, as set out in the schedule and hours of operation, TARGET2 is available for the settlement of payment orders;

- "Capacity opinion" the legal opinion on a particular participant including the assessment of their legal capacity to assume and fulfill its obligations under these Conditions;

- "Directive on settlement finality ', Directive 98/26 / EC of the European Parliament and of the Council of 19 May 1998, on settlement finality in payment systems and settlement values ​​(12);

(12) OJ L 166, 11.6.1998, p. 45.

- "Available for settlement" phase of processing payments in TARGET2-Bank of Spain is settled by the specific procedures provided in clause 20.ª a payment order validated under clause 14th ;

- "General Documentation" Orientation (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the framework for monetary policy of the Eurosystem (ECB / 2014/60) (13) ;

(13) OJ L 91, 4.2.2015, p. 3.

- "EEA" European Economic Area;

- "Investment service" as defined in point 1 of paragraph 1 of Article 4 of Directive 2004/39 / EC of the European Parliament and of the Council of 21 April 2004 on markets financial instruments amending Council Directives 85/611 / EEC and 93/6 / EEC and Directive 2000/12 / EC of the European Parliament and of the Council amending and Directive 93/22 / EEC repealing (14) except the entities is paragraph 1 of Article 2 of Directive 2004/39 / EC refers, provided that the investment services company in question:

(14) OJ L 145, 30.4.2004, p. 1.

(A) is authorized and supervised by a designated as such under Directive 2004/39 / EC recognized competent authority, and

(B) is entitled to carry out the activities referred to in paragraphs 2, 3, 6 and 7 of Section A of Annex I to Directive 2004/39 / EC;


- 'Credit institution', (a) a credit institution within the meaning of point 1) of paragraph 1 of Article 4 of CRR and Article 1 of Law 10/2014 of 26 June, management , supervision and solvency of banks, which is subject to supervision by a competent authority; or (b) another credit institution within the meaning of paragraph 2 of Article 123 of the Treaty on the Functioning of the European Union that is subject to scrutiny comparable to supervision by a competent authority;

- "Public sector entity" an entity of the 'public sector' as defined in Article 3 of Regulation (EC) No 3603/93 of 13 December 1993, laying down definitions for the application of the prohibitions referred to in Article 104 and paragraph 1 of Article 104 of the Treaty (15);

(15) OJ L 332, 31.12.1993, p. 1.

- 'Technical specifications of processing payment orders "Technical Applications issued by the Bank of Spain then current technical specifications regarding the processing of payment orders;

- "Deposit facility", the Eurosystem standing facility which counterparties may use to make overnight deposits at a central bank of the Eurosystem, the interest rate specified above;

- "Marginal lending facility", the permanent facility Eurosystem counterparties may use to receive overnight credit a Eurosystem central bank to the marginal lending rate previously established;

- "Form static data collection", the form created by the Bank of Spain to register applicants services TARGET2-Bank of Spain and to record any changes on the provision of those services;

- "AL group manager", the AL group member appointed by the other AL group members to manage available liquidity within the AL group during the business day;

- "CAI group manager," the IC group member appointed by the other members of group IC to monitor and distribute the available liquidity in the IC group during the business day;

- "Group":

(A) a set of credit institutions included in the consolidated financial statements of a parent company where the parent company is obliged to present consolidated under IAS 27 financial statements, and consisting of:

(I) a parent company and one or more subsidiaries, or

(Ii) two or more subsidiaries of a parent company;

(B) a set of credit institutions those referred to in subparagraphs (i) or (ii) of subparagraph (a), where the parent company does not present consolidated under IAS 27 financial statements, but may be able to meet the criteria for inclusion in the consolidated financial statements in IAS 27 preflight central bank accountholder module payments or, in the case of an AL group, the managing NCB;

(C) a group of credit institutions based on ties of bilateral or multilateral basis:

(I) organized under regulatory provisions governing the affiliation of credit institutions to that group, or

(Ii) characterized by cooperation mechanisms of voluntary membership (promoting, supporting and representing the business interests of its members) or financial solidarity that go beyond the ordinary cooperation usual between credit institutions, under which such cooperation and solidarity is allowed in the statutes of credit institutions or established by separate agreements,

And in both cases the letter c), whose application to be considered as a group has been approved by the Governing Council of the ECB;

- "AL group", the group formed by the AL group members using the AL mode;

- "IC group", the group of account holders payment module using the IC service;

- "ICM" (information and control module), the module of the single shared platform that allows account holders payment module online information and gives them the possibility of transfer orders liquidity, manage liquidity and initiate payment orders contingency;

- 'RTGS time ", the processing and settlement of payment orders for each transaction in real time;

- "Available liquidity", the credit balance in the account payment module of a participant and, if applicable, any intraday credit line granted by the NCB of the relevant euro area relative to that account but still is not used;


- "Technical malfunction of TARGET2 'problems, defects or faults affecting the technical infrastructure or the computer systems used by TARGET2-Bank of Spain, including the SSP or the T2S platform, and any other event that prevents process on the same day payments in TARGET2-Bank of Spain;

- "AL group member", the account holder payments module that has an agreement AL;

- "Contingency Module" module of the SSP that can process critical and very critical payments in contingency situations;

- "Payments Module" module in the single shared platform whose accounts payments account holders module payments are settled;

- "IAS 27" International Accounting Standard 27, adopted pursuant to Regulation (EC) No 2238/2004 of 29 December 2004 amending Regulation (EC) No. 1725 / 2003 establishing certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and the Council adopted, as regards IFRS 1, IASs Nos 1 to 10, 12 to 17, 19 to 24, 27 to 38, 40 and 41 and SIC numbers 1 to 7, 11 to 14, 18 to 27, 30 to 33 (16);

(16) OJ L 394, 31.12.2004, p. 1

- "Direct debit order", the statement that the recipient sends to its central bank by which the central bank pays charge on the account of this, under a direct debit authorization, the amount specified in the order;

- 'Payment order', the transfer order, the liquidity transfer order, direct debit order or order liquidity transfer payments module dedicated cash account;

- 'Payment order not settled' the payment order that is not settled on the same business day that is validated;

- 'Transfer order' instruction payer to make funds available to the beneficiary by an entry in an account payment module;

- "Liquidity transfer order" payment order whose main purpose is to transfer liquidity between different accounts of the same participant or within an IC or group;

- "Liquidity transfer order payments module dedicated cash account" the order to transfer a specific amount of funds from the account payments module dedicated cash account;

- "Payer", except in the sense used in clause 46, the TARGET2 participant whose account payment module will be owed as a result of the settlement of the payment order;

- "Participant" or "direct participant", the entity that holds at least one PM account payments (account holder payments module) or a dedicated cash account (account holder dedicated cash) with a Eurosystem central bank;

- 'TARGET2 participant' means any participant in a TARGET2 component system;

- 'Indirect participant' means a credit institution established in the EEA has concluded an agreement with the account holder for payment module submit payment orders and receive payments through such holder, and has been recognized by a TARGET2 component system as an indirect participant;

- 'Sending participant', the TARGET2 participant that has initiated a payment order in the system;

- "Single Shared Platform" (SSP), the only technical infrastructure provided by the NCBs providers SSP;

- 'Insolvency proceedings' as defined in point j) of Article 2 of the Directive on settlement finality;

- "Contingency procedures and operational continuity" contingency procedures and operational continuity established in the Technical Applications corresponding issued by the Bank of Spain in effect at all times.

- "Network service provider TARGET2", the provider of computerized network connections designed to take payment messages in TARGET2 appointed by the Governing Council of the ECB;

- "AL mode" service consisting in the aggregation of available liquidity on PM accounts of payments;

- 'IC' means the provision of consolidated information on the accounts of payment module via the ICM;

- 'TARGET2 component system' means any of the systems real-time gross settlement of central banks that are part of TARGET2;


- 'Ancillary system', managed by an entity established in the EEA, system subject to supervision or oversight of a competent authority and complies with the oversight requirements for the location of infrastructures offering services in euro, as are published on the ECB's website (17), which are exchanged or offset payments or financial instruments, while the resulting monetary obligations are settled in TARGET2 in accordance with Guideline ECB / 2012/27 Guideline 5 December 2012 on the trans-European automated Express transfer the real-time gross settlement (TARGET2) (18) and a bilateral arrangement between the ancillary system and the relevant central bank;

(17) The Eurosystem's current policy for the location of infrastructure is set out in the following statements, available on the ECB's Internet www.ecb.europa.eu: (a) Policy statement on euro payment and settlement systems located outside the euro area, of November 3, 1998; (B) The Eurosystem's policy line With regard to consolidation in Central counterparty clearing of September 27, 2001; (C) The Eurosystem's policy principles on the location and operation of infrastructures settling in euro-denominated payment transactions, of July 19, 2007; (D) The Eurosystem's policy principles on the location and operation of infrastructures settling euro-denominated payment transactions: specification of "legally and operationally located in the euro area" of November 20, 2008, (e) The Eurosystem oversight policy framework, July 2011, subject to the judgment of the General Court of 4 March 2015, United Kingdom of Great Britain and Northern Ireland against the European Central Bank, T-496/11.

(18) OJ L 30, 30.1.2013, p. 1.

- 'Branch' means a branch within the meaning of paragraph 17) of paragraph 1 of Article 4 of CRR;

- "Enforcement event" with respect to an AL group member:

(A) any event of default in paragraph 1 of clause refers to 41st;

(B) any other event of default or other measures paragraph 2 of the 41st clause in relation to which the Bank of Spain had decided concerned, taking into account the seriousness of the event of default or another nature, which must run a garment in accordance with the provisions of clause 32nd and should produce a compensation rights under the provisions of clause 33rd; or

(C) any decision to suspend or terminate access to intraday credit;

- "Event of Default" means any impending or actual circumstances which may endanger the fulfillment by the participant of its obligations under these Conditions or other rules (including, only for access to intraday credit, specified by the Governing Council of the ECB for monetary policy operations of the Eurosystem) applicable to relations between the participant and the Bank of Spain or other central bank (Eurosystem, in respect of intraday credit). These circumstances include the following:

(A) the participant no longer meets the access criteria 4th clause, or the requirements of subsection i) of subparagraph a) of paragraph 1 of clause 8 th, the Terms and where appropriate, under title XII; or, only in respect of access to intraday credit, which the admissibility of the participant as a counterparty for Eurosystem monetary operations has been suspended or terminated;

(B) the opening of insolvency proceedings against the participant;

(C) submission of an application for opening of proceedings referred to in point b);

(D) the participant's written statement on its inability to pay all or part of its debts or to meet its obligations in relation to intraday credit;

(E) celebration by the participant of a general voluntary agreement or arrangement with creditors;

(F) the participant is insolvent or unable to pay its debts, or its central bank it deems;

(G) the participant's credit balance on your account or payments module dedicated cash account or all or a substantial portion of its assets are subject to a freezing order, attachment, seizure or any other procedure to protect the public interest or the rights of creditors of the participant;

(H) has been suspended or finished participation of the participant in another TARGET2 system or in a linked system;


(I) that are incorrect or false any material representation or pre-contractual statement that the participant has made or is presumed to have made under the applicable law;

(J) transfer by the participant of all or a substantial part of its assets;

- "Suspension", the interruption of the rights and obligations of a participant for the time determined by the Bank of Spain;

- "TARGET2", the set of all TARGET2 component systems of central banks;

- 'TARGET2-Bank of Spain "(TARGET2-BE), the TARGET2 component system of the Bank of Spain;

- "TARGET2 CUG" (CUG), the subset formed by customers of the service provider network TARGET2 grouped to use the relevant services and products of the network service provider when accessing TARGET2 module payments;

- 'TARGET2-Securities' or 'T2S' or 'T2S platform' means the set of physical and logical components and other components of technical infrastructure through which the Eurosystem provides CSDs and Eurosystem central banks services that enable settlement of securities transactions, with basic, neutral and borderless character, by the method of delivery versus payment in central bank money;

- "Type of the deposit facility", the interest rate applicable to the deposit facility;

- "Marginal lending rate" means the interest rate applicable to the marginal lending facility;

- "BIC holder" means the entity that (a) holds a BIC, (b) is not recognized as an indirect participant, and (c) is a correspondent or customer of an account holder module payments or a branch of an account holder payments module or an indirect participant, and can submit payment orders to TARGET2 system and receive payments from him, through the account holder payments module;

- "TARGET2 UDFS" the most current version of the detailed functional specifications TARGET2 users (UDFS), which is the technical documentation that details how a participant interacts with TARGET2;

- 'Close links', as defined in Article 138 of the General Documentation.

1st Clause bis. Area of ​​application.

The Conditions govern the relationship between the Bank of Spain and the account holder payments module with respect to the opening and operation of the account.

2nd Clause Annexes.

1. The following annexes are an integral part of the Terms:

(A) Annex I: Terms of reference to the legal opinions must comply capacity and country

(B) Annex II: Request for opening an account payment module TARGET2-Bank of Spain

(C) Annex III: Agreement for the aggregation of liquidity

(D) Annex IV: Request for the IC service or, where appropriate, the AL

(E) Annex V: TARGET2 compensation system

2. In case of conflict or disagreement between the annexes and the other provisions of the Terms the latter shall prevail.

3rd Clause Overview of TARGET2-Bank of Spain and TARGET2.

1. TARGET2 provides for payments in euro real-time gross settlement and central bank money on all accounts module dedicated payments and cash accounts.

2. TARGET2-Bank of Spain following payment orders are processed:

(A) payment orders directly resulting from monetary policy operations of the Eurosystem or are related to those operations;

(B) settlement of the euro leg of foreign exchange operations of the Eurosystem;

(C) settlement of euro transfers resulting from transactions in clearing systems of large cross-border payments;

(D) settlement of euro transfers resulting from transactions in retail payment systems of systemic importance euros;

(E) settlement of the cash component of securities transactions;

(F) orders to transfer liquidity payments module dedicated cash account; and

(G) any other payment orders in euro addressed to TARGET2 participants.

3. TARGET2 is established and functions on the basis of the SSP. The Eurosystem assesses the configuration and technical features of the single shared platform. Services of the single shared platform are provided for the benefit of the Eurosystem central banks and through specific agreements, NCBs providers SSP.


4. The Bank of Spain is the provider of services under these Conditions. The acts and omissions of the NCBs providers SSP shall be considered acts and omissions of the Bank of Spain, which shall be responsible in accordance with the provisions of clause 38.ª. Participation under the Conditions shall not create a contractual relationship between account holders payment module and the NCBs providers when the SSP act in that capacity. Instructions, messages or information that account holders module payments received from the SSP or send it in relation to the services provided under these Conditions shall be deemed received by the Bank of Spain or sent to him.

5. TARGET2 is legally structured as a multiplicity of payment systems composed of all the TARGET2 component systems designated as "systems" under the standards incorporated into domestic law the Directive on settlement finality. TARGET2-Bank of Spain has been designated as "system" in accordance with paragraph (i) of Article 8 of Law 41/1999 of 12 November, on payment systems and securities settlement.

6. Participation in TARGET2 takes effect via participation in a TARGET2 component system. These Conditions describe the mutual rights and obligations of account holders payment module and the Bank of Spain. The rules on the processing of payment orders (Title IV) apply to all payment orders submitted and all payment received by an account holder payments module.
TITLE II

Participation

4th Clause
access criteria.

1. They can be direct participants in TARGET2-Bank of Spain the following entities:

(A) credit institutions established in the EEA, including when they act through a branch established in the EEA;

(B) credit institutions established outside the EEA, provided that they act through a branch established in the EEA;

(C) NCBs of Member States of the European Union and the ECB;

Provided that the entities referred to letters a) and b) are not subject to restrictive measures adopted by the Council of the European Union or the Member States under subparagraph b) of paragraph 1 of Article 65, Article 75 or Article 215 of the Treaty on the functioning of the European Union and whose application in the Bank of Spain reviewed after informing the ECB, is incompatible with the proper functioning of TARGET2.

2. The Bank of Spain may as direct discretion, also admit the following entities participating:

(A) treasury departments of central or regional governments of Member States active in the money markets;

(B) public sector entities of Member States authorized to hold accounts for customers;

(C) investment services firms established in the EEA;

(D) entities managing ancillary systems and acting in that capacity;

(E) credit institutions or classes listed in subparagraphs (a) to (d), provided that they are established in a country with which the European Union has concluded a monetary agreement allowing access the payment systems of the European Union, subject to the conditions set out in the monetary agreement and provided that the applicable legal regime in the country is equivalent to the legislation of the European Union accordingly.

3. They may participate in TARGET2-Bank of Spain the electronic money institutions that Law 21/2011, of 26 July, electronic money, and Royal Decree 778/2012, of 4 May, on the legal regime refers to the electronic money institutions.
5th Clause
Direct Participants.

1. Direct participants in TARGET2-Bank of Spain will meet the requirements of paragraphs 1 and 2 of the 8th clause direct participants have at least one payment module account with the Bank of Spain.

2. Account holders module payments may designate addressable BIC holders, regardless of where they are established.

3. Subject to the provisions of clause 6th, account holders module payments may designate entities as indirect participants.

4. May be made available account multiple branches as follows:


(A) A credit institution within the meaning of points a) or b) of paragraph 1 of Clause 4th, admitted as account holder payments module, you can give access to your account payment module one or more of its branches established in the EEA in order to submit payment orders or receive payments directly, provided that it has informed the Bank of Spain.

(B) If a branch of a credit institution has been admitted as account holder module payments, the other branches of the same entity or its headquarters, provided they are established in the EEA, may access to the account payment module branch provided that it has informed the Bank of Spain.
6th Clause
Indirect participants.

1. All credit institutions established in the EEA may enter into a contract with an account holder payments module that is a credit institution within the meaning of points a) or b) of paragraph 1 of clause 4th, or a bank Central, to submit payment orders or receive payments, and to settle them via the payment module account holder's account payment module. TARGET2-Bank of Spain recognize indirect participants by registering such indirect participation in the TARGET2 directory described in clause 9th

2. If an indirect participant and an account holder payments module is credit institution within the meaning of points a) or b) of paragraph 1 of clause 4th they belong to the same group, the account holder payments module it may expressly authorize the indirect participant to directly use the account payment module account holder for payment module submit payment orders or receive payments in the form of multiple account access with respect to a group.
7th Clause
Direct participant's responsibility.

1. The payment orders submitted or payments received by indirect participants pursuant to clause 6th, and by branches under paragraph 4 of clause 5th, they shall be deemed submitted or received by the account holder own module payments.

2. These payment orders will force the account holder module payments, regardless of content or breach of contracts or other arrangements between the account holder module payment and any of the entities referred to in paragraph 1 .

3. The holder of an account payment module to accept that your account is designated as the main account payment module will be bound by the invoices for the opening and operation of each account dedicated cash linked to that account payment module , as provided in the Technical Applications corresponding issued by the Bank of Spain in force at any time regarding fees for services related to TARGET2-Bank of Spain, as well as the penalties imposed pursuant to paragraph 5 (d) of clause 19th meetings of the general Clauses concerning uniform conditions for the opening and operation of a dedicated account cash in TARGET2-Bank of Spain, regardless of content or breach of contracts or other arrangements between the holder account payment module and dedicated account holder cash.

4. Under the terms established in the Technical Applications issued by the Bank of Spain in force at any time regarding fees for services related to TARGET2-Bank of Spain, the holder of a master account payment module will be bound by the invoices for linking accounts dedicated cash account with the corresponding payment module.

8th Clause Application procedure.

1. In order to participate in TARGET2-Bank of Spain, applicants must:

(A) fulfill the following technical requirements:

(I) install, manage, operate and monitor the necessary IT infrastructure to connect to TARGET2-Bank of Spain and take him orders, and ensure the security of that infrastructure. Notwithstanding its sole responsibility, applicants may use third parties to fulfill this requirement. In particular, applicants will enter into a contract with the network service provider TARGET2 to obtain the necessary connection and admissions according to the technical specifications of processing payment orders;

(Ii) have passed the tests required by the Bank of Spain;

(B) fulfill the following legal requirements:


(I) provide a capacity opinion in the form set out in Annex I, unless the Bank of Spain has already obtained in another context information and representations to be provided in such capacity opinion;

(Ii) in the case of entities letter (b) of paragraph 1 of clause 4th, provide a country opinion in the form set out in Annex I, unless the Bank of Spain has already obtained in another context information and representations to be provided by the country opinion.

2. Applicants shall apply in writing to the Bank of Spain, in the manner prescribed in Annex II, signed by person with specific power for the acquisition of commitment, depending on the model established for this purpose by the Bank of Spain, as a minimum enclosing the documents or the following information:

(A) forms completed static data collection that facilitates the Bank of Spain;

(B) the capacity opinion, if required by the Bank of Spain;

(C) the country opinion, if required by the Bank of Spain.

3. The Bank of Spain may also request any additional information it deems necessary to resolve the request.

4. The Bank of Spain reject the application if any of the following circumstances:

(A) access criteria 4th clause are not met;

(B) one or more of the participation criteria referred to in paragraph 1 are met;

(C) according to the Bank of Spain, such participation would endanger the stability, soundness and safety of TARGET2-Bank of Spain or any other TARGET2 component system, or would jeopardize the performance by the Bank of Spain its functions as set out in the Law 13/1994 of 1 June, autonomy of the Bank of Spain and the Statute of the European System of Central Banks and of the European Central Bank, or poses a risk for reasons of prudence.

5. Within one month from the receipt of the request, the Bank of Spain will communicate its decision to the applicant. If the Bank of Spain requests additional information pursuant to paragraph 3, communicate its decision to the applicant within one month of receipt of this additional information. The decision to reject the request shall be reasoned.
9th Clause
TARGET2 directory.

1. The TARGET2 directory is the database of BICs used for routing payment orders to:

(A) account holders payment module and their branches with multi-addressee access;

(B) indirect participants of TARGET2, including those with multi-addressee access;

(C) the BIC holders of TARGET2.

The directory is updated weekly.

2. Unless the account holder payments module requests otherwise, BICs shall be published in the TARGET2 directory.

3. Account holders module payments may only distribute the TARGET2 directory to their branches and entities with multi-addressee access.

4. The entities referred to in subparagraphs b) and c) of paragraph 1 only use their BIC in respect of an account holder payments module.

5. Account holders payments module are aware that the Bank of Spain and other central banks may publish their names and BICs. Furthermore, it may publish the names and BICs of indirect participants registered by account holders module payments, and account holders module payments shall ensure that indirect participants have given their consent to such publication.
TITLE III

Obligations of the parties


10th Clause Obligations of the Bank of Spain and the participants.

1. The Bank of Spain will provide the services described in Title IV. Conditions or unless the law provides otherwise, the Bank of Spain will use all reasonable means at its disposal to fulfill its obligations under these Conditions, but is not obliged to guarantee results.

2. Participants shall pay to the Bank of Spain commissions established in the corresponding Technical Applications issued by the Bank of Spain in effect at all times.

3. Participants shall ensure that they are connected to TARGET2-Bank of Spain in accordance with the calendar working days and hours of operation.


4. The participant represents and warrants to the Bank of Spain to fulfill its obligations under these Conditions does not breach any law, regulation or statute applicable to it or any agreement to which it is linked.

11th Clause cooperation and exchange of information.

1. In performing their obligations and exercising their rights under these Conditions, the Bank of Spain and participants shall cooperate closely to ensure the stability, reliability and safety of TARGET2-Bank of Spain. information or documents relevant to the performance of their respective obligations and the exercise of their respective rights under these Conditions, without prejudice to their banking secrecy obligations.

2. The Bank of Spain establish and maintain a system support desk to assist participants in case of difficulties concerning the operation of the system.

3. The TARGET2 Information System (T2IS) provide updated information on the operational status of the single shared platform information. The TARGET2 Information System can be used to obtain information on any event affecting the normal operation of TARGET2.

4. The Bank of Spain may either communicate messages to participants by ICM ads or other media.

5. Participants timely update forms existing static data collection and present new static data collection forms to the Bank of Spain data. Also, they verify the accuracy of the information relating to them that the Bank of Spain introduced in TARGET2-Bank of Spain.

6. It shall be deemed that the Bank of Spain is authorized to communicate to the NCBs providers SSP any information relating to participants that these banks need as service managers under contract with the service provider network with TARGET2.

7. Participants shall inform the Bank of Spain of any change in their legal capacity and relevant legislative changes affecting issues covered by the country opinion relating to them.

8. Participants shall inform the Bank of Spain:

(A) any new indirect participant, BIC holder or entity with multiple access which they register;

(B) any changes to the entities listed in paragraph (a).

9. Participants shall immediately inform the Bank of Spain when they commit an event of default.
TITLE IV


Account management module processing payments and payment orders

12th Clause Opening and account management module payments.

1. The Bank of Spain will open and operate at least one PM account for each participant payment. Upon request by a participant acting as a settlement bank, the Bank of Spain will open one or more sub-accounts in TARGET2-Bank of Spain to be used for dedicating liquidity.

2. At the beginning and end of the business day bills payment module will register a zero balance, transferring the entire balance at the end of the business day to the account designated by the participant in the Bank of Spain.

3. At the beginning of the next business day the existing balance in the account designated by the participant will be re-transferred to the account of the participant payment module.

4. Accounts payment module and its sub-accounts shall be paid to the zero percent or the rate of the deposit facility, if it is lower, unless they are used to hold minimum reserves, in which case the calculation and payment of the remuneration of holdings of minimum reserves by Regulation (EC) No 2531/98 of 23 November 1998 on the application of minimum reserves by the European Central Bank (19) and governed by Regulation (EC) No 1745/2003 of the European Central Bank of 12 September 2003 on the application of minimum reserves (ECB / 2003/9) (20).

(19) OJ L 318, 27.11.1998, p. 1.

(20) OJ L 250, 2.10.2003, p. 10.

5. In addition to the settlement payment orders in the Payments Module, you account module payments may be used to settle payment orders from local accounts and local accounts, according to the norms established by the Bank of Spain.

6. Participants will use the ICM to obtain information on their liquidity positions. The Bank of Spain provide a daily statement of accounts to any participant that has opted for this service.
13th Clause Classes
payment orders.


They are classified as payment orders for the purposes of TARGET2 the following:

(A) transfer orders;

(B) direct debit instructions carried out under a direct debit authorization;

(C) liquidity transfer orders;

(D) liquidity transfer orders module dedicated payments to the cash account.

14th Clause Acceptance and rejection of payment orders.

1. Payment orders submitted by participants are deemed to have been validated by the Bank of Spain if the following conditions exist:

(A) the payment message complies with the rules established by the network service provider TARGET2;

(B) the payment message complies with the rules and conditions of TARGET2-format Bank of Spain and pass the check against duplicate entries described in the technical specifications of processing payment orders;

(C) has been suspended participation payer or beneficiary in TARGET2, which have obtained the express consent of the participant central bank subject to suspension system.

2. The Bank of Spain immediately reject any payment order that does not meet the conditions set out in paragraph 1. The Bank of Spain will inform the participant of the rejection of a payment order in accordance with the technical specifications of processing payment orders.

3. The SSP determines the timestamp for the processing of payment orders depending on the time when it receives and accepts the payment order.
15th Clause
Priority rules for ordering payments.

1. Instructing participants shall designate every payment order as to the following:

(A) normal payment order (priority 2);

(B) urgent payment order (priority 1);

(C) highly urgent payment order (priority class 0).

The payment order lacking priority rating will be processed as normal payment order.

2. Only an order may qualify as highly urgent payment order:

(A) central banks; and

(B) participants, in cases of payments to (and from) CLS International Bank and liquidity transfers in relation to ancillary system settlement using the interface for ancillary systems.

All payment instructions submitted by an ancillary system through the interface to systems linked to make a debit or credit in the accounts of payments module participants and any order liquidity transfer payments module dedicated cash account cursada be considered a highly urgent payment order.

3. The liquidity transfer orders initiated via the ICM are urgent payment orders.

4. As for orders urgent and normal payment, the payer may change the priority via the ICM with immediate effect. You can not change the priority of a highly urgent payment.

16th Clause Liquidity limits.

1. A participant may limit the use of available liquidity for payment orders in relation to other TARGET2 participants, except central banks, for which may establish bilateral or multilateral limits. These limits can only be set in relation to normal payment orders.

2. Only sets limits may be established by an AL group or in relation to an AL group. Limits shall not be set in relation to one account module payment of a member of an AL group or by members of an AL group together.

3. By setting a bilateral limit, a participant instructs the Bank of Spain not to settle a payment order validated if the sum of its normal payment orders those aimed at putting funds available to another participant in TARGET2 in your account payment module, minus the sum of all urgent and normal payments from the account payment module that participant in TARGET2, bilateral exceeds the limit.

4. A participant may set a multilateral limit for any relationship that is not subject to a bilateral limit. A multilateral limit may only be set if the participant has set at least one bilateral limit. When a participant sets a multilateral limit, it instructs the Bank of Spain not to settle a payment order validated if the sum of its normal payment orders whose purpose is the provision of funds in the accounts of payments module all participants in TARGET2 for which has not established a bilateral limit, minus the sum of all urgent and normal payments from the accounts of those payments module TARGET2 participants exceed this multilateral limit.


5. The minimum amount of any of the limits will be 1 million euros. It is deemed to have no set limit when the amount of bilateral or multilateral limit is zero. No limits between zero and 1 million euros will be established.

6. Limits may be changed in real time with immediate effect or from the next business day via the ICM. If the limit is changed to zero, it can not be changed again on the same business day. The establishment of a new bilateral or multilateral limit shall only be effective from the next business day.

17th mechanisms Clause liquidity reserve.

1. Participants may, through ICM reserve liquidity for orders urgent and highly urgent payment.

2. The AL group manager may only reserve liquidity for the AL group as a whole. No liquidity for individual accounts within an AL group shall be reserved.

3. When requesting a certain amount of liquidity for orders very urgent payment, a participant instructs the Bank of Spain only to settle orders urgent and normal payment if available liquidity after deduction reserved for payment orders the amount very urgent.

4. When requesting a certain amount of liquidity for urgent payment orders reserves, a participant instructs the Bank of Spain only to settle normal payment orders if there is available liquidity after deducting the amount reserved for urgent payment orders and very urgent .

5. Upon receipt of the reservation request, the Bank of Spain check whether the amount of liquidity payments account module participant is sufficient to cover the reserve. Otherwise, only the liquidity available will be reserved in the account of participant payment module. The rest of the requested liquidity shall be reserved if it were to have additional liquidity.

6. The level of the liquidity reserve may be modified. Participants may request, through the ICM, new volumes of liquidity or reserve with immediate effect from the next business day.

Bis 17th Clause. Standing instructions for liquidity reservation and dedication of liquidity.

1. Participants may predefine the amount of liquidity reserved by default for orders urgent and highly urgent payment via the ICM. Such standing instruction or a change to such instruction shall take effect from the next business day.

2. Participants may predefine via the ICM the amount of liquidity set aside default for the settlement of ancillary system. Such standing instruction or a change to such instruction shall take effect from the next business day. Participants shall be deemed to have ordered the Bank of Spain to dedicate liquidity on their behalf if the linked prompted.

Default clause 18th Time liquidation.

1. Instructing participants may predetermine the settlement time of the payment orders within a business day by using the indicator Earliest Debit Time or Time Indicator debit.

2. When the indicator of the initial moment of debiting is used, the accepted payment order is stored and only considered available for settlement at the predetermined time.

3. When the indicator Debit Time is used, the accepted payment order shall be returned as non-settled if it can not be settled at the time of default debiting or before that time. Instructing participant will receive an automatic notification via the ICM, 15 minutes before the debt default. Instructing participant may also use the indicator Debit Time to solely as a warning, in which case the order of payment will not be returned.

4. Instructing participants can change via the ICM indicator Earliest Debit Time Indicator and the Debit Time.

5. The technical details are set out in the technical specifications of processing payment orders.
Clause 19th meetings
Payment orders submitted in advance.

1. Payment orders may be submitted up to five business days before the specified settlement date (warehoused payment orders).

2. Payment orders will be validated and stored shall be considered available for settlement on the date specified by the instructing participant at the start of daytime processing the schedule and hours of operation it refers to. These payment orders will be processed ahead of others of equal priority.


3. Paragraph 4 of the 15th clause, paragraph 2 of the clause 22nd and paragraph 1 (a) of clause 29 th shall apply mutatis mutandis to warehoused payment orders.

Clause 20.ª Settlement of payment orders available for settlement.

1. Unless instructing participants have indicated the settlement time as provided in clause 18th, the accepted payment orders shall be settled immediately or at the latest at the end of the business day on which they were accepted, provided there enough in the account payer payment module without prejudice to the limits and liquidity reserves established under the terms 16th and 17th meetings
funds
2. Funds may:

(A) of liquidity available in the account payment module, or

(B) receipt of payments from other TARGET2 participants, subject to the procedures applicable optimization.

3. Orders very urgent payment principle shall "FIFO" (first in, first out). This means that highly urgent payment orders shall be settled in chronological order. Orders urgent and normal payment is not settled if urgent payment orders very pending.

4. Urgent payment orders also be submitted to the FIFO principle. Normal payment orders shall not be settled as long as orders urgent and highly urgent payment pending.

5. Notwithstanding the provisions of paragraphs 3 and 4, payment orders lower priority (or equal priority but validated later) may be settled before payment orders higher priority (or equal priority but validated before) if the former can be compensated by receiving outstanding payments so that the balance constitutes a liquidity increase for the payer.

6. The normal payment orders will be settled outside the FIFO principle; that is, may be settled immediately (although there are other normal payment orders accepted at an earlier time) and may therefore breach the FIFO principle, provided there are sufficient funds.

7. Details on the settlement of payment orders available for settlement are reflected in the technical specifications for the processing of payment orders.

21st Clause Settlement and return of payment orders on hold.

1. Payment orders available for settlement that are not settled immediately be placed on hold with the priority with which the participant, as payer under clause 15th

2. The Bank of Spain may use the optimization procedures described in the technical specifications of processing payment orders to optimize the settlement of payment orders on hold.

3. Except for highly urgent payment orders, the payer may change the position of payment orders in a queue (ie reorder them) via the ICM. Payment orders may be moved either at the beginning or end of the respective queue with immediate effect at any time during daytime processing schedule and hours of operation refers to.

4. At the request of a payer, the Bank of Spain or, in the case of an AL group, the central bank of the AL group manager may decide to change the queue position of a highly urgent payment order (except for payment orders very urgent in the context of settlement procedures 5 and 6), provided that the change does not affect the smooth settlement by ancillary systems in TARGET2 or generate any systemic risk.

5. The liquidity transfer orders made through a ICM shall be immediately returned as non-settled if there is insufficient liquidity. Other payment orders shall be returned as non-settled if they can not be settled later than the time limits set out in the schedule and hours of operation for the corresponding message type.

Clause 22nd Moment of acceptance and irrevocability of payment orders submitted to the system.

1. For the purposes of the first sentence of Article 3.1 and Article 5 of the Directive on settlement finality and the provisions of Articles 3, 11.1 and 13 of Law 41/1999 of 12 November on systems payment and settlement of securities, payment orders submitted to TARGET2-Bank of Spain will be considered accepted at the time when the debited account in the payments module corresponding participant.


2. Payment orders may be revoked until the time of acceptance in accordance with paragraph 1. Payment orders included in one of the algorithms referred to the technical specifications of processing payment orders can not be revoked while the algorithm is running.
TITLE V

Intraday credit


23rd Clause Definition of intraday credit.

The Bank of Spain may grant intraday credit to participants, subject contribution by them of adequate collateral. This funding should be repaid within the same business day on which it was granted, either by providing enough cash or charged to the marginal lending facility regulated by the general conditions applicable to monetary policy operations of the Bank of Spain and regulations.

24th Clause Criteria access to intraday credit.

1. Have access to intraday credit the Spanish credit institutions and branches in Spain of foreign credit institutions which are authorized to act as counterparties in monetary policy operations of the Eurosystem, which have access to the marginal lending facility and are account holders with the Bank of Spain. No intraday credit is granted to entities subject to restrictive measures adopted by the Council of the European Union or the Member States under subparagraph b) of paragraph 1 of Article 65, Article 75 or Article 215 of the Treaty on the Functioning of the European Union, whose application in the Bank of Spain reviewed after informing the ECB, is incompatible with the proper functioning of TARGET2.

2. They may have access to intraday credit the following entities:

(A) Spanish credit institutions and branches in Spain of foreign credit institutions that are not authorized to act as counterparties in monetary policy operations of the Eurosystem or no access to the marginal lending facility;

(B) The Treasury and the equivalent bodies of the autonomous communities, and public sector entities authorized to hold accounts for customers;

(C) firms Spanish investment services, including branches in Spain of foreign companies investment services, established in accordance with the procedure laid down in Article 66 of Law 24/1988 of July 28, Securities Market, which have signed an agreement with a counterparty in monetary policy operations of the Eurosystem to ensure any residual debit position at the end of the day in question;

(D) entities not covered by subparagraph (a) that manage ancillary systems and act in that capacity, provided that the arrangements for granting intraday credit have been submitted to the Governing Council of the European Central Bank and the approved.

3. For entities referred to in paragraph 2, the intraday credit is limited to the day in question and can not become overnight credit.

No derogation, the Governing Council of the ECB may decide, by a previous reasoned decision, provide access to the marginal lending facility to certain eligible central counterparties, within the provisions of Article 139.2 ( c) of the Treaty on the functioning of the European Union, in conjunction with articles 18 and 42 of the Statute of the European System of Central Banks and of the European Central Bank and Article 1.1 of the General Documentation. Such entities eligible central counterparties are those that at the relevant time:

(A) are admissible for the purposes of paragraph 2 (d) entities, provided that those eligible entities are also authorized to act as central counterparties in accordance with national law or applicable European Union;

(B) they are established in the euro area;

(C) are subject to supervision or oversight of the national competent authorities;

(D) meet supervision requirements for the location of infrastructure providing services in euro, as amended and published regularly on the ECB's website (21);


(21) The Eurosystem's current policy for the location of infrastructure is set out in the following statements, available on the ECB's Internet www.ecb.europa.eu: (a) Policy statement on euro payment and settlement systems located outside the euro area, of November 3, 1998; (B) The Eurosystem's policy line With regard to consolidation in Central counterparty clearing of September 27, 2001; (C) The Eurosystem's policy principles on the location and operation of infrastructures settling in euro-denominated payment transactions, of July 19, 2007; (D) The Eurosystem's policy principles on the location and operation of infrastructures settling euro-denominated payment transactions: specification of "legally and operationally located in the euro area" of November 20, 2008, (e) The Eurosystem oversight policy framework, July 2011, subject to the judgment of the General Court of 4 March 2015, United Kingdom of Great Britain and Northern Ireland against the European Central Bank, T-496/11.

(E) have accounts in the TARGET2 payment module;

(F) have access to intraday credit;

25th Clause Eligible collateral.

1. Intraday credit shall be based on eligible collateral and granted in the form of guaranteed discovered intraday or transactions with intraday repurchase, in accordance with the additional minimum common features (including the events of default therein listed and the corresponding consequences) that the Governing Council of the ECB set for monetary policy operations of the Eurosystem.

2. Without prejudice to the provisions of Title VI, eligible collateral for intraday credit will be the same that can be used as collateral in monetary policy operations of the Eurosystem, and are subject to rules of measurement and control of identical risk to those in the general clauses applicable to monetary policy operations of the Bank of Spain.

3. Debt instruments issued or guaranteed by the entity, or a third party with which the entity has close links, shall only be eligible collateral under the conditions laid down in the general clauses applicable to monetary policy operations of the Bank of Spain .

4. The Governing Council of the European Central Bank, at the request of the Bank of Spain, waive ensure that financing the Treasury and the equivalent bodies of the Autonomous Communities the letter (b) of paragraph 2 of Clause 24 concerns. st.

26th Clause Procedure for granting intraday credit.

1. Only you give access to intraday credit on business days.

2. Intraday credit shall not accrue interest.

3. Participant's access to intraday credit is conditional upon the conclusion of a contract with the Bank of Spain, which shall conform to the models that the Bank of Spain has approved for the purpose.

4. Automatically it is deemed to resort to the marginal lending entities to which paragraph 1 of the 24th clause have not reimbursed the intraday credit at the end of the day concerned.

5. The entity referred to in subparagraphs (a), (c) or (d) of paragraph 2 of the 24th clause reimburse the intraday credit at the end of the day must satisfy a penalty, calculated according to the following:

(A) whether the entity has a debit balance on its account at the end of the day for the first time in a twelve month period, shall be imposed the penalty interest resulting from applying the amount of the debit balance a rate five points above the marginal lending rate;

(B) for the entity that has a debit balance on its account at the end of the day for the second time at least in the same twelve-month period, the penalty interest that the letter refers to) will increase by 2 5 points each time, from the first, that the entity has a debit balance in that period of twelve months.

6. The Governing Council of the European Central Bank may waive or reduce the penalties imposed under the previous paragraph if the entity concerned had a debit balance at the end of the day because of force majeure or a technical malfunction of TARGET2.

27th Clause Suspension, limitation or termination of intraday credit.

1. (A) The Bank of Spain suspend or terminate access to intraday credit if any of the following events occurs:

(I) the suspension or closure of an account module payments entity with the Bank of Spain;


(Ii) the entity concerned ceases to meet any of the criteria set out in this title for the provision of intraday credit;

(Iii) the competent judicial or other authority decides to initiate liquidation proceedings of the company, appointment of a liquidator or analogous officer activities, or other analogous procedure;

(Iv) the entity becomes subject to the freezing of funds or other measures imposed by the European Union that restrict their ability to use its funds; or

(V) the suspension or termination of eligibility of the entity as consideration for monetary policy operations of the Eurosystem.

(B) The Bank of Spain may suspend or terminate access to intraday credit if an NCB suspends or terminates the participant's participation in TARGET2 under subparagraphs (b) to (e) of paragraph 2 of Clause 41. ª or occur one or more events of default (other than those referred to in (a) of paragraph 2 of clause 41st).

(C) if the Eurosystem suspends, it limits or excludes access TARGET2 participant to monetary policy instruments on grounds of prudence or otherwise in accordance with Article 158 of the General Documentation, the Bank of Spain also apply suspension, limitation or exclusion from access to intraday credit pursuant to the provisions of these Conditions and other contractual provisions or existing regulations applicable at any given time.

(D) The Bank of Spain may suspend, limit or terminate access to intraday credit, a participant if it considers that poses a risk for reasons of prudence. In such cases, the Bank of Spain will notify in writing without delay to the ECB, the other NCBs of the euro area NCBs and connected. If appropriate, the ECB Governing Council shall decide on the uniform application of the measures taken in all TARGET2 component systems.

2. The decision by the Bank of Spain to suspend, limit or terminate access to intraday credit of a counterparty in monetary policy operations of the Eurosystem in accordance with the provisions in paragraph (d) of paragraph 1 above will not be effective while not approves the ECB.

3. Notwithstanding the provisions of paragraph 2 above, in case of emergency the Bank of Spain may suspend with immediate effect the access to intraday credit of a counterparty in monetary policy operations of the Eurosystem, in which case it shall notify in writing without delay to the ECB. The ECB may revoke the decision of the Bank of Spain. However, if the receipt of the notification of the Bank of Spain ten working days, the ECB does not notify the revocation of the decision, this shall be considered approved by the ECB.
TITLE VI



Liquidity Fund
28th Clause liquidity fund services.

The Bank of Spain will offer a consolidated account information (IC) and an aggregated liquidity (AL).

29th Clause consolidated information service (CAI).

1. They may use the service IC:

(A) a credit institution or its branches (whether or not participating in the same TARGET2 component system), provided they have several PM accounts of payments identified by different BICs;

(B) two or more credit institutions belonging to the same group or their branches, each of them having one or more PM accounts identified by different BICs payments.

2. (A) With the IC service is provided to each member of the CAI group and their respective CBs list of accounts for the payments module group members and the following additional information consolidated at group level CI | ||
(I) intraday credit lines (if applicable);

(Ii) balances, including sub-accounts;

(Iii) volume of activity;

(Iv) settled payments, and

(V) payment orders pending.

(B) The CAI group manager and its respective CB shall have access to information on each of the above items in relation to any PM account of the CAI group.

(C) The information referred to in this paragraph is provided via the ICM.

3. The CAI group manager may initiate via the ICM liquidity transfers between accounts module payments, including their sub-accounts, forming part of the same CAI group.

4. The IC group may also include PM accounts of payments included in an AL group, in which case all payments accounts module AL group shall form part of the CAI group.


5. If two or more accounts module payments are part of an AL group and, at the same time, of a CAI group (comprising additional PM accounts of payments), the rules applicable to group shall prevail as regards relations within an AL group.

6. A group comprising IC module payments accounts of an AL group, may appoint a different IC group manager AL group manager.

7. The procedure for obtaining authorization to use the AL mode, set out in paragraphs 4 and 5 of the 30th clause, shall apply mutatis mutandis to the procedure for obtaining authorization to use the CAI. The CAI group manager not send any IC service agreement formalized the national central bank manager.

30th Clause Aggregated liquidity (AL mode).

1. They may use the AL:

(A) a credit institution or its branches (whether or not participating in the same TARGET2 component system), provided that they are established in the euro area and have several PM accounts of payments identified by different BICs;

(B) branches established in the euro area (whether or not participating in the same TARGET2 component system) of a credit institution established outside the euro area, provided that such branches have several PM accounts of payments identified by different BIC;

(C) two or more credit institutions referred to in the paragraph (a) or branches referred to in subparagraph (b) belonging to the same group.

In the cases they referred to in subparagraphs (a) to (c) it will usually require that the entities concerned have established intraday credit agreements concluded with the NCB of the respective euro area.

2. In the AL, to see if a payment order has sufficient coverage, available in the accounts of payments module all AL group members is added liquidity. However, the bilateral relationship has module payments between the AL group member and its AL NCB shall remain subject to the rules of the relevant TARGET2 component system, subject to the modifications set forth in the AL agreement. Intraday credit extended to any AL group member in your account module payments may be covered by available liquidity on the other PM accounts of payments that AL group member or PM accounts of payments of other group members AL with the same or other NCBs.

3. To use the AL mode, one or more account holders payment module that meet the criteria in paragraph 1 shall enter into an AL agreement with the Bank of Spain and, where appropriate, with other central banks in TARGET2 component systems in the involving other AL group members. An account holder module payments may only enter into one AL agreement in relation to a particular account payment module. The agreement shall be in conformity with the relevant model in Annex III.

4. Each AL group shall designate an AL group manager. If the AL group is formed by a single account holder payments module, this will be the AL group manager. The AL group manager shall direct the managing NCB a request for use of the AL in writing (including collection forms static data provided by the Bank of Spain), in the manner established by the managing NCB (if the NCB manager is the Bank of Spain, in the manner prescribed in Annex IV, signed by a person with specific power for the acquisition of commitment, depending on the model established for this purpose by the Bank of Spain), together with the agreement formalized following the model provided by the managing NCB (in case the managing NCB is the Bank of Spain, signed by people with power enough for the acquisition of commitment). The other members of the AL group shall apply in writing (including collection forms static data provided by the Bank of Spain) at their respective NCBs, in the manner established by them (in case the NCBs is the Bank of Spain, in the manner prescribed in Annex IV, signed by person with specific power for the acquisition of commitment, depending on the model established for this purpose by the Bank of Spain). The managing NCB may request any information or additional documents it deems appropriate to resolve the request. In addition, the managing NCB, in agreement with the other AL NCBs may require the insertion AL agreement of any additional provision that it considers appropriate to ensure proper and timely implementation by all members of the Group at their present or future obligations towards any AL NCB.


5. The managing NCB check whether applicants meet the requirements to form an AL group and whether the AL agreement has been duly executed. To this end, the managing NCB may be coordinated with the other NCBs. The decision of the managing NCB will write the AL group manager within one month of receipt of the application referred to in paragraph 4 by the managing NCB, or, if the managing NCB requests additional information, within one month following receipt of information by the managing NCB. The rejection of the application will be motivated.

6. Group members shall automatically have access to IC service.

7. It will access the provision of information and all interactive control measures within an AL group via the ICM.

31th Clause Prenda.

1. The present and future rights of the Bank of Spain arising from the legal relationship with a member of an AL group and secured by a pledge under paragraphs 1 and 2 of clause 43rd, shall include the rights of the Bank of Spain against that Member AL group born of the AL agreement to which both are party.

2. Without prejudice to the AL agreement, pledge not prevent the account holder module use the cash payments deposited into your account or accounts module payments during the business day.

Clause 32nd Execution of the garment.

Occurrence of an enforcement event, the Bank of Spain will have an unlimited right of enforcement of the pledge without prior notice, in accordance with the provisions of the Sixth Additional Provision of Law 13/1994 of 1 June on with autonomy of the Bank of Spain and in Chapter II of Royal Decree Law 5/2005 of 11 March, of urgent measures for boosting productivity and improving public contracting.

Compensation Clause 33rd rights under paragraphs 4 and 5 of the 43rd clause

Occurrence of an enforcement event, the rights of the Bank of Spain against the AL group member automatically and immediately due and shall be subject to compensation rules in paragraphs 4 and 5 of the clause 43.ª.
TITLE VII


Safety requirements and contingency cases

Clause 34th Contingency procedures and operational continuity.

In the event of an abnormal external event or any other event affecting the operation of the SSP occur, contingency procedures and operational continuity shall apply.

35th clause safety requirements.

1. Participants shall implement adequate security controls to protect their systems from unauthorized access and use. Participants are solely responsible for adequate protection of the confidentiality, integrity and availability of their systems.

2. Participants shall inform the Bank of Spain of all security-related incident to occur in their technical infrastructure and, where appropriate, of any incident relating to security to occur in the technical infrastructure of third party providers. The Bank of Spain may request further information about the incident and, if necessary, request that the participant take appropriate measures to prevent it from happening again measures.

3. The Bank of Spain may impose additional security requirements on all participants or that are considered critical.
TITLE VIII


The information and control module

36th Clause Using the ICM.

1. The ICM:

(A) allows participants to access information about their accounts and to manage liquidity;

(B) can be used to transfer orders liquidity;

(C) allows participants to place orders for the lump sum payment and contingency in case of failure of its payment infrastructure.

2. ICM Technical details are set out in the technical specifications of processing payment orders.
TITLE IX


Compensation, liability regime and evidence

37th Clause compensation system.

If a payment order can not be settled on the same business that has been accepted due to a technical malfunction of TARGET2, the Bank of Spain offer to compensate the direct participants concerned in accordance with the special procedure in the day Annex V.

38th Clause liability regime.

1. In fulfilling its obligations under the Terms, the Bank of Spain and the participants will be subject to a general duty of reasonable care.


2. The Bank of Spain be liable to its participants in cases of fraud (including fraud) or gross negligence, for any loss arising from the operation of TARGET2-Bank of Spain. In case of slight negligence, liability of the Bank of Spain will be limited to direct damages participant, ie, the amount of the operation concerned and uncollected interest thereon, excluding any consequential loss.

3. The Bank of Spain is not liable for losses resulting from failure or malfunction of the technical infrastructure (including infrastructure the Bank of Spain, programs, data, applications or networks) if the failure or malfunction occur despite the Bank of Spain adopted measures reasonably necessary to avoid and solve their consequences (measures including the initiation and conclusion of contingency procedures and operational continuity is included).

4. The Bank of Spain is not responsible for:

(A) losses caused by the participant;

(B) losses due to external events beyond the reasonable control of the Bank of Spain (force majeure).

5. Notwithstanding the provisions of Law 16/2009 of 13 November, payment services, and Order EHA / 1608/2010 of 14 June, on transparency of conditions and information requirements applicable to services payment, paragraphs 1 to 4 shall apply to the extent that liability can be excluded from the Bank of Spain.

6. The Bank of Spain and the participants shall take all reasonable and feasible to mitigate any damage or loss that this clause refers to measures.

7. When necessary to meet all or part of the obligations that the conditions imposed, or when it is a common practice in the market, the Bank of Spain may, on its own behalf, order tasks to third parties, especially telecommunications providers or other network services or other entities. The corresponding obligation and responsibility of the Bank of Spain will be limited to the selection and recruitment of those third parties in accordance with the applicable rules. For the purposes of this section, NCBs providers SSP shall not be considered third parties.

Evidence 39th Clause.

1. Unless the conditions provide otherwise, all payment messages and relating to processing related to TARGET2, such as confirmations of debits or credits, or statement messages account between the Bank of Spain and the participants payments shall be made through the network service provider TARGET2.

2. Electronic or written records preserved by the Bank of Spain or the network service provider TARGET2 messages will be accepted as evidence of the payments processed through the Bank of Spain. The saved or printed version of the original message of the network service provider TARGET2 be accepted as evidence, regardless of what was the form of the original message.

3. If the connection of a participant to the service provider network TARGET2 fails, the participant shall use the alternative means of transmission of messages laid down in the contingency procedures and operational continuity, in which case the saved or printed version of the message produced by the Bank of Spain will have the same evidential value as the original message, regardless of its form.

4. The Bank of Spain will maintain complete records of payment orders submitted and payments received by participants for a period of six years from the time when payment orders are submitted and payments are received, provided that these complete records comprise a minimum of five years for any participant in TARGET2 that is subject to continuous vigilance pursuant to restrictive measures adopted by the Council of the European Union or members, or more States if required by specific standards.

5. Own books and records of the Bank of Spain (whether kept on paper, microfilm or microfiche, by electronic or magnetic recording, or otherwise reproducible mechanically or otherwise) will be accepted as evidence of the obligations of participants and of facts and events that the parties rely on.
TITLE X


Termination of Participation and closing of accounts

40th Clause Duration and ordinary termination of participation

1. Notwithstanding clause 41st, participation in TARGET2-Bank of Spain is indefinite.


2. Participants may terminate its participation in TARGET2-Bank of Spain at all times, by serving a notice of fourteen working days, unless they had agreed with the Bank of Spain a shorter notice.

3. The Bank of Spain may terminate a participant's participation in TARGET2-Bank of Spain at all times, by serving a notice of three months, unless a different notice would have agreed with that participant.

4. On termination of participation, the confidentiality duties set out in clause 45th will apply during the next five years from the date of termination.

5. On termination of participation, the PM accounts of payments the participant concerned shall be closed in accordance with Clause 42nd

41st Clause Suspension and extraordinary termination of participation.

1. The participation of an account holder module payments in TARGET2-Bank of Spain immediately terminated without prior notice or suspended if any of the following events of default:

(A) opening of insolvency proceedings;

(B) the account holder payments module no longer meets the access criteria laid down in clause 4th

2. The Bank of Spain may terminate without prior notice to the account holder involvement module payments in TARGET2-Bank of Spain or suspended if one or more of the following assumptions:

(A) occur one or more events of default other than those set out in paragraph 1;

(B) the account holder module payments breach of these Conditions;

(C) the account holder payments module in breach of a material obligation to the Bank of Spain;

(D) the account holder payments module is excluded from TARGET2 CUG or ceases to be a member of it for another reason;

(E) any other circumstances related to the account holder payments module, according to the Bank of Spain, endangers the stability, soundness and safety of TARGET2-Bank of Spain or produced in any other TARGET2, or compromise the performance by the Bank of Spain of its functions under the Law 13/1994 of 1 June, autonomy of the Bank of Spain, and the Statute of the European system of Central Banks and the Central Bank system European, or poses a risk for reasons of prudence; or

(F) an NCB suspends or terminates access to intraday credit account holder module payments under paragraph 1 of clause 27th

3. In exercising its discretion under paragraph 2 will, the Bank of Spain will take into account the seriousness of the event of default or events referred to in points (a) to (c).

4. (A) If the Bank of Spain suspends or terminates the participation of an account holder module payments in TARGET2-Bank of Spain in accordance with paragraphs 1 and 2, the Bank of Spain shall forthwith, by a notice of ICM, the account holder payments module, other central banks and other account holders payment module.

(B) If the Bank of Spain is informed by another central bank about the suspension or termination of the participation of an account holder payments module in another TARGET2, the Bank of Spain system shall forthwith to its account holders payment module by a notice of ICM.

(C) Upon receipt of the ICM announcement by account holders module payments, will be deemed informed of the suspension or termination of the account holder involvement module payments in TARGET2-Bank of Spain or another TARGET2 system. Account holders Payments Module bear any losses arising from the submission of payment orders to account holders payment module whose participation has been suspended or terminated if such payment orders are entered into TARGET2-Bank of Spain after the receipt of ICM.

5. After the participation of an account holder module payments, TARGET2-Bank of Spain not accept any new payment orders that headline. payment orders on hold are returned, the warehoused payment orders and new orders in favor of the account holder payments module payment.


6. If the participation of an account holder module payments in TARGET2-Bank of Spain suspended all payments on your behalf and all payment orders are stored and will only be considered available for settlement when the central bank holder has suspended payments module has expressly accepted payments and orders.

Clause 42nd Closure of accounts module payments.

1. Participants may close their PM accounts at any time payment, giving the Bank of Spain notice fourteen working days.

2. Upon termination of participation, pursuant to clauses 40th or 41st, the Bank of Spain will close the accounts of payment module the participant concerned, once there:

(A) settled or returned any queued payment orders;

(B) exercised their rights of pledge and set under clause 43.ª.
TITLE XI

Final provisions


43rd Rights Clause pledge and set the Bank of Spain.

1. The Bank of Spain will have a real right of pledge on present and future balances of payments accounts module participant in ensuring the rights present and future claims arising from the legal relationship between the parties.

2. The Bank of Spain will have the real right of pledge referred to in paragraph 1 even if its claims are only contingent or not yet due.

3. The participant, as holder of the account payment module, is a real right of pledge to the Bank of Spain, who opened the account, thus complying with the provisions of the sixth additional provision of Law 13 / 1994 of June 1, autonomy of the Bank of Spain, and chapter II of Royal Decree Law 5/2005 of 11 March, of urgent measures for boosting productivity and improving public contracting . The amounts paid into the account payment module whose balance is pledged shall, by the mere fact of being paid, irrevocably pledged, without any limitation guarantee full compliance with the secured obligations.

4. Happened:

(A) an event of default referred to in paragraph 1 of clause refers 41st; or

(B) any other event of default or other measures paragraph 2 of the 41st clause which caused the termination or suspension of the participant's participation in TARGET2-Bank of Spain concerns, yet the opening of insolvency proceedings entrant or any assignment, judicial seizure or other or other disposition of their rights,

All obligations of the participant automatically and immediately without notice or prior approval or authorization will expire. In addition, the mutual obligations of the participant and the Bank of Spain will be compensated automatically, and the party owing the higher amount shall pay to the other the difference.

5. The Bank of Spain shall promptly inform the participant of any compensation made in accordance with paragraph 4.

6. The Bank of Spain may without prior notice debit the account of the payment module of a participant any sum that owes the legal relationship between them.

44th Clause Warranty claims on funds subaccounts.

1. The Bank of Spain will have a real right of pledge over the balance of the sub-account opened participant for settlement of payment instructions of ancillary systems under agreements between the relevant ancillary system and its central bank, in ensuring compliance with the obligation participant to the Bank of Spain to which paragraph 7 refers in relation to such settlement.

2. The Bank of Spain will block the balance of the sub-account of the participant upon communication by the ancillary system (via a message "cycle start"). Where appropriate, the Bank of Spain thereafter increase or reduce the frozen balance by crediting or debiting settlement payments between systems to or from the sub-account or crediting liquidity transfers to the sub-account. The lock shall expire upon communication by the ancillary system (via a message end of the cycle).


3. By confirming the freezing of the balance of the sub-account of the participant, the Bank of Spain to guarantee payment linked to the limit of the amount of that balance system. By confirming, where applicable, the increase or reduction in the balance blocked crediting or debiting settlement payments between systems or from the sub-account or crediting liquidity transfers to the sub-account, the guarantee is automatically increased or reduced by the same amount the pay. Notwithstanding the abovementioned increase or reduction of the guarantee shall be irrevocable, unconditional and payable on first demand. If the Bank of Spain is not the ancillary system central bank is deemed instructed to extend the guarantee to the bank.

4. In the absence of insolvency proceedings against the participant, payment instructions of ancillary system designed to adjust the payment obligation of the participant shall be settled without drawing on the guarantee and without recourse to the security right over the balance on the sub-account of the participant.

5. If the participant's insolvency, payment instruction for the squaring linked the obligation to pay the participant will be a first demand for payment under the guarantee; therefore debiting the amount indicated in the instruction in the sub-account of the participant (and crediting of the technical account) shall therefore equally involve the discharge of the guarantee obligation by the Bank of Spain and enforcement of their rights actual guarantee on the balance of the sub-account of the participant.

6. The guarantee shall expire upon communication by the ancillary system that the settlement has occurred (by a message end of the cycle).

7. The participant shall be obliged to repay the Bank of Spain this make payments under the guarantee.
Confidentiality Clause
45th.

1. The Bank of Spain shall keep confidential all sensitive or secret information, including such information relates to payment, technical or organizational participant or the participant's customers, unless the participant or its customer has consented in writing to divulge information or such disclosure is permitted or required by Spanish law.

2. Notwithstanding paragraph 1, the participant agrees that the Bank of Spain disclose payment information, technical or organizational participant, participants in the same group or the participant's customers obtained in the course of operation of TARGET2 -Bank of Spain, other CBs or third parties involved in the operation of TARGET2-Bank of Spain, to the extent necessary for the proper functioning of TARGET2 or exposure monitoring participant or group, or to the supervisory authorities and surveillance of the Member States and the European Union, to the extent necessary to carry out their public duties, and in all those cases provided that the disclosure is not contrary to applicable law. The Bank of Spain is not responsible for the financial and commercial consequences of such disclosure.

3. Without prejudice to paragraph 1, the Bank of Spain may use, disclose or publish payment information of the participant or the participant's customers for statistical purposes, historical, scientific or otherwise, in the performance of their public functions or functions of other public entities to whom the information is provided, and provided this does not allow directly or indirectly identify the participant or its customers.

4. Participants may only use the information they obtain on the operation of TARGET2-Bank of Spain for the purposes stated in the Terms, and maintain the confidentiality of such information unless the Bank of Spain has expressly consented in writing to its disclosure. Participants shall ensure that third parties to whom they outsource, delegate or subcontract tasks which affect or may affect compliance with its obligations under these Conditions are obliged to comply with the confidentiality requirements of this clause.

5. The Bank of Spain is authorized to process and transmit the service provider network TARGET2 data necessary to settle payment orders.

Clause 46 Privacy, prevention of money laundering, administrative or restrictive measures and related issues.


1. Participants will fulfill all obligations whose knowledge is assumed, imposed by the legislation on protection of personal data and prevent money laundering and terrorist financing, strategic from the point of view of proliferation nuclear activities, and creating nuclear weapons delivery systems, especially as regards the adoption of appropriate measures with respect to payments debited or credited on their PM accounts of payments. They also become familiar with the standards data recovery service provider's network TARGET2 before hiring him.

2. Participants authorize the Bank of Spain to obtain from any financial or supervisory authority or trade, national or foreign bodies, any information relating to them, whenever necessary for participation in TARGET2-Bank of Spain.

3. Participants, when acting as service providers pay a payer or a beneficiary, fulfill all the obligations arising from administrative or restrictive measures taken under Articles 75 and 215 of the Treaty on the Functioning of the European Union who applicable, including notification or obtaining the consent of the competent authority for the processing operations. In addition:

(C) when the Bank of Spain is the payment service provider of a participant who is the payer:

(Iii) the participant required the notification or obtain consent on behalf of the central bank primarily required to make notification or obtain consent, and shall provide the Bank of Spain evidence of having made the notification or having received consent;

(Iv) the participant no transfer order shall send any TARGET2 until it has received confirmation from the Bank of Spain that has made the required notification or consent has been obtained by the payment service provider of the beneficiary or his first name;

(D) when the Bank of Spain is the payment service provider of a participant who is the beneficiary, the participant will make the required notification or obtain consent on behalf of the central bank primarily required to make notification or obtain consent, and provide the Bank of Spain evidence of having made the notification or having received consent.

For the purposes of this section, the term 'payment service provider', 'payer' and 'payee' shall have the meaning attributed to them or restrictive administrative measures applicable.

Clause 47th Notifications.

1. Unless otherwise provided in these Conditions, all notices required or permitted pursuant to these Conditions shall be sent by registered mail, facsimile or other written form, or by authenticated through the network service provider TARGET2 message. ESPBESMMXXX: notifications to the Bank of Spain to the Director of Payment Systems Department of the Bank of Spain, c / Alcalá, 48, 28014 Madrid, or to the following address BIC Bank of Spain will be sent. Notices to the participant shall be sent to the address, fax number or BIC that the participant has notified the Bank of Spain direction.

2. To test sending a notification sufficient to prove that it was sent to the appropriate address the envelope that had contained the address and correct postage.

3. All notices must be written in Spanish, English or both languages.

4. Participants shall be bound by all forms and documents of the Bank of Spain who have completed or signed, including static collection forms the letter a) of paragraph 2 of Clause 8 th and information refers to data that paragraph 5 of the 11th clause, have been submitted in compliance with paragraphs 1 and 2, and the Bank of Spain reasonably believed to come from the participants, their employees or agents are concerned.

48th clause Contractual relationship with network service provider TARGET2.

1. For the purposes of the Conditions, the network service provider is SWIFT TARGET2. Each participant shall enter into a separate agreement with SWIFT regarding the services to be provided by SWIFT using TARGET2-Bank of Spain by that participant. The legal relationship between the participant and SWIFT shall be exclusively governed by the terms and conditions of SWIFT.


2. Each participant shall also participate in a TARGET2 CUG specified by the central bank provider of the single shared platform acting as the SWIFT service administrator for the SSP. The admission of a participant in a TARGET2 CUG or exclusion from it will be effective when the SWIFT service administrator communicated to SWIFT.

3. Participants shall comply with the SWIFT Service Profile TARGET2 who has made available the Bank of Spain.

4. The services provided by SWIFT shall not form part of the services provided by the Bank of Spain in relation to TARGET2.

5. The Bank of Spain is not responsible for the acts, errors or omissions of SWIFT (including its directors, staff and subcontractors) as provider of SWIFT services, or for any acts, errors or omissions of service providers network participants select to access the SWIFT network.

Clause 49th amendment procedure.

The Bank of Spain may at any time unilaterally amend these Conditions, including the annexes. Modifications of the Terms, including annexes, will be announced by publication in the Official Gazette. Amendments shall be deemed accepted unless the participant expressly objects to them within the next fourteen days of being informed of them. If a participant objects to the amendment, the Bank of Spain may immediately terminate its participation in TARGET2-Bank of Spain and close their accounts module payments.

50th Clause Third Party Rights.

1. Participants will not transmit, they pledged or assigned to third parties without the written consent of the Bank of Spain the rights, interests, obligations, responsibilities and claims arising from the Terms.

2. Conditions do not confer rights or impose duties on various entities of the Bank of Spain and participants in TARGET2-Bank of Spain.

51st clause applicable law, jurisdiction and place of execution.

1. The bilateral relationship between the Bank of Spain and participants in TARGET2-Bank of Spain shall be governed by Spanish law.

2. Without prejudice to the jurisdiction of the Court of Justice of the European Union, any dispute concerning the bilateral relationship referred to in paragraph 1 shall be the exclusive jurisdiction of the courts of Madrid it is concerned.

3. The place of execution, so the legal relationship between the Bank of Spain and the participants are concerned, it will be Madrid.

Clause 52nd Conservation.

The nullity or invalidity of any provision of the Terms shall not affect the enforceability of the remaining.

53rd Clause operation Entry into TARGET2-Bank of Spain and entry into force of the Terms.

1. The TARGET2-Bank of Spain system will become operational on 18 February 2008.

2. Conditions will take effect from the day of its publication in the "Official Gazette".
TITLE XII


General clauses relating to the follow uniform conditions and modified for the opening and operation of an account payment module TARGET2-Bank of Spain using Internet-based access

54th Clause Scope.

The conditions to participants using Internet-based access to one or more accounts module payments subject to the provisions of this title shall apply access.

Definitions Clause 55th.

For the purposes of this Title, in addition to the definitions set out in Title I, the following definitions shall apply. It shall apply:

- "Certification authorities" one or more NCBs that the ECB Governing Council designated as such for that, on behalf of the Eurosystem to issue, manage, revoke and renew electronic certificates;

- "Electronic certificate" or "certificate", the electronic file issued by certification authorities that binds a public key to an identity and is used for the following purposes: to verify that a public key belongs to an individual; authenticate the identity of the holder; check a signature from this individual or to encrypt a message addressed to him. Certificates are held on material devices such as smart cards or USB bars, and references to certificates include such physical devices. Certificates are important in the authentication process of the participants accessing TARGET2 through the Internet and pursuing payment messages or control;


- "Certificate holder" individual person named, identified and designated by a TARGET2 participant as authorized to have Internet-based account to access TARGET2 participant. Their application for certificates will have been verified the participant's home NCB, and will be transmitted to the certification authorities, which in turn have delivered certificates binding the public key with the credentials that identify the participant;

- "Internet-based access" that the participant has opted for a bill payment module which can only be accessed through the Internet and the participant attends payment messages or control TARGET2 via the Internet;

- "Internet service provider", the company or organization, ie, the route used by the TARGET2 participant to access your account in TARGET2 using Internet-based access.

For the purposes of this Title, the definition of "payment order" shall have the meaning transfer order, order liquidity transfer order or direct debit.

56th Conditions Clause do not apply.

The following conditions shall not apply for the purposes of internet based access: letter (c) of paragraph 1 and paragraph (d) of paragraph 2 of clause 4th; Paragraphs (2), (3) and (4) of clause 5th; 6th and 7th clauses; letter (b) of paragraph 1 of clause 9th; paragraph 8 of the 11 th clause; letter (a) of paragraph 1 of clause 14th; paragraph 2 of clause 17th; 28th to 33rd clauses; 48th clause; Title III and Annex III.

57th Clause complementary and modified conditions.

The following conditions apply to Internet-based effects with the modifications set access:

1. Paragraph 1 of clause 2 is replaced by the following:

"1. The following annexes are an integral part of the Conditions and apply to participants accessing account payment module using the Internet-based access:

Annex I: Terms of reference to the legal opinions must comply capacity and country.

Annex II: Application for participation in TARGET2-Bank of Spain.

Annex V: TARGET2 compensation system "
.
2. 3rd clause is amended as follows:

(A) Paragraph 1 is replaced by the following:

"TARGET2 provides for payments in euro real-time gross settlement and central bank money accounts in all payment module."

(B) Paragraph 2 is replaced by the following:

"In TARGET2-Bank of Spain following payment orders are processed:

(F) payment orders directly resulting from monetary policy operations of the Eurosystem or are related to those operations;

(G) settlement of the euro leg of foreign exchange operations of the Eurosystem;

(H) settlement of euro transfers resulting from transactions in clearing systems of large cross-border payments;

(I) settlement of euro transfers resulting from transactions in retail payment systems of systemic importance euros; and

(J) any other payment orders in euro addressed to TARGET2 participants. "

(C) shall be inserted the following paragraph 2a:

"For the sake of clarity, for technical reasons, any participant using Internet-based access shall not transfer orders cash payments module dedicated to the cash account."

(D) Paragraph 4 is replaced by the following:

"The Bank of Spain is the provider of services under these Conditions. The acts and omissions of the NCBs providers or SSP certification authorities shall be considered acts and omissions of the Bank of Spain, which shall be responsible as provided in clause 38th Participation under these Conditions not create a contractual relationship between participants and the NCBs providers when the SSP act in that capacity. Instructions, messages or information that participants receive from the SSP or send it in relation to the services provided under these Conditions shall be deemed received by the Bank of Spain or sent to him. "

(E) Paragraph 6 is replaced by the following:


'Participation in TARGET2 takes effect via participation in a TARGET2 component system. These Conditions describe the mutual rights and obligations of account holders payment module TARGET2-Bank of Spain and the Bank of Spain. The rules on the processing of payment orders (Title IV) refer to all payment orders submitted and any payment received by a holder of an account payment module and apply subject to Title XII. "

3. The letter (e) of paragraph 2 of clause 4th is replaced by the following:

'(E) credit institutions or classes listed in points a) to c), provided that they are established in a country with which the European Union has concluded a monetary agreement allowing access payment systems of the European Union, subject to the conditions set out in the monetary agreement and provided that the applicable legal regime in the country is equivalent to the legislation of the European Union for. "

4. 8th clause is amended as follows:

(A) paragraph 1 (a) (i) is replaced by the following:

"1. To open an account module accessible online payments in TARGET2-Bank of Spain, applicants must:

(A) fulfill the following technical requirements:

(I) install, manage, operate and monitor the necessary IT infrastructure to connect to TARGET2-Bank of Spain and take him orders, and ensure the safety of the facility in accordance with the technical specifications issued each when the Bank of Spain. Notwithstanding its sole responsibility, applicants may rely on third parties to meet this requirement; "

(B) the following point (c) is added to paragraph 1:

"(C) specify that you want to access your account payment module via internet, and request an account module separate TARGET2 payments if you also want to access TARGET2 via the network service provider of TARGET2. Applicants shall submit a duly completed application form for the issuance of electronic certificates needed to access TARGET2 through Internet-based access. "

5. 9th clause is amended as follows:

(A) Paragraph 3 is replaced by the following:

'3. Participants using Internet-based access can only view the TARGET2 directory online and may not distribute it either internally or externally. "

(B) Paragraph 5 is replaced by the following:

"5. Participants are aware that the Bank of Spain and other central banks may publish their names and BICs. "

6. The 10th clause is amended as follows:

(A) Paragraphs 1 and 2 are replaced by the following:

"1. Bank of Spain will offer Internet-based access described in Title XII. Conditions or unless the law provides otherwise, the Bank of Spain will use all reasonable means at its disposal to fulfill its obligations under these Conditions, but is not required to guarantee results.

2. Participants using Internet-based access shall pay the fees established in the corresponding Technical Applications issued by the Bank of Spain in effect at all times. "

(B) the following paragraph 5 is added:

"5. Participants will also have the following obligations:

(A) check at regular intervals throughout each business day, all information provided to them on the ICM, in particular the important systemic news (such as messages regarding the settlement of ancillary systems) and cases of exclusion or suspension of a competitor. Bank of Spain is not liable for losses caused directly or indirectly by the lack of verification of the participant; and

(B) at all times, ensure compliance with safety requirements in the technical specifications issued by the Bank of Spain, in particular regarding custody certificates, and implement standards and procedures to ensure that the certificate holders are aware of their obligations to the safeguarding of certificates. "

7. The 11th clause is amended as follows:

(A) the following paragraph 5a is added:


"5a. Participants will be responsible for timely update the forms for issuing electronic certificates needed to access TARGET2 using Internet-based access as well as Bank of Spain provide new forms of issuance of such electronic certificates. They also checked the accuracy of the information relating to them that the Bank of Spain introduced in TARGET2-Bank of Spain. "

(B) Paragraph 6 is replaced by the following:

'6. Shall be deemed to Bank of Spain is authorized to communicate to certification authorities any information relating to participants that they need. "

8. Paragraph 6 of the clause 12th is replaced by the following:

'6. Bank of Spain provide a daily statement of accounts to any participant that has opted for such service. "

9. The 13th clause is replaced by the following:

"Are classified as payment orders for the purposes of TARGET2 the following:

(A) transfer orders;

(B) direct debit instructions received under a direct debit authorization. Participants using Internet-based access may not take direct debit from your account payment module;

(C) liquidity transfer orders. "

10. The letter (b) of paragraph 1 of clause 14th is replaced by the following:

'(B) the payment message complies with the rules and conditions of TARGET2-format Bank of Spain and passes the double-entry check described in the technical specifications of processing payment orders; "

11. Paragraph 2 of clause 16th is replaced by the following:

'2. Participants using Internet-based access may not use group application regarding your account payment module accessible via the Internet or combine this account payment module accessible via internet with another account TARGET2 having . Only sets limits may be set in relation to an AL group. Limits shall not be set in relation to one account module payment of a member of an AL group. "

12. Paragraph 3 of the 18th clause is replaced by the following:

'3. When the indicator Debit Time is used, the accepted payment order shall be returned as non-settled if it can not be settled at the time of default debiting or before that time. Instructing participants will be informed via the ICM, rather than receive automatic notification via the ICM, 15 minutes before the debt default. Instructing participant may also use the indicator Debit Time to solely as a warning, in which case the order of payment will not be returned. "

13. Paragraph 4 of the 21st clause is replaced by the following:

"4. At the request of a payer, Bank of Spain may decide to change the position pending a payment order urgent (except for orders of highly urgent payment in the context of settlement procedures 5 and 6), provided that such change does not affect the smooth settlement by ancillary systems in TARGET2 or generate any systemic risk. "

14. The 35th clause is amended as follows:

(A) Paragraph 1 is replaced by the following:

"1. Participants using Internet-based access shall establish adequate security controls, in particular those specified in the technical specifications issued by the Bank of Spain, to protect their systems from unauthorized access and use. Participants are solely responsible for adequate protection of the confidentiality, integrity and availability of their systems. "

(B) the following paragraph 4 is added:

"4. Participants using Internet-based access immediately inform the Bank of Spain of any circumstances which may affect the validity of certificates, in particular the circumstances specified in the technical specifications issued by the Bank of Spain, including any loss or misuse . "

15. The 36th clause is replaced by the following:

"Using the ICM 36th Clause.

1. The ICM:

(A) allows participants to input payments;

(B) allows participants to access information about their accounts and to manage liquidity;

(C) can be used to transfer orders liquidity;

(D) allows participants to access system messages.


2. Other technical details of ICM for use in connection with Internet-based access are set out in the technical specifications issued at the time the Bank of Spain. "

16. The 39th clause is amended as follows:

(A) Paragraph 1 is replaced by the following:

"1. Unless the conditions provide otherwise, all payment messages and relating to processing related to TARGET2, such as confirmations of debits or credits, or statement messages account between Bank of Spain and the participants, payments will be provided to participant in the ICM. "

(B) Paragraph 3 is replaced by the following:

'3. If the connection of a participant fails, it will use the alternative means of transmission of messages laid down in the technical specifications that once adopted by the Bank of Spain, in which case the saved or printed version of the message produced by the Bank of Spain it will be accepted as evidence. "

17. The letter (c) of paragraph 4 of clause 41st is replaced by the following:

"(C) After the announcement of the ICM provided to participants using Internet-based access, these are presumed informed of the suspension or termination of the participant's participation in TARGET2-Bank of Spain or other integral system TARGET2. The participants shall bear any losses arising from the submission of payment orders to participants whose participation has been suspended or terminated if such payment orders are entered into TARGET2-Bank of Spain after the announcement of the ICM have been provided. "

18. Paragraph 1 of clause 46 is replaced by the following:

"1. Participants will fulfill all obligations whose knowledge is assumed, imposed by the legislation on data protection, prevention of money laundering and terrorist financing, strategic from the point of view of proliferation, and creating systems nuclear activities nuclear weapon, especially in regard to the adoption of appropriate measures with respect to payments debited or credited on their PM accounts of payments. Participants using Internet-based access will become familiar with the rules of data recovery internet service provider before hiring him. "

19. Paragraph 1 of clause 47th is replaced by the following:

"1. Unless otherwise provided in these Conditions, all notices required or permitted pursuant to these Conditions shall be sent by registered mail, facsimile or other written form. ESPBESMM2T2: 28014 Madrid or to the following address BIC Bank of Spain - notifications to the Bank of Spain to the Director of Payment Systems Department of the Bank of Spain, c / Alcalá, 48 will be sent. Notices to the participant shall be sent to the address, fax number or BIC that the participant has notified the Bank of Spain direction. "

20. 52nd clause is replaced by the following:

"Clause 52nd Conservation.

The nullity or invalidity of any provision of the Terms or Title XII will not affect the enforceability of the remaining provisions of the Terms or Title XII. "

Madrid, 11 June 2015. The Secretary General of the Bank of Spain, Francisco Javier Pérez Priego.
ANNEX I


Terms of reference to the legal opinions must comply capacity and country

Terms of reference for capacity opinions of account holders payment module TARGET2-Bank of Spain


Bank of Spain
Services Division Payments to Credit Institutions.

C / Alcalá, 48.

28014 Madrid.

Participation in TARGET2-Bank of Spain

[Place], [date]

Dear Sirs:

As legal [internal or external] advisers to [specify name of Participant or branch of Participant] have been asked this opinion on issues that the laws of [jurisdiction in which the Participant is established; hereinafter, the "jurisdiction"] in connection with the participation of [specify name of participant] (hereinafter the 'participant') in TARGET2-Bank of Spain (hereinafter, the "system").


This opinion is limited to the laws of [jurisdiction] in force on the date of the opinion. We have not examined the laws of any other jurisdiction to base our opinion, and do not express or imply any opinion regarding these laws. All statements and opinions presented below are equally valid and accurate under the laws of [jurisdiction], whether the participant submitting payment orders and receiving payments through its head office or one or more branches established inside or outside of [jurisdiction].

I. Documents considered

For the purposes of this Opinion, we have examined:

(1) certified copy of the [specify relevant constitutional documents] of the Participant such as [s] on the date hereof;

(2) [if applicable] an extract from the [specify relevant company register] and [if applicable] [register of credit institutions or analogous];

(3) [to the extent applicable] a copy of the Participant's license or other proof of authorization to provide banking, investment, funds transfer or other financial services in [jurisdiction];

(4) [if applicable] a copy of the resolution of the board of directors or governing body of the participant, on [insert date], [insert year], evidencing the Participant to sign the documents in the system, as defined in this opinion;

(5) [specify all powers of attorney and other documents constituting or evidencing the requisite power of the person or persons signing the relevant System Documents (as defined below) on behalf of the Participant];

And all other documents on the constitution, powers, and authorizations necessary or appropriate for formulating this Opinion (hereinafter the 'Participant Documents').

For the purposes of this Opinion, we have also examined:

(1) The general clauses concerning uniform conditions for opening and operating a payment account module in the system, approved by decision of 20 July 2007 of the Executive Committee of the Bank of Spain, as amended [insert date] (hereinafter the 'Rules');

(2) [...].

The Rules and the [...] are hereinafter referred to the 'System Documents' (and collectively with the Participant Documents, 'documents').

II. presumptions

For the purposes of this Opinion we have assumed in relation to the following documents:

(1) documents the system that we have been provided are originals or true copies;

(2) the provisions of the System Documents and the rights and obligations in them are valid and legally binding under the laws of Spain, which is expressed to be governed, and the laws of Spain recognize the election the laws of Spain as the law applicable to documents system;

(3) the Participant Documents are within the capacity and powers of action of interested parties, which have authorized, adopted or executed and, where necessary, delivered validly;

(4) the Participant Documents are binding on the parties to whom they are addressed, and has not violated any of its provisions.

III. Reviews about the participant

A. The Participant is a corporation duly established and registered or that is otherwise duly incorporated or organized under the laws of [jurisdiction].

B. The Participant has all the requisite corporate powers to assume and to exercise and enforce respectively, rights and obligations under the System Documents, in which it is part.

C. The adoption or execution and the exercise and comply respectively, rights and obligations under the System Documents, in which it is part, the participant does not infringe at all provision contained in the laws or regulations of [jurisdiction] are you applicable or the participant documents.

D. The participant does not require any other authorization, approval, consent, filing, registration, notarization or notarial formalization or certification otherwise, in any court or administrative, judicial or public authority in [jurisdiction], for the purposes of adoption , validity or enforceability of any of the system documents or the execution or performance of the rights and duties established in them.


E. The participant has taken all the necessary internal measures and made other steps necessary under the laws of [jurisdiction] to ensure that the obligations under the System Documents are lawful, valid and binding.

This opinion formulated on the date indicated and is addressed solely to the Bank of Spain and the [Participant]. No other person can use this opinion, whose contents can not be disclosed without our prior written consent to persons other than those to whom it is addressed and their legal advisors, unless the European Central Bank and the national central banks of the European System of Central Banks Central [y (the national central bank / relevant regulatory authority) of (jurisdiction)].

Sincerely,



Terms of reference for country opinions of account holders payment module TARGET2-Bank of Spain Non-EEA

Bank of Spain.

Services Division Payments to Credit Institutions.

C / Alcalá, 48.

28014 Madrid.

Participation in TARGET2-Bank of Spain

[Place], [date]

Dear Sirs:

Asked as [external] [specify name of Participant or branch of Participant] (the 'Participant') have been asked this opinion on issues that the laws of [jurisdiction in which the Participant is established ; hereinafter the "jurisdiction"] in connection with participation in TARGET2-Bank of Spain (hereinafter, the "system"). The reference herein to the laws of [jurisdiction] include all applicable regulations of [jurisdiction]. We formulate this opinion on the basis of the law of [jurisdiction], with particular regard to the Participant established outside Spain regarding the rights and obligations arising from participation in the system set out in documents the system as defined in this opinion).

This opinion is limited to the laws of [jurisdiction] in force on the date of the opinion. We have not examined the laws of any other jurisdiction to base our opinion, and do not express or imply any opinion regarding these laws. We assume that none of the laws of another jurisdiction which affects this Opinion.

1. Documents considered

For the purposes of this Opinion, we have examined the documents listed below and others that have deemed necessary or appropriate:

(1) The general clauses concerning uniform conditions for opening and operating a payment account module in the system, approved by decision of 20 July 2007 of the Executive Committee of the Bank of Spain, as amended [insert date] (hereinafter the 'Rules');

(2) other documents governing the system or the relationship between the Participant and other participants in the system, and participants in the system and the Bank of Spain.

The Rules and the [...] the 'System Documents' are hereinafter referred to.

2. presumptions

For the purposes of this Opinion we have assumed in relation to the System Documents:

(1) the System Documents are within the capacity and powers of action of interested parties, which have authorized, adopted or executed and, where necessary, delivered validly;

(2) the provisions of the System Documents and the rights and obligations in them are valid and legally binding under the laws of Spain, which is expressed to be governed, and the laws of Spain recognize the election the laws of Spain as the law applicable to documents system;

(3) the participants in the system through which any payment orders are sent or payments are received, or through which respectively are executed or performed any right or duty under the System Documents, they are licensed to provide funds transfer services in all relevant jurisdictions;

(4) the documents submitted to us in copy or as specimens conform to the originals.

3. opinion

According to the foregoing, and subject in each case to the points set out below, we consider the following:
3.1
country-specific legal aspects [to the extent applicable].

The following aspects of the legislation of [jurisdiction] are consistent with the obligations imposed system documents the participant, and in no way oppose them: [list of country-specific legal aspects].


3.2 General insolvency issues.

3.2.a Insolvency proceedings.

The only insolvency proceedings (including composition or rehabilitation) -which, for the purposes of this Opinion, shall include all proceedings in respect of the Participant's assets or any of its branches in [jurisdiction] - to which may be referred to participant in [jurisdiction], are the following: [list proceedings in original language and English translation] (collectively "insolvency proceedings").

In addition to the insolvency proceedings, the participant, property or any of its branches in [jurisdiction] may become subject in [jurisdiction] [list in the original language and translated into English moratoriums, management measures or other procedures under which they can be suspended or limited payments participant or the participant, or other similar procedures] (collectively "procedures").

3.2.b Insolvency treaties.

[Jurisdiction] or certain political subdivisions within [jurisdiction], as specified, are party to the following insolvency treaties: [specify, if applicable which have or may impact on this Opinion].

3.3 Execution system documents.

Subject to the points set out below, and in accordance with the laws of [jurisdiction], all provisions of the System Documents are binding and enforceable on their own terms, and specifically if initiated insolvency proceedings with respect to the participant.

In particular, we consider the following:

3.3.a Processing of payment orders.

The provisions on processing of payment orders contained in clauses 12th to 22nd inclusive of the Rules are valid and enforceable. In particular, all payment orders processed pursuant to such clauses are valid, binding and enforceable under the laws of [jurisdiction]. The provision of the Rules which specifies the precise moment when payment orders submitted by the Participant to the System become irrevocable (22nd clause) is valid, binding and enforceable under the laws of [jurisdiction].
Faculty 3.3.b
Bank of Spain to perform their duties.

The opening of insolvency proceedings with respect to the Participant will not affect the powers of the Bank of Spain established system documents. [Specify [to the extent applicable] that: the same applies to any other entity which provides the Participants with services directly and necessarily required to participate in the system (eg, the service provider network TARGET2..)].

3.3.c Remedies for noncompliance.

Where applicable to the Participant, the provisions of clauses 31st to 33rd and 40th to 44th inclusive of the Rules regarding accelerated maturity of obligations, compensation obligations participant deposits, implementation of garments , suspension and termination of participation, claims for default interest, and termination of agreements and transactions [(insert other relevant clauses of the rules or the system documents) are valid and enforceable under the laws of (jurisdiction) with ].

3.3.d Suspension and termination.

Where applicable to the Participant, the provisions of clauses including 40th to 42nd Standards (on the suspension and termination of its participation in the system should respect it started insolvency proceedings or other events of default, as defined in the system documents, or if the participant represents any kind of systemic risk or has serious operational problems) are valid and enforceable under the laws of [jurisdiction].

3.3.e Penalty regime.

Where applicable to the Participant, the provisions of clause 26th of the rules on penalties to participants who can not return in time intraday credit or overnight, as appropriate, are imposed are valid and enforceable under the laws of [jurisdiction].

3.3.f Assignment of rights and obligations.

The participant may not assign, modify or transfer in any way to third parties their rights and obligations without the prior written consent of the Bank of Spain mode.

3.3.g Choice of governing law and jurisdiction.


The provisions of clause 51st of the Rules, in particular those relating to applicable law, conflict resolution, competent courts notices are valid and enforceable under the laws of [jurisdiction].

3.4 Voidable.

We believe that no obligation arising out of the System Documents, its implementation or compliance before the start insolvency proceedings with respect to the participant, can be overridden in a procedure of this kind, under the laws of [jurisdiction], in respect of harmful act, act of voidable disposition or other similar concept.

This review relates in particular, without prejudice to the foregoing, all payment order submitted by any participant in the system. In our view, namely that the provisions of clause 22nd of Standards, which establish the irrevocability of payment orders are valid and enforceable, and that the payment order submitted by any participant and processed pursuant to Sections 12 -SIXTH to 22nd inclusive of the Rules may not be canceled insolvency proceedings under the laws of [jurisdiction] in respect of harmful act, act of voidable disposition or other similar concept.

3.5 Embargo.

If a creditor of the Participant requests from a court or governmental, judicial or public competent in [jurisdiction], under the laws of [jurisdiction] a writ of garnishment (including executing commands but lock funds, or other procedures of public or private law designed to protect the public interest or the rights of creditors of the participant), hereinafter "embargo" - is our opinion that [insert the analysis].

Underlying assets 3.6 [if applicable].

3.6.a Assignment of rights or deposit of assets for collateral purposes; warranty pledge agreement; financial collateral arrangement title transfer.

Assignments for collateral purposes are valid and enforceable under the laws of [jurisdiction]. Specifically, the creation and enforcement of a pledge agreement guarantee or financial collateral arrangement title transfer in accordance with the provisions 25th, 31st, 32nd, 43rd and 44th of the Rules and , where appropriate, in accordance with contracts signed with the Bank of Spain that paragraph 3 of the 26th clause of the Regulations refers to, it is valid and enforceable under the laws of [jurisdiction].

3.6.b Priority of assignees, pledgees or acquirers of assets for collateral purposes against other creditors.

If opening of insolvency proceedings against the participant, the rights or assets assigned for collateral purposes, or pledged by the Participant in favor of the Bank of Spain or other participants in the system, give preference to collect the product rights or collateral object ahead of the rights of other creditors of the participant, including priority or preferential.

3.6.c Implementation of collateral.

Even in case of opening of insolvency proceedings with respect to the Participant, other participants in the system and the Bank of Spain may, as assignees, pledgees or acquirers of assets for collateral purposes, as appropriate, run warranty and collect the Participant's rights or assets object through the Bank of Spain as provided in the Rules.

3.6.d Form and registration requirements.

The assignment purposes guarantee rights or assets of the participant, or the creation and enforcement of them of an agreement to pledge collateral or financial collateral arrangement title transfer is not subject to formal requirements. It is not necessary to register the transfer, pledge or acquisition of assets for collateral purposes, as appropriate, or details of the transfer, pledge or acquisition of assets for collateral purposes, as appropriate court or governmental, judicial or public competent in [jurisdiction].

3.7 Branches [to the extent applicable].

3.7.a Opinion applies to action through branches.

All statements and opinions presented above with regard to the participant with equal accuracy and validity under the laws of [jurisdiction] in situations where the Participant acts through one or more of its branches established outside [ jurisdiction].

3.7.b Conformity with law.


Neither the adoption and exercise and fulfillment, respectively, of the rights and obligations under the System Documents nor the submission, transmission or receipt of payment orders by a branch of the Participant will in any law of [jurisdiction].

3.7.c Required authorizations.

Neither the adoption and exercise and fulfillment, respectively, of the rights and obligations under the System Documents nor the submission, transmission or receipt of payment orders by a branch of the Participant will require any additional authorizations, approvals , consent, filing, registration, notarization or certification notarial formalization or otherwise in any court or administrative, judicial or public authority in [jurisdiction].

This opinion formulated on the date indicated and is addressed solely to the Bank of Spain and the [Participant]. No other person can use this opinion, whose contents can not be disclosed without our prior written consent to persons other than those to whom it is addressed and their legal advisors, unless the European Central Bank and the national central banks of the European System of Central Banks Central [y (the national central bank / relevant regulatory authority) of (jurisdiction)].

Sincerely,


ANNEX II


Request for opening an account payment module TARGET2-Bank of Spain

[Place], [date]

[Name of the applicant], with NIF [...], [registration number], established in [...] and, on its behalf, [...] DNI [...], with special powers for this act by power of attorney before [the / a] Notario [...] dated [...] (hereinafter, "the account holder payments module")
EXHIBITS

1st
belonging to one of the categories of entities mentioned in clause 4th of general clauses concerning uniform conditions for the opening and operation of an account payment module TARGET2-Bank of Spain (hereinafter the "Conditions").

2nd That meets the technical requirements set out in paragraph 1 (a) of clause 8 th of the conditions, for which provides certification issued by the Bank of Spain have passed the tests referred the paragraph 1 (a) (ii) of clause 8 th of the Terms.

3.º That meets the legal requirements in paragraph 1 (b) of clause 8th of conditions, whose effect has submitted to the Bank of Spain the following documentation (22) refers to: || |
(22) Tick the appropriate box.

□ capacity opinion;

□ country opinion.]

4.º That has duly completed and provided to the Bank of Spain forms static data collection provided by it.
5th
That, therefore, requests to participate in the payments system TARGET2 integral and operated by the Bank of Spain called TARGET2-Bank of Spain.

6th That, to that effect, it prompts you open an account payment module to its name at the Bank of Spain, in accordance with the provisions of the Terms.

[...] .º [Insert if applicable, if access to the account module payments via internet request: You want to access the module account payments through internet, whose effects submitted to the Bank of Spain, duly completed, the application forms for issuing electronic certificates needed.]

[...] .º [Insert if applicable, if access to the account module payments via internet request: That also requests will be open another account payments module to its name in the Bank of Spain in accordance with the provisions of the Terms, you want to access through the network service provider TARGET2.]

[...] .º That, complementary to its [s] character account [s] payment module, to which they belong, asks you to be open by the Bank of Spain as many sub-accounts the account holder module payments notify you to dedicate liquidity for the purposes of carrying out the settlement of payment instructions submitted by the respective ancillary systems.


[...] .º It also requested the opening of [one / two] account [s] center [is] out payments module (hereinafter, the [s] 'account [s] Central [es] ') in the Bank of Spain, specifically instructing it to transfer to that at the end of the business day all the existing balance in the [s] account [s] module payments and to return to transfer the existing balance in the [s] account [s] center [is] the beginning of the day the next business day after the [s] account [s] module payments account holder module payments, in accordance with the provisions of 12th clause, paragraphs 2 and 3, respectively, of the conditions;
For which purpose

EXPRESSES

That
1st expressly agree the content of the Terms, Technical Applications and other acts that the Bank of Spain issued for the implementation thereof, as well as those provisions that in the future they come to replace, modify or supplement in whole or in part, the aforementioned conditions, including annexes, Technical Applications and other acts issued for its implementation.
That
2nd accepts the rules established at any time the Bank of Spain to regulate the operation and types of eligible operations in the [s] account [s] center [is].

3rd May, under the provisions of Royal Decree-Law 5/2005 of 11 March, on urgent reforms to boost productivity and to improve public procurement, and the effects of compensation shall be considered as one account accounts which holds the same, whether the [s] account [s] module payments, if any, accounts dedicated cash, the [s] account [ s] center [is] or open ordinary current accounts in the books of the Bank of Spain, authorizing expressly to the Bank of Spain to amortize or regularize the accounts receivable with the balance of the creditor through transfers or debits and also to retain the funds or securities belonging to the account holder module debtor payments that the Bank of Spain has on deposit or management for any reason, to the extent necessary to ensure the effectiveness of any discovered that their accounts or relationships with the Bank of Spain result for this and their interests and expenses. Such compensation shall operate in particular in the event of, with respect to the account holder module payment, an enforcement event as defined in the Conditions, notwithstanding the opening of insolvency proceedings against the holder's account payment module or any assignment, judicial seizure or other or other disposition of their rights.

4th expressly authorizing that are due on your [s] account [s] module payments the amounts resulting from the settlement of any obligation account holder module payments resulting from operations completed between same and the Bank of Spain in the exercise of their functions.

For the applicant,
ANNEX III


Agreement for aggregating liquidity-variant A

Template for use of the AL mode by more than one credit institution

Between, on the one hand:

[Participant], holder (s) account (s) no payment module (s) [...], with [insert name of CB], represented by [...] as from [...];

[Participant], holder (s) account (s) no payment module (s) [...], with [insert name of CB], represented by [...] as from [...];

[Participant], holder (s) account (s) no payment module (s) [...], with [insert name of CB], represented by [...] as of [...]

(Hereinafter the "AL group members");

And the other,

[Insert name of AL NCB]

[Insert name of AL NCB]

[Insert name of AL NCB]

(Hereinafter the 'NCBs')

(Hereinafter AL group members and the AL NCBs are collectively referred to as the "Parties")
Whereas
:

(1) TARGET2 is legally structured as a multiplicity of payment systems, each system designated in accordance with the standards incorporated into domestic law Directive 98/26 / EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment systems and securities settlement (23).

(23) OJ L 166, 11.6.1998, p. 45.

(2) Participants in one or more TARGET2 component systems may, subject to certain requirements established in the respective conditions for participation in TARGET2 component systems, set up an AL group, so that liquidity is added accounts payment module.


(3) Aggregation of liquidity enables the AL group members settle payment orders for an amount exceeding the available liquidity on their respective PM accounts of payments, provided that the total amount of such payment orders never exceed aggregate amount of the available liquidity on all such accounts module payments. The resulting debit position on one or more of these accounts module is an intraday credit payments whose concession is governed by the respective national arrangements, subject to the amendments provided for in this agreement; in particular, such debit position is collateralised with the available liquidity in the accounts of payments module other AL group members.

(4) The effect of this mechanism is not to merge the various PM accounts of payments, which, subject to the limitations provided for in this agreement, continue to be exclusively of their respective owners.

(5) This mechanism aims to avoid the fragmentation of liquidity in the different TARGET2 component systems and simplify the liquidity management in respect of a group of credit institutions.

(6) This mechanism improves the overall efficiency of settlement of payments in TARGET2.

(7) [Participant], [participant] and [participant] are respectively connected to TARGET2- [insert reference to CB / country], TARGET2- [insert reference to CB / country], and TARGET2- [insert CB / country] and are subject to compliance with [insert reference to the implementing provisions of the Conditions] of [insert relevant dates]

In view of the foregoing, the Parties agree as follows:

1st Clause Effectiveness of this agreement.

This agreement and its modifications will only be effective when the managing NCB, after having obtained the information or documentation deemed necessary, confirm in writing that this agreement or amendments thereto comply with the requirements laid down in the respective conditions for participation in TARGET2 component systems.

Clause 2 Mutual interest of AL group members and the AL NCBs.

1. The AL group members expressly declare and acknowledge that this agreement serves their mutual economic, social and financial interest, as it allows the payment orders of all AL group members are settled in their respective TARGET2 component systems to the limit of amount of available accounts module payment of all AL group members liquidity, increasing the liquidity available in other TARGET2 component systems.

2. AL NCBs have a mutual interest in providing intraday credit to the AL group members, as this promotes the overall efficiency of settlement of payments in TARGET2. Intraday credit is guaranteed in accordance with Article 18 of the Statute of the European System of Central Banks and of the European Central Bank, as the debit balance resulting from executing a payment order is covered by the available liquidity in the accounts of payment module of the other group members with their respective AL NCBs, to ensure compliance with the obligations of any of the AL group members to the AL NCBs.

3rd Clause rights and obligations AL group members.

1. AL group members severally liable towards all AL NCBs of all obligations arising from the settlement in their respective TARGET2 component systems of a payment order of any AL group member. AL group members may not invoke internal responsibility-sharing arrangements to avoid any liability to the AL NCBs by the total of those obligations.

2. The total amount of all payment orders settled by the AL group members on their accounts module payments never exceed the aggregate amount of all available liquidity on all such PM accounts of payments.

3. AL group members shall be authorized to use the CAI described in [insert reference to the provisions under the Conditions].

4. AL group members is an internal agreement to include, inter alia:

(A) the rules of internal organization of the AL group;

(B) the conditions under which the AL group manager shall inform the AL group members;

(C) the costs of the AL (and its distribution between AL group members);

(D) the fees as remuneration payable including the AL group members for the services provided under the AL agreement and the rules for calculating.


Except as regards the letter d), the AL group members may decide whether or not to reveal the AL NCBs internal agreement or parts of it. AL group members shall disclose information that letter d) to the AL NCBs concerns.
4th Clause
Rights and obligations of the NCBs.

1. When a member of an AL group submits a payment order to its respective TARGET2 component system for an amount exceeding the available liquidity on their account payment module, its AL NCB shall grant intraday credit secured the liquidity available in other accounts payment module that keeps AL group member with its respective AL NCB accounts or payments module that other group members have with their respective AL NCBs. Such intraday credit shall be governed by the rules applicable to the granting of intraday credit by such AL NCB.

2. The payment orders submitted by any AL group member under which the amount of available on all accounts module payments AL group members liquidity is exceeded, will be placed on hold until there is sufficient liquidity .

3. Except in case of opening of insolvency proceedings against one or more AL group members, an AL NCB may claim from each AL group member full compliance with all obligations resulting from the settlement of payment orders of any member AL group in its TARGET2 system.
5th Clause
Appointment and functions of the AL group manager.

1. AL group members named to the AL group manager [indicate the participant designated as AL group manager], which will be the contact point for all administrative matters relating to the AL group.

2. All AL group members shall provide their respective AL NCBs and the AL group manager any information which may affect the validity, enforceability and implementation of this agreement, including information concerning the modification or termination of relations between members AL group necessary to comply with the definition of a group established in [insert reference to the relevant rules of the provisions that the Conditions], the occurrence of an event of default of the [insert reference to the arrangement which Conditions] or any circumstances which may affect the validity or enforceability of the [insert reference to the pledge, close-out netting or other relevant standards contained in the provisions apply for those applying the Terms].

3. The AL group manager shall immediately inform the managing NCB any information described in paragraph 2 relating to itself or to any other AL group member.

4. The AL group manager intraday monitoring of the liquidity available within the AL group.

5. The AL group manager shall have power of attorney over the PM accounts of payments AL group members and, in particular, act as agent of the AL group members in the following operations:

(A) any ICM operations on the accounts of payments module AL group members, including any change in priority of a payment order, revocation, change of settlement time, liquidity transfers (inclusive of sub-accounts), reordering of queued transactions, reservation of liquidity in respect of the AL group, and setting and changes of limits in respect of the AL group;

(B) any liquidity operation at the end of the day between accounts module payments AL group members which is intended to ensure the stabilization of balances of those accounts at the end of the day so that none of them have a debit balance or, where applicable, a debit balance not secured by eligible collateral (hereinafter the "stabilization");

(C) general instructions according to which automatic leveling, ie, determining the sequence of accounts module payments AL group members with available liquidity according to which they must record debts during the stabilization process;

(D) in the absence of express instructions from the AL group manager as provided in subparagraphs (b) and (c), will take place an automatic stabilization account from the payment module with the highest credit balance towards the PM account with the highest debit payments balance.


If an enforcement event occurs are as defined in [insert reference to the relevant rules of the provisions that the Conditions] shall apply the criteria set out in subparagraphs (c) and (d) .

6. The AL group members expressly waive their rights under [insert, if applicable, reference to the relevant provisions of national law] may have against the AL group manager because of their dual status, on the one hand, of AL group manager and, on the other account holder payments module and AL group member.
6th Clause
Functions managing NCB.

1. The managing NCB shall be the contact point for all administrative matters relating to the AL group.

2. All NCBs shall immediately provide the managing NCB any information relating to their respective AL group member which may affect the validity, enforceability and implementation of this agreement, including information concerning the modification or termination of relations between the AL group members necessary to comply with the definition of a group, the occurrence of an event of default of the [insert reference to the arrangement which the Conditions] or events which may affect the validity or enforceability of the [insert reference to the pledge, settlement netting or other relevant rules, contained in the provisions that the Conditions].

3. The managing NCB shall have access to all relevant information on all PM accounts of payments AL group members, including information on credit lines, balance, total turnover, settled payments and payments queue, and information on the limits and liquidity reserves AL group members.
7th Clause
Duration and termination of this agreement.

1. This agreement will last indefinitely.

2. All AL group member may unilaterally terminate its participation in this Agreement by giving written notice 14 business days to the managing NCB and the NCB AL in whose TARGET2 system involved. The managing NCB shall confirm to that AL group member the date of termination of its participation in the AL agreement and shall communicate such date to all AL NCBs which shall inform their AL group members. If that AL group member was the AL group manager, the other group members shall immediately appoint a new AL group manager.

3. This agreement or the participation of any AL group member in this agreement, as appropriate, shall automatically terminate without prior notice and with immediate effect if one or more of the following assumptions:

(A) modification or ending relationships between all AL group members needed to comply with the group definition as set out in [insert reference to the provisions under the Conditions], or affecting one or more AL group members;

(B) one or more AL group members or all fail to satisfy any other requirements for using the AL in [insert reference to the provisions under the Conditions].

4. Despite given any of the cases of paragraph 3, the payment order and submitted by an AL group member into the relevant TARGET2 component system shall remain valid and enforceable against all AL group members and the AL NCBs. [Insert if relevant: In addition, the [insert reference to the provisions on pledge or settlement netting or other relevant security arrangement] shall remain valid after extinguished the present agreement until the AL group members fully settled all positions accounts receivables module payments whose liquidity has been added.]


5. Notwithstanding paragraph 3, the managing NCB may at any time, according to the NCBs appropriate, without notice and with immediate effect, terminate the participation of an AL group member in this agreement if that AL group member violates any of the provisions of the agreement. Such decision shall be communicated in writing to all the AL group members, stating the grounds on which it is based. In this case, the other AL group members shall be entitled to terminate its participation in this agreement by writing to the managing NCB and the relevant AL NCBs with a notice of five working days. When term is of the participation of the AL group manager, the remaining AL group members immediately appoint a new AL group manager.

6. The managing NCB, in agreement with the other AL NCBs, may terminate this agreement without prior notice and with immediate effect if the maintenance of it would endanger the stability, soundness and safety of TARGET2 or jeopardize the performance by the AL NCBs of their tasks in accordance with the Statute of the European System of Central Banks and of the European Central Bank. Any decision of this kind will be communicated in writing to the AL group members, stating the grounds on which it is based.

7. This agreement shall remain valid as long as at least two AL group members.

Clause 8th amendment procedure.

Any amendment to this agreement, including the extension of the AL group to other participants, shall only be valid and enforceable if expressly agreed in writing all parties.
9th Clause
Applicable law.

This agreement shall be governed, construed and implemented in accordance with [insert reference to the law applicable to the account payment module that maintains the AL group manager in the managing NCB] with. This shall be without prejudice to:

(A) the relationships between group members and their respective AL NCBs governed by the law of the respective AL NCB;

(B) the rights and obligations between the AL NCBs governed by the law of the AL NCB which maintains the PM account payments AL group member whose available liquidity is used as collateral.

10th Clause Application of the [insert reference to the arrangement which the Conditions].

1. With respect to each of the AL group members and their respective AL NCBs, the relevant rules of [insert reference to the provisions under the Conditions] shall govern any matter not expressly governed by this agreement.

2. [Insert reference to the arrangement which the Conditions] and this agreement shall be considered part of the same contractual relationship.

Made, in as many copies as parties, [date].

AGREEMENT FOR AGGREGATED LIQUIDITY-VARIANT B

Model for use of the AL by a credit institution

Between, on the one hand: [name and address of a credit institution] represented by [...] as [...]

[Participant], holder (s) account (s) no payment module (s) [...], with [insert name of CB];

[Participant], holder (s) account (s) no payment module (s) [...], with [insert name of CB];

[Participant], holder (s) account (s) no payment module (s) [...], with [insert name of CB]

(Hereinafter, the participants 'AL group members' be called);

And the other,

[Insert name of AL NCB]

[Insert name of AL NCB]

[Insert name of AL NCB]

(Hereinafter the 'NCBs')

(Hereinafter AL group members and the AL NCBs are collectively referred to as the "Parties")
Whereas
:

(1) TARGET2 is legally structured as a multiplicity of payment systems, each system designated in accordance with the standards incorporated into domestic law Directive 98/26 / EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment systems and securities settlement (24).

(24) OJ L 166, 11.6.1998, p. 45.

(2) A credit institution with several PM accounts payment in one or more TARGET2 component systems may, subject to certain requirements established in the respective conditions for participation in TARGET2 component systems, set up an AL group so that the liquidity of the AL group members in those accounts payment module is added.


(3) Aggregation of liquidity enables the AL group members settle payment orders for an amount exceeding the available liquidity in an account payment module, provided that the total amount of such payment orders never exceeds the amount aggregate available liquidity on all PM accounts of payments AL group members. The resulting debit position on one or more of these accounts module is an intraday credit payments whose concession is governed by the respective national arrangements, subject to the amendments provided for in this agreement; in particular, such debit position is collateralised with the available liquidity on all PM accounts of payments AL group members.

(4) The effect of this mechanism is not to merge the various PM accounts of payments, which, subject to the limitations provided for in this agreement, continue to be separately held by the AL group members.

(5) This mechanism aims to avoid the fragmentation of liquidity in the different TARGET2 component systems and simplify the liquidity management of the AL group members.

(6) This mechanism improves the overall efficiency of settlement of payments in TARGET2.

(7) [Participant], [participant] and [participant] are respectively connected to TARGET2- [insert reference to CB / country], TARGET2- [insert reference to CB / country], and TARGET2- [insert CB / country] and are subject to compliance with [insert reference to the implementing provisions of the Conditions] of [insert relevant dates]

In view of the foregoing, the Parties agree as follows:

1st Clause Effectiveness of this agreement.

This agreement and its modifications will only be effective when the managing NCB, after having obtained the information or documentation deemed necessary, confirm in writing that this agreement or amendments thereto comply with the requirements laid down in the respective conditions for participation in TARGET2 component systems.

Clause 2 Mutual interest of AL NCBs.

AL NCBs have a mutual interest in providing intraday credit to the AL group members, as this promotes the overall efficiency of settlement of payments in TARGET2. Intraday credit is guaranteed in accordance with Article 18 of the Statute of the European System of Central Banks and of the European Central Bank, as the debit balance resulting from executing a payment order is covered by the available liquidity in the accounts of payments module AL group members with their respective AL NCBs, to ensure compliance with the obligations of the AL group members to the AL NCBs.

3rd Clause rights and obligations AL group members.

1. AL group members liable towards all AL NCBs of all obligations arising from the settlement in their respective TARGET2 component systems of the payment orders of any AL group member.

2. The total amount of all payment orders settled by the AL group members on their accounts module payments never exceed the aggregate amount of all available liquidity on all such PM accounts of payments.

3. AL group members shall be authorized to use the consolidated account information (IC) described in [insert reference to the provisions under the Conditions].
4th Clause
Rights and obligations of the NCBs.

1. When the AL group member submits a payment order to its respective TARGET2 component system for an amount exceeding the available liquidity on their account payment module, the NCBs corresponding will provide intraday credit secured the liquidity available in other accounts payment module that keeps AL group member with its respective AL NCB accounts or payments module held by other AL group members with their respective AL NCBs. Such intraday credit shall be governed by the rules applicable to the provision of intraday credit by such AL NCBs.

2. The payment orders submitted by the AL group members under which the amount of available on all accounts module payments AL group members liquidity is exceeded, will be placed on hold until there is sufficient liquidity .

3. Each AL NCB may claim from the AL group members the full discharge of all obligations resulting from the settlement of payment orders of the AL group members in the TARGET2 component systems in which they hold PM accounts payments.

5th Clause
Appointment and functions of the AL group manager.

1. AL group members named to the AL group manager [indicate the participant designated as AL group manager], which will be the contact point for all administrative matters relating to the AL group.

2. The AL group members shall provide the relevant AL NCBs with any information which may affect the validity, enforceability and implementation of this agreement, including information on the occurrence of an event of default of the [insert reference to the relevant rules of the provisions that the Conditions] or any circumstances which may affect the validity or enforceability of the [insert reference to the pledge, close-out netting or other relevant standards contained in the provisions apply by the Conditions].

3. The AL group manager shall immediately inform the managing NCB any information described in paragraph 2.

4. The AL group manager intraday monitoring of the liquidity available within the AL group.

5. The AL group manager shall have power of attorney over all PM accounts of payments AL group members and, in particular, shall perform the following operations:

(A) any ICM operations on the accounts of payments module AL group members, including any change in priority of a payment order, revocation, change of settlement time, liquidity transfers (inclusive of sub-accounts), reordering of queued transactions, reservation of liquidity in respect of the AL group, and setting and changes of limits in respect of the AL group;

(B) any liquidity operation at the end of the day between accounts module payments AL group members which is intended to ensure the stabilization of balances of those accounts at the end of the day so that none of them have a debit balance or, where applicable, a debit balance not secured by eligible collateral (hereinafter the "stabilization");

(C) general instructions according to which automatic leveling, ie, determining the sequence of accounts module payments AL group members with available liquidity to be record debts during the stabilization process;

(D) in the absence of express instructions from the AL group manager as provided in subparagraphs (b) and (c), will take place an automatic stabilization account from the payment module with the highest credit balance towards the PM account with the highest debit payments balance.

If an enforcement event occurs are as defined in [insert reference to the relevant rules of the provisions that the Conditions] shall apply the criteria set out in subparagraphs (c) and (d) .
6th Clause
Functions managing NCB.

1. The managing NCB shall be the contact point for all administrative matters relating to the AL group.

2. All NCBs shall immediately provide the managing NCB with any information on the AL group member which may affect the validity, enforceability and implementation of this agreement, including information on the occurrence of an event of default of the [insert reference the relevant rules of the provisions governing the conditions] or circumstances that may affect the validity or enforceability of the [insert reference to the pledge, close-out netting or other relevant rules contained in the applicable provisions that the Conditions].

3. The managing NCB shall have access to all relevant information on all PM accounts of payments AL group members, including information on credit lines, balance, total turnover, settled payments, queued payments, and information on limits and liquidity reserves AL group members.
7th Clause
Duration and termination of this agreement.

1. This agreement will last indefinitely.


2. All AL group member may unilaterally terminate its participation in this Agreement by giving written notice 14 business days to the managing NCB and the NCB AL in whose TARGET2 system involved. The managing NCB shall confirm to that AL group member the date of termination of its participation in the AL agreement and shall communicate such date to all AL NCBs which shall inform their AL group members. If that AL group member was the AL group manager, the other group members shall immediately appoint a new AL group manager.

3. This agreement will terminate automatically without notice and with immediate effect if no longer fulfilled the requirements of use of the AL established in [insert reference to the provisions under the Conditions].

4. Although given the assumption of paragraph 3, the payment order has already been submitted by the AL group member into the relevant TARGET2 component system shall remain valid and enforceable against all AL group members and the AL NCBs. [Insert if relevant: In addition, the [insert reference to the provisions on pledge or settlement netting or other relevant security arrangement] shall remain valid after extinguished the present agreement until the AL group members fully settled all positions accounts receivables module payments whose liquidity has been added.]

5. Notwithstanding paragraph 3, the managing NCB may at any time, according to the AL NCBs, may terminate this agreement if any AL group member violates any of the provisions of the agreement. Such decision shall be communicated in writing to all the AL group members, stating the grounds on which it is based.

6. The managing NCB, in agreement with the other AL NCBs, may terminate this agreement if the maintenance of it would endanger the stability, soundness and safety of TARGET2 or jeopardize the performance by the AL NCBs of their tasks pursuant to the Statute of European system of Central Banks and of the European Central Bank. Any decision of this kind will be communicated in writing to the AL group members, stating the grounds on which it is based.

Clause 8th amendment procedure.

Any amendment to this agreement, including the extension of the AL group to other participants, shall only be valid and enforceable if expressly agreed in writing all parties.
9th Clause
Applicable law.

This agreement shall be governed, construed and implemented in accordance with [insert reference to the law applicable to the account payments module AL group manager] with. This shall be without prejudice to:

(A) the relationships between group members and their respective AL NCBs governed by the law of the respective AL NCB;

(B) the rights and obligations between the AL NCBs governed by the law of the AL NCB which maintains the PM account of payments which available liquidity is used as collateral.

10th Clause Application of the [insert reference to the arrangement which the Conditions].

1. With respect to each of the PM accounts of payments AL group members, the relevant rules of [insert reference to the provisions under the Conditions] shall govern any matter not expressly governed by this agreement .

2. [Insert reference to the arrangement which the Conditions] and this agreement shall be considered part of the same contractual relationship.

Made, in as many copies as parties, [date].
ANNEX IV

Request for use
[insert as appropriate: [Service Information Consolidated] [Service Aggregation Liquidity]] TARGET2-Bank of Spain

[Place], [date]

[Name of the applicant], with NIF [...], [registration number], established in [...] and, on its behalf, [...] DNI [...], with special powers for this act by power of attorney before [the / a] Notario [...] dated [...].
EXHIBITS

1st
involved in the payment system TARGET2 integral and operated by the Bank of Spain, called TARGET2-Bank of Spain.


2nd That meets the access requirements for the use of [insert as appropriate: [consolidated information service] [liquidity aggregation service]] set out in paragraph one of clause [insert as appropriate [29 th] [30th]] of the General Clauses concerning uniform conditions for the opening and operation of an account payment module TARGET2-Bank of Spain (hereinafter the "conditions").

3.º That has duly completed and provided to the Bank of Spain forms static data collection provided by it.

[...] .º [Insert if applicable should be the AL group manager: That has contributed Agreement for aggregating liquidity duly executed by all members of the group in accordance with the relevant model established for this purpose in Conditions.]

[...] .º That, therefore, request the [insert as appropriate: [as group manager [CI] [AL]] [as a member of [CI] [AL] formed by [insert list of members forming the IC or group], the use of [insert as appropriate: [consolidated information service] [liquidity aggregation service]], in accordance with the provisions of the Terms.

For the applicant,
ANNEX V


TARGET2 compensation system

1. General principles.

(A) In the event of technical malfunction of TARGET2, direct participants may submit claims for compensation under the TARGET2 compensation system established in this Annex.

(B) Unless the Governing Council of the ECB decides otherwise, no compensation system TARGET2 apply if the technical malfunction of TARGET2 is due to external events beyond the reasonable control of the CBs concerned or acts or omissions of third parties.

(C) Compensation under the TARGET2 compensation system will be the only compensation offered in case of technical malfunction of TARGET2. However, participants may use all legal actions could match them to recoup their losses. Acceptance of an offer of compensation under the compensation system TARGET2 by a participant shall constitute its irrevocable agreement that waives all claims relating to the payment orders concerning which it accepts compensation (including for indirect damages) that could enforce against any central banks and the receipt of the corresponding compensation payment constitutes full and final settlement of all such claims. The participant shall indemnify the CBs concerned, up to the maximum of the amount received under the compensation system TARGET2, in respect of any other claims raised by any other participant or third party in respect of the payment order or payment that concerned.

(D) The compensation offer shall not constitute an admission of liability by the Bank of Spain or other central bank in relation to a technical malfunction of TARGET2.

2. Conditions for compensation offers.

(A) A payer may claim compensation for administrative expenses and interest when for a technical malfunction of TARGET2 a payment order was not settled on the business day on which it was accepted.

(B) The beneficiary may claim compensation for administrative expenses when a technical malfunction of TARGET2 it did not receive a payment that was expecting to receive on a particular business day. In addition, the beneficiary may claim interest compensation if any of the following conditions is met:

(I) in the case of participants with access to the marginal lending facility: when, because of a technical malfunction of TARGET2, a payee had recourse to the marginal lending facility;

(Ii) in the case of all participants: it was technically impossible to have recourse to the money market or such refinancing was impossible on other, objectively reasonable grounds.

3. Calculation of compensation.

(A) the supply compensation payers:

(I) administrative costs are 50 euros for the first payment order not settled, 25 euros for each of the following four orders, and 12.50 euros for each of the following commands, and calculated separately in respect of each beneficiary;


(Ii) interest compensation shall be calculated by applying a reference rate to be fixed daily. The reference rate shall be the lesser of the EONIA (index average euro a day) and the marginal lending and apply to the amount of the payment order not settled as a result of a technical malfunction of TARGET2, by each day of the period between the date on which the payment order was issued (or, if one of those referred to in subparagraph (ii) of subparagraph (a) of paragraph 2, the date you intend to attend it had to ) and the date on which the payment order was or could be liquidated. They are deducted from the amount of compensation the profits of the Eurosystem deposit of funds resulting from non-settled payment orders;

(Iii) no interest compensation shall be paid by the funds resulting from non-settled payment orders that have been placed on the market or have been used to fulfill minimum reserve requirements.

(B) As for the offer of compensation to beneficiaries:

(I) administrative costs are 50 euros for the first payment order not settled, 25 euros for each of the following four orders, and 12.50 euros for each of the following commands, and calculated separately for each payer;

(Ii) interest compensation shall be calculated by the method set out in subparagraph (ii) of subparagraph (a), but applying a rate equal to the difference between the marginal lending rate and the reference rate, the amount for which it had recourse to the marginal lending facility as a result of a technical malfunction of TARGET2.

4. Procedural rules.

(A) Claims for compensation shall be submitted in English on the claim form is available on the Bank of Spain on the Internet (see www.bde.es). Payers shall submit a claim form for each beneficiary, and beneficiaries submitted a claim form for each payer. sufficient information and documents in support of the data included in the claim form will be provided. Only one claim for each payment or payment order may be submitted.

(B) Participants shall submit their claim forms to the Bank of Spain in the four weeks after the technical malfunction of TARGET2. In addition, they will provide any information or evidence requested by the Bank of Spain in the application the following two weeks.

(C) The Bank of Spain will review the claims and forward them to the ECB. Unless the Governing Council decides otherwise and communicated to the participants, the ECB will evaluate claims in the 14 weeks after the technical malfunction of TARGET2.

(D) The Bank of Spain will communicate the results of the evaluation letter (c) participants involved concerns. If the evaluation includes an offer of compensation, participants who directs must reject or accept it in the next four weeks to communication and supply for each payment or payment order subject to each claim, by signing a standard letter of acceptance, the model is available on the Bank of Spain on the Internet (see www.bde.es). If the Bank of Spain does not receive this letter within four weeks, it considers that the participants involved have rejected the compensation offer.

(E) The Bank of Spain will pay compensation when you receive the letter of acceptance of the participant concerned. The compensation shall not accrue interest.