In accordance with the provisions of paragraphs (a) and (h) of Article 23.1 of Law 13/1994, of 1 June 1994, of the autonomy of the Banco de España, and paragraphs (a) and (i) of Article 66.1 of the Rules of Procedure of the Banco de España, and with reason for the adoption by the European Central Bank of Guideline ECB/2015/15 of 2 April 2015 amending Guideline ECB/2012/27 on the trans-European automated system of urgent transfer for gross settlement in real time (TARGET2), the Executive Board of the Banco de España agrees:

First.

Approve the general terms regarding the uniform conditions for the opening and operation of a dedicated cash account in TARGET2-Banco de España, the text of which is included as an annex to this Resolution.

Second.

General clauses regarding the uniform conditions for the opening and operation of a dedicated cash account in TARGET2-Banco de España will enter into force on 22 June 2015.

Madrid, 11 June 2015.-The Secretary General of the Banco de España, Francisco Javier Priego Pérez.

ATTACHED

General clauses concerning the uniform conditions for the opening and operation of a dedicated cash account in TARGET2-Banco de España

TITLE I

General provisions

Clause 1.

For the purposes of these General Clauses relating to the uniform conditions for the opening and operation of a dedicated cash account in TARGET2-Banco de España (hereinafter referred to as "Conditions") shall be understood as:

-"4BC", the Deutsche Bundesbank, the Banque de France and the Banca d' Italia and the Banco de España as central banks that develop and operate the T2S platform for the benefit of the Eurosystem;

-"A2A" (application-application): the mode of connection that allows the cash account holder to exchange information with the IT application of the T2S platform;

-"liquidity adjustment", the authorisation granted by the holder of the dedicated cash account to the Banco de España or its participating CSD, through a special contractual arrangement duly documented and recorded in the data static, to transfer liquidity between a dedicated cash account and a PM account, or between two dedicated cash accounts;

-"self-collateralisation", the intraday credit granted by the Banco de España in money from the central bank from which the holder of a dedicated cash account can dispose when it does not have sufficient funds to settle the payments cash for securities transactions, thereby guaranteeing intraday credit with the securities that are acquired (collateral on the flow) or with securities already available to the holder of the dedicated cash account in favour of the Bank from Spain (guarantee on the balance);

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

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

-"ECB", the European Central Bank;

-"NCB", national central bank;

-"connected NCB" means the NCB which is not a Eurosystem central bank and which is connected to TARGET2 under a specific arrangement;

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

-"single sharing platform providers", the Deutsche Bundesbank, the Banque de France and the Banca d' Italia as an NCB that develop and operate the single shared platform for the benefit of the Eurosystem;

-"beneficiary", except in the sense in which it is used in clause 32., the TARGET2 participant whose dedicated cash account will receive the payment corresponding to the settlement of the payment order;

-"BIC" (business identification code), the code defined in ISO n. º 9362;

-"timetable and operating schedule", the timetable and timetable for the operation of TARGET2-Banco de España established in the corresponding Technical Applications issued by the Banco de España in force at any time;

-"ISO country code", the code defined in ISO standard n. 3166-1;

-"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 amending the Regulation (EU) No 648/2012 ¹;

¹ OJ L 176, 27.6.2013, p. 1.

-"PM account" means the account that a participant in TARGET2 maintains in the payment module with a central bank and is necessary for the participant to:

(a) curse orders for payment or receive payments via TARGET2 and

(b) liquide payments with that central bank;

-"dedicated cash account", the account held by a holder of a dedicated cash account, opened at TARGET2-Banco de España, and used for cash payments in connection with the settlement of securities in T2S;

-"PM account of the payment module", the PM account to which a dedicated cash account is linked and to which the remaining balance will automatically be transferred back to the end of the day;

-"static data", the set of business objects, specific to the holder of the dedicated cash account or the central bank, in T2S and ownership respectively of both, which T2S requires to process the data relating to transactions executed by this holder or central bank;

-"CSD", central securities depository;

-"participating CSD", the CSD that has signed the T2S Framework Agreement;

-"business day", any day when, as set out in the timetable and operating schedule, TARGET2 is available for settlement of payment orders;

-"legal capacity opinion", the legal opinion on a given participant that includes the assessment of its legal capacity to assume and fulfil its obligations under the Conditions;

-"Directive on the firmness of settlement", Directive 98 /26/EC of the European Parliament and of the Council of 19 May 1998 on the determination of settlement in payment and settlement systems ²settings;

² OJ L 166, 11.6.1998, p. 45.

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

;

³ OJ L 91, 2.4.2015, p. 3.

-"EEE", European Economic Area;

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

-"technical specifications for the processing of payment orders", the Technical Applications issued by the Banco de España in force at any time concerning the technical specifications of the processing of payment orders;

-"static data collection form", the form created by the Banco de España to register applicants for the services of TARGET2-Banco de España and to register any change regarding the provision of these services services;

-"GUI" or "T2S graphical user interface", the T2S platform module that enables cash-dedicated account holders to obtain information online and gives them the ability to issue payment orders;

-"ICM" (information and control module), the single shared platform module that allows payment module account holders to obtain information online and gives them the ability to issue transfer orders from liquidity, manage liquidity and cure contingency payment orders;

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

-"available liquidity" means the credit balance in the dedicated cash account minus the amount of liquidity reserves or lock-down of funds processed;

-"technical malfunction of TARGET2", problems, defects or failures affecting the technical infrastructure or the IT systems used by TARGET2-Banco de España, including the single shared platform or the T2S platform, and any other events preventing payments in the same day from TARGET2-Banco de España;

-"Payments module", the single shared platform module on whose accounts the payments of participants in TARGET2 are settled;

-"T2S distinguished name": the network address of the T2S platform to be included in all messages addressed to the system;

-"payment order" means the liquidity transfer order of the dedicated cash account to the payment module, the liquidity transfer order of the payment module to the dedicated cash account or the liquidity transfer order of a Dedicated cash account to another dedicated cash account;

-"non-settled payment order", the payment order that is not liquid on the same business day on which it is validated;

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

-"liquidity transfer order from a dedicated cash account to another dedicated cash account", the order to transfer a specific amount of funds from a dedicated cash account to another dedicated cash account (a) linked to the same principal account of the payment module or (b) maintained by the same legal person;

-"payment module liquidity transfer order to the dedicated cash account", the order to transfer a specific amount of funds from the PM account to the dedicated cash account;

-"immediate liquidity transfer order" means the instruction to issue a cash transfer order from the dedicated cash account to the payment module, a liquidity transfer order from the payment module to the dedicated account cash or a liquidity transfer order from a dedicated cash account to another dedicated cash account in real time after receiving the said instruction;

-"permanent liquidity transfer order" means the instruction to transfer a specific amount of cash or "all cash" available in the dedicated T2S cash account from a dedicated cash account to a cash account a payment module that will be repeatedly submitted at a time or circumstance determined in the T2S processing cycle until the order is deleted or the validity period expires;

-"pre-defined liquidity transfer order" means the instruction to transfer a specific amount of funds from a dedicated cash account to a PM account that will be executed once at a time or Specific circumstances;

-"payer", except in the sense in which it is used in clause 32., the TARGET2 participant whose dedicated cash account shall be debited as a result of settlement of the payment order;

-"participant" or "direct participant" means the entity that is the holder of at least one payment module account (holder of the PM account) or a dedicated cash account (holder of the dedicated cash account) with a Eurosystem central bank;

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

-"single shared platform" (SSP), the unique technical infrastructure provided by the single shared platform providers;

-"insolvency proceedings", as defined in point (j) of Article 2 of the Settlement Finality Directive;

-"contingency and operational continuity procedures", the contingency and operational continuity procedures established in the corresponding Technical Applications issued by the Banco de España in force in each time.

-"TARGET2 network service provider" means the provider of the IT connections network intended to provide payment messages in TARGET2 appointed by the Governing Council of the ECB;

-"T2S network service provider" means a company that has signed a license agreement with the Eurosystem to provide connection services in the context of T2S;

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

-"related system" means the system managed by an entity established in the EEA, subject to the supervision or supervision of a competent authority and which meets the requirements of surveillance relating to the location of the infrastructure offering services in euro as published on the ECB ' s website ⁴, in which payments or financial instruments are exchanged or compensated, while the resulting cash obligations are settled in TARGET2 in accordance with the provisions of Guideline ECB/2012/27 of 5 December 2012 on the A trans-European automated transfer system for real time gross settlement (TARGET2) ⁵, and the bilateral legal relationship between the related system and the relevant central bank;

⁴ The current Eurosystem policy for the location of infrastructure is contained in the following statements, available on the ECB ' s website www.ecb.europa.eu: (a) Policy statement on euro payment and settlement systems located outside the euro area, dated 3 November 1998; (b) The Eurosystem's policy line with regard to consolidation in central counterparty clearing, dated 27 September 2001; (c) The Eurosystem's policy principles on the location and operation of infrastructures settling in euro-denominated payment transactions, dated 19 July 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 ', dated 20 November 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 Ireland North against the European Central Bank, T-496/11.

⁵ OJ L 30, 30.1.2013, p. 1.

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

-"alleged non-compliance", any imminent or current circumstance that may endanger the participant's compliance with the obligations imposed on it by the Conditions or other rules (including, in respect of access only) to self-collateralisation, as specified by the Governing Council of the ECB in respect of Eurosystem monetary policy operations) applicable to the relations between the participant and the Banco de España or another central bank (of the The Eurosystem, with regard to self-collateralisation). These circumstances include the following:

(a) that the participant no longer meets the access criteria of clause 5., or the requirements of paragraph 1 (a) (i) of clause 6., of the Conditions; or, only in respect of access to the self-collateralisation, which the entity no longer meets the access criteria, or the technical requirements, as set out in the General Clauses concerning the uniform conditions for the opening and operation of a PM account in TARGET2-Banco de España and, where appropriate, in Title XII thereof, or whose eligibility as an institution of Counterparty for Eurosystem monetary operations has been suspended or terminated;

(b) opening of insolvency proceedings with respect to the participant;

(c) submission of an application for the opening of a procedure referred to in point (b);

(d) written statement of the participant about his inability to pay all or part of his debts or to meet his obligations relating to intraday credit;

(e) celebration by the participant of a voluntary agreement or general agreement with its creditors;

(f) that the participant is insolvent or unable to pay its debts, or that its central bank considers it;

(g) that the participant's creditor balance in its PM account or its dedicated cash account or all or a good portion of its assets is subject to a blocking, embargo, execution or any other procedure intended to protect the public interest or the rights of the participant's creditors;

(h) the participant's participation in another TARGET2 component system or in a linked system has been suspended or terminated;

(i) that any substantial claims or pre-contractual manifestations that the participant has formulated or are presumed to have formulated under applicable law are incorrect or false;

(j) assignment by the participant of all or a substantial portion of its assets;

-"suspension", the interruption of the rights and obligations of a participant for as long as the Bank of Spain determines;

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

-'TARGET2-Banco de España ' (TARGET2-BE), the TARGET2 component system of the Banco de España;

-'TARGET2-Securities 'or' T2S 'or' T2S Platform ' means the set of physical and logical components and other technical infrastructure components through which the Eurosystem provides the participating CSDs and the banks (a) the Eurosystem central banks shall ensure that the Eurosystem central bank is in a position to ensure that the Eurosystem central bank is in a position to ensure that the Eurosystem central bank is in a position to meet the requirements of the Eurosystem central

;

-"U2A" (user-application), the connection mode that allows the cash account holder to exchange information with the IT application of the T2S platform through a graphical interface user;

-"T2S UDFS", the most current version of the functional specifications detailed for T2S users (UDFS); and

-"close links", as defined in Article 138 of the General Documentation.

Clause 2. Application Scope.

The Conditions shall govern the relationship between the Bank of Spain and the holder of the dedicated cash account with respect to the opening and operation of the account.

Section 3. Attachments.

1. The following Annexes are an integral part of the Conditions:

(a) Annex I: Terms of reference to which the legal opinions of capacity and country must conform

(b) Annex II: Request for the opening of a dedicated cash account in TARGET2-Banco de España

(c) Annex III: TARGET2 clearing system in relation to the opening and operation of the dedicated cash account

2. In the event of conflict or disagreement between the Annexes and the other provisions of the Conditions the latter shall prevail.

Clause 4. General description of T2S and TARGET2.

1. TARGET2 provides for euro payments a gross settlement in real time and central bank money in all payments module accounts and dedicated cash accounts. In accordance with Guideline ECB/2012/27 of 5 December 2012 on the Trans-European Automated Real-time Gross Settlement Express Transfer System (TARGET2) ⁶, TARGET2 also provides services of: real time gross settlement in respect of transactions processed in T2S for the holders of dedicated cash accounts that have linked a securities account to a participating CSD. These services are provided on the T2S platform, which enables the exchange of standardised messages with respect to the transfers of the dedicated cash accounts and to those accounts opened in the euro area NCB's books in TARGET2.

⁶ OJ L 30, 30.1.2013, p. 1.

2. The following operations are processed in TARGET2-Banco de España:

(a) the payment orders that are a direct consequence of the Eurosystem's monetary policy operations or are related to those transactions;

(b) the settlement of the euro component of the Eurosystem ' s foreign exchange operations;

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

(d) the settlement of euro transfers resulting from transactions in small payments systems in euro of systemic importance;

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

(f) the liquidity transfer orders of a dedicated cash account to another dedicated cash account, the cash transfer orders of the dedicated cash account to the PM and the transfer orders of the cash account. Payment module liquidity to the dedicated cash account; and

(g) any other payment order in euro addressed to a participant in TARGET2.

3. TARGET2 provides for euro payments a gross settlement in real time and central bank money in all payments module accounts and dedicated cash accounts. It is established and operates on the basis of the single shared platform, through which all payment orders are submitted and processed, and payments are finally received, in a technically identical manner. With regard to the technical functioning of the dedicated cash accounts in T2S, TARGET2 is established and operated through the T2S platform. The Banco de España is the service provider under the Conditions. The actions and omissions of the single shared platform providers and the 4CB shall be considered as actions and omissions of the Banco de España, of which the Bank of Spain shall be responsible in accordance with the provisions of clause 25. in accordance with the Conditions, there shall be no contractual relationship between the participants and the providers of the single shared platform or the 4CB when they act in such a way. The instructions, messages or information which the participants receive from or send to the single shared platform or the T2S platform in relation to the services provided under the Conditions shall be deemed to be received from the Bank of Spain or sent to him.

4. TARGET2 is legally structured as a multiplicity of payment systems made up of all TARGET2 component systems designated as 'systems' in accordance with the rules transposing the Directive on the firmness of the internal market. liquidation. TARGET2-Banco de España has been designated as a "system" in accordance with Article 8 (i) of Law 41/1999 of 12 November on payment and securities settlement systems.

5. Participation in TARGET2 takes place through participation in a TARGET2 component system. The Conditions describe the reciprocal rights and obligations of holders of dedicated cash accounts in TARGET2-Banco de España and the Banco de España. The rules on the processing of payment orders in accordance with the Conditions (Title IV and the technical specifications of the processing of payment orders) apply to any payment order submitted and any payment received by a participant in TARGET2.

TITLE II

Participation

Clause 5. Access Criteria.

1. Upon request, the following classes of entities may be holders of dedicated cash accounts in TARGET2-Banco de España:

(a) credit institutions established in the EEA, even 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) the NCBs of the Member States of the European Union and the ECB;

provided that the entities referred to in points (a) and (b) are not subject to restrictive measures taken by the Council of the European Union or the Member States in accordance with Article 65 (1) (b), Article 75 or Article 215 of the Treaty on the Functioning of the European Union and the application of which, in the opinion of the Banco de España after informing the ECB, is incompatible with the smooth functioning of TARGET2.

2. The Banco de España may at its discretion also admit as holders of dedicated cash accounts to the following classes of entities:

(a) the treasury departments of the central or regional administration of the Member States operating in the money markets;

(b) public sector entities in the Member States authorised to maintain customer accounts;

(c) the investment services companies established in the EEA;

(d) the managing entities of the linked systems acting in such quality;

(e) credit institutions or classes listed in points (a) to (d), provided that they are established in a country with which the European Union has concluded a monetary agreement that gives them access to payment systems of the European Union, subject to the conditions laid down in the monetary agreement and provided that the applicable legal regime in that country is equivalent to the relevant European Union legislation.

3. The electronic money institutions referred to in Law 21/2011 of 26 July of electronic money and Royal Decree 778/2012 of 4 May 2012 on the legal status of money institutions will not be allowed to participate in TARGET2-Banco de España. electronic.

Clause 6. Request Procedure.

1. In order for the Banco de España to open a dedicated cash account to an entity, that entity shall meet the access criteria of clause 5. The applicants shall also:

(a) meet the following technical requirements:

(i) install, manage, manage, and monitor the IT infrastructure required to provide technical connection to the single shared platform or the T2S platform and to address payment orders, and ensure the security of that infrastructure. Without prejudice to their sole responsibility, applicants may be served by third parties in order to comply with this requirement. In particular, where they are directly connected to the T2S platform, applicants who are holders of dedicated cash accounts shall enter into a contract with the T2S Network Service Provider in order to obtain the connection and admissions. required according to the technical specifications of the payment order processing;

(ii) have passed the certification tests and obtained the corresponding authorization required by the Banco de España;

(b) meet the following legal requirements:

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

(ii) in the case of entities referred to in paragraph 1 (b) of clause 5., submit a country legal opinion in the form set out in Annex I, unless the Banco de España has already obtained in another context the information and declarations to be provided by the country's legal opinion.

2. Applicants shall address their written requests to the Banco de España, in the form set out in Annex II, signed by person with specific power for the acquisition of the undertaking, as established by the Bank of Spain, attaching at least the following documents or information:

(a) the completed forms of static data collection provided by the Banco de España;

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

(c) the country's legal opinion, if required by the Banco de España.

3. The Banco de España may also require any additional information it deems necessary to resolve the application.

4. The Banco de España will reject the application if any of the following circumstances apply:

(a) the access criteria for clause 5 are not met;

(b) one or more of the participation requirements set out in paragraph 1 are not met;

(c) in the view of the Banco de España, the opening of a dedicated cash account would endanger the stability, reliability and general security of TARGET2-Banco de España or any other TARGET2 component system, or would undertake the performance by the Banco de España of its functions as laid down in Law 13/1994, of 1 June, of the autonomy of the Banco de España and the Statute of the European System of Central Banks and of the European Central Bank, or a risk, for reasons of prudence.

5. Within one month of receipt of the request, the Bank of Spain shall communicate its decision to the applicant in writing. If the Bank of Spain requires additional information in accordance with paragraph 3, it shall communicate its decision to the applicant within one month of receipt of that additional information. The decision rejecting the application shall be reasoned.

Section 7. Full Cash Account Holder.

The holders of dedicated cash accounts in TARGET2-Banco de España will meet the requirements set out in clause 6. You will have at least one dedicated cash account with Banco de España.

Section 8. Links between securities accounts and dedicated cash accounts.

1. The holder of a dedicated cash account may request the Banco de España to link its dedicated cash account to one or more securities accounts held on its own behalf or on behalf of those of its clients who are holders of securities accounts in one or more participating CSDs.

2. Holders of dedicated cash accounts that link their account to securities accounts on behalf of their clients, as set out in paragraph 1, shall create and maintain the list of related securities accounts and, if relevant, establish the necessary mechanisms for obtaining self-collateralization with client values.

3. As a result of the application provided for in paragraph 1, the holder of a dedicated cash account has been deemed to have ordered the CSD in which the related securities accounts to be held in the dedicated cash account to be held. amounts resulting from transactions with securities that take place in respect of those accounts.

4. Paragraph 3 shall apply irrespective of the existing arrangements between the holder of the dedicated cash account and the CSD or the holders of securities accounts.

TITLE III

Obligations of the parties

Clause 9. th Obligations of the Bank of Spain and the holders of dedicated cash accounts.

1. The Banco de España, upon application by the holder of a dedicated cash account, shall open and manage one or more dedicated euro cash accounts. Unless otherwise provided by the Conditions or the law, the Banco de España shall use all reasonable means at its disposal to comply with the obligations imposed on it by the Conditions, but shall not be obliged to guarantee results.

2. The fees for the services related to the dedicated cash accounts are set out in the corresponding Technical Applications issued by the Banco de España in force at any time. The principal account holder of the payment module to which the dedicated cash account is linked shall pay these fees.

3. The holders of dedicated cash accounts shall ensure that they are connected to TARGET2-Banco de España on business days in accordance with the timetable and operating hours.

4. The owner of the dedicated cash account declares and certifies to the Banco de España that the fulfilment of the obligations imposed on him by the Conditions does not contravene any law, regulation or statute that is applicable to him or any agreement to which is linked.

5. Holders of dedicated cash accounts shall ensure the proper management of the liquidity of the dedicated cash account during the day. This obligation includes, inter alia, the collection of periodic information on its liquidity position. The Banco de España shall provide a daily extract of the accounts to any holder of dedicated cash accounts that has opted for this service on the T2S platform, provided that it is connected to the platform by means of a service provider network of T2S.

Clause 10. th Cooperation and information exchange.

1. In the performance of its obligations and the exercise of its rights under the Conditions, the Bank of Spain and the holders of dedicated cash accounts shall cooperate closely to ensure the stability, reliability and security of TARGET2-Banco de España. The relevant information or documents shall be exchanged for the performance of their respective obligations, and for the exercise of their respective rights, in accordance with the Conditions, without prejudice to their banking secrecy obligations.

2. The Banco de España shall establish and maintain a system support service in order to assist the holders of dedicated cash accounts in the event of difficulties relating to the operating system of the system.

3. The TARGET2-Securities Information System (TARGET2) and the TARGET2-Securities Information System shall provide, respectively, updated information on the operational status of the TARGET2 platform and the T2S platform. The TARGET2 Information System and The TARGET2-Securities Information System may be used to obtain information on any event affecting the normal functioning of the respective platforms.

4. The Banco de España may disseminate messages to the holders of dedicated cash accounts by means of advertisements or by other means of communication. Holders of dedicated cash accounts may collect information through the ICM to the extent that they also maintain a PM account, or otherwise through the T2S GUI.

5. The holders of dedicated cash accounts will timely update the existing static data collection forms and submit the new static data collection forms to the Banco de España. They shall also verify the accuracy of the information relating to them that the Banco de España introduces in TARGET2-Banco de España.

6. The Bank of Spain shall be deemed to be authorised to release to the NCBs of the single shared platform or the 4CB any information relating to the holders of dedicated cash accounts which these banks need as a service administrators, in accordance with the contract concluded with the TARGET 2 or T2S network service provider.

7. The holders of dedicated cash accounts shall inform the Banco de España of any change in its legal capacity and of any legislative changes affecting matters covered by the country's legal opinion referred to them.

8. Holders of dedicated cash accounts shall inform the Bank of Spain of:

(a) any new holder of a securities account linked to the dedicated cash account in accordance with paragraph 1 of clause 8, which is valid;

(b) any changes to the account holders of securities listed in point (a).

9. Holders of dedicated cash accounts shall immediately inform the Bank of Spain when they incur a default.

Clause 11. th Designation, suspension, or termination of the PM account.

1. The cash account holder shall designate the main account of the PM to which the dedicated cash account is linked. The principal account of the PM may be maintained in a TARGET2 component system other than the Banco de España and shall belong to a legal entity other than the holder of the dedicated cash account.

2. A participant who uses Internet-based access shall not be designated as the principal of the PM account of the PM.

3. If the holder of the PM account and the holder of the dedicated cash account are different legal entities and in the event that the holder of the principal account of the module of the PM account is terminated or suspended. Designated payments, the Banco de España and the holder of the dedicated cash account shall take all reasonable and feasible measures to mitigate any subsequent damages or losses. The holder of the dedicated cash account shall take all necessary steps to designate, without undue delay, a new main account of the PM, which shall be liable for outstanding invoices. On the day of the suspension or termination of the PM account holder's participation, and until a new holder is appointed, the remaining funds at the end of the day on the dedicated cash account will be moved to an account of the Banco de España. These funds shall be subject to the remuneration conditions laid down in paragraph 4 of clause 12. of the General Clauses on the uniform conditions for the opening and operation of a PM account in TARGET2-Banco de España periodically updated.

4. The Banco de España shall not respond to the losses incurred by the owner of the dedicated cash account as a result of the suspension or termination of the holder's participation in the PM account.

TITLE IV

Opening and managing the dedicated cash and processing account

Section 12. Opening and managing the dedicated cash account.

1. The Banco de España will open and manage at least one dedicated cash account for each holder. Dedicated cash accounts shall be identified by means of a unique account number of 34 characters which shall be structured as follows:

	Name	Format	Content
	A.	Account Type.	1 character exactly.	"C" for cash account
		Code central bank country.	2 characters exactly.	ISO country code
		currency.	3 characters exactly.	EUR.
Part B.	Account Holder.	11 characters exactly.	BIC
Account Subclassification	Up to 17 characters.	Free (alphanumeric) text to be provided by the dedicated cash account holder.

2. No debtor balance shall be allowed in the dedicated cash accounts.

3. Dedicated cash accounts will not hold funds beyond the same day. At the beginning and at the end of the business day the dedicated cash accounts shall record a balance equal to zero. It shall be presumed that the holders of dedicated cash accounts have instructed the Banco de España to transfer all remaining balance at the end of the business day, in accordance with the timetable and operating schedule, to the main account of the module of payments referred to in paragraph 1 of clause

.

4. The dedicated cash account shall be used only for the period between the start of the T2S day and the T2S day closure, as set out in the T2S UDFS.

5. Dedicated cash accounts shall not bear interest.

Section 13. Operations that can be performed through the dedicated cash account.

Whenever the cash account holder designates the required securities accounts, he/she may carry out the following transactions through the dedicated cash account, on his own account or on behalf of his/her clients:

(a) cash transfer orders from the dedicated cash account to the PM;

(b) liquidity transfer orders from a dedicated cash account to another dedicated cash account;

(c) cash settlement orders derived from the T2S platform;

(d) cash transfers between the dedicated cash account and the dedicated cash account of the Banco de España in the particular context of paragraphs 4 and 5 of clause

.

Clause 14. th Validation and rejection of payment orders.

1. The payment orders submitted by the holders of dedicated cash accounts shall be deemed to be validated by the Banco de España if the following conditions are met:

(a) that the payment message complies with the rules established by the T2S network service provider;

(b) the payment message complies with the rules and format conditions of TARGET2-Banco de España and passes the check against duplicate entries described in the technical specifications of the processing of orders payment;

(c) where the participation of the payer or the beneficiary in the TARGET2 component system has been suspended, that the express consent of the central bank of the participant concerned has been obtained.

2. The Banco de España shall immediately reject any payment order which does not comply with the conditions laid down in paragraph 1. The Banco de España shall inform the holder of the dedicated cash account of the rejection of a payment order in accordance with the technical specifications of the processing of payment orders.

3. The T2S platform determines the time mark for processing payment orders based on the time you receive and accept the payment order.

Clause 15. Reserve and Liquidity Lock.

1. Participants will be able to book or block liquidity in their dedicated cash account. This does not constitute a guarantee of liquidation against third parties.

2. By requesting that a quantity of liquidity be booked or blocked, the participant gives instructions to the Banco de España to reduce the liquidity available in that amount.

3. A reservation request is an instruction according to which, if the available liquidity is equal to or greater than the amount to be reserved, the reservation is processed. If the available liquidity is lower, it reserves and the deficit may be covered by the liquidity received until the total amount of the reserve is available.

4. A lock request is an instruction according to which, if the available liquidity is equal to or greater than the amount to be locked, the lock request is processed. If the available liquidity is lower, no amount is blocked and the lock request will be refiled until the total amount of the lock request with the available liquidity can be covered.

5. The participant may, at any time during the business day in which a request for a reserve or liquidity block is processed, instruct the Banco de España to cancel the reservation or the block. The application may not be partially cancelled.

6. All requests for reserve or liquidity-blocking submitted in accordance with this clause shall expire at the end of the business day.

Clause 16. The moment of entry, moment of irrevocability.

1. For the purposes of the first sentence of Article 3.1 and Article 5 of the Directive on the firmness of settlement, and of the provisions of Articles 3, 11 (1) and 13 of Law 41/1999 of 12 November 1999 on payment and settlement systems securities, the liquidity transfer orders of a dedicated cash account to another dedicated cash account or the liquidity transfer orders of the dedicated cash account to the PM payments module to TARGET2-Banco de España shall be deemed to be accepted and shall be irrevocable at the time the debit is made in the holder's dedicated cash account corresponding. The liquidity transfer orders of the payment module to the dedicated cash account shall be governed by the uniform conditions for the opening and operation of a PM account in TARGET2 applicable to the system of payments. TARGET2 from which they come.

2. For the purposes of the first sentence of Article 3.1 and Article 5 of the Directive on the firmness of settlement, and of the provisions of Articles 3, 11 (1) and 13 of Law 41/1999 of 12 November 1999 on payment and settlement systems securities, and in relation to all transactions settled in the dedicated cash accounts and which are subject to the case of two different transfer orders, such transfer orders to TARGET2-Banco de España shall be considered as accepted and shall be irrevocable at the time the debit is made in the dedicated cash account of the holder corresponding.

3. The rules laid down in paragraph 2 shall be replaced by the rules set out below two weeks after the Governing Council of the ECB determines that an agreement on the provision of information and responsibility has been signed between a part, the Eurosystem central banks and the connected NCBs and, of the other, all CSDs participating in T2S on the date of such agreement.

(a) With respect to all transactions settled on dedicated cash accounts and which are subject to the case of two different transfer orders, such transfer orders to TARGET2-Banco de España shall be deemed to be accepted at the time the T2S platform declares that it complies with the technical standards of T2S and shall be irrevocable at the time the transaction is granted the status of 'married' on the T2S platform.

(b) As an exception to the previous letter (a), with respect to transactions involving a participating CSD that has an independent component for the case of orders, when the transfer orders are sent directly to that participating CSD for its case in that independent component, the transfer orders shall be deemed to be accepted in TARGET2-Banco de España at the time the participating CSD declares that it complies with the technical standards of T2S, and shall be deemed irrevocable from the moment when the operation is granted 'married' on the T2S platform. The list of CSDs for which this letter applies (b) may be consulted on the ECB ' s website.

TITLE V

Conditions of self-collateralization operations

Clause 17. Access criteria for self-collateralization.

1. By way of derogation from clause 40, the Banco de España, as from 6 February 2017 and in response to an application, shall provide self-collateralisation to the entities to which it grants intraday credit in accordance with Title V of the General clauses concerning the uniform conditions for the opening and operation of a PM account in TARGET2-Banco de España, provided that such entities are the holders of a dedicated cash account and an account of the payment module with the Banco de España and are not subject to restrictive measures adopted by the Council of the European Union or the Member States in accordance with Article 65 (1) (b), Article 75 or 215 of the Treaty on the Functioning of the European Union, and the application of which, in the opinion of the Bank of Spain, after informing the ECB, is incompatible with the smooth functioning of TARGET2.

2. Self-collateralisation shall be limited to the day in question and shall not be converted into one day credit.

Clause 18. Eligible Collateral Assets.

1. Self-collateralisation shall be based on eligible collateral and shall be granted in the form of intraday secured overdrafts or intraday repurchase agreements, in accordance with the additional common minimum requirements (including (a) the ECB ' s Governing Council shall establish for the Eurosystem monetary policy operations.

2. Eligible collateral to ensure self-collateralisation shall be the same as may be used as collateral in Eurosystem monetary policy operations and shall be subject to risk assessment and control rules. identical to those set out in the General Clauses applicable to the monetary policy operations of the Banco de España.

In addition, in terms of eligible collateral to ensure self-collateralization:

(a) the Banco de España may limit them by the prior exclusion of guarantee assets where close links may eventually exist;

(b) in the case of cross-border use, shall be mobilised through a link which the Governing Council of the ECB supports for use in Eurosystem credit operations and published on the ECB ' s website ⁷;

⁷ http://www.ecb.int/paym/coll/coll/ssslinks/html/index.en.html

(c) are subject to the discretionary exclusion of collateral granted to euro area NCBs by decisions of the Governing Council of the ECB.

3. Debt instruments issued or guaranteed by the institution, or by a third party with which the institution has close links, shall only be admitted as collateral under the conditions set out in the General Clauses applicable to the institutions. monetary policy operations of the Banco de España.

Clause 19. ª Self-collateralization Concession and Recovery Procedure.

1. Self-collateralisation may only be granted on business days.

2. Self-collateralisation shall not accrue interest.

3. For the granting of self-collateralisation, the commissions established in the corresponding Technical Applications issued by the Banco de España in force at any time will be charged.

4. The holder of the dedicated cash account may reimburse self-collateralisation at all times during the day following the procedure described in the T2S UDFS.

5. Self-collateralisation shall be reimbursed at the latest at the time provided for in the timetable and working hours and in accordance with the following procedure:

(a) The Banco de España will issue, through the T2S platform, the redemption order, which will be settled depending on the cash available to reimburse outstanding self-collateralization;

(b) if, after executing the step (a), in the dedicated cash account insufficient balance is available to repay the outstanding self-collateralisation, the Banco de España, through the T2S platform, will check other accounts dedicated cash in their books for the same holder and shall transfer cash from one or all of them to the dedicated cash account in which the repayment orders are placed on hold; and

(c) if, after performing the steps (a) and (b), in the dedicated cash account insufficient balance is available to repay the outstanding self-collateralisation, the cash account holder shall be deemed to have been ordered the Banco de España to transfer the guarantee assets that were used to obtain the self-collateralisation pending to the account where the guarantees constituted in favour of the Banco de España are transferred. The Bank of Spain shall then provide the necessary liquidity to repay the outstanding self-collateralisation and shall, without undue delay, owe the relevant account of the payment module of the dedicated cash account holder.

(d) The Banco de España shall impose a penalty of EUR 1 000 for each business day on which the transfer of collateral in accordance with point (c) is used once or more.

Clause 20. th Suspension, limitation, or termination of access to self-collateralization.

1. (a) The Banco de España shall suspend or terminate access to self-collateralisation if any of the following non-compliance assumptions occur:

(i) suspension or closing of a dedicated cash account or payment module account of the entity concerned with the Banco de España;

(ii) the interested entity ceases to meet any of the criteria set out in this title for the granting of self-collateralisation;

(iii) the competent, judicial or other authority decides to initiate a settlement procedure of the entity, the appointment of a liquidator or an analogous figure supervising its activities, or another analogous procedure;

(iv) the entity is subject to the freezing of funds or other measures imposed by the European Union that restrict its ability to make use of its funds; or

(v) the suspension or termination of the institution's eligibility as a counterpart in Eurosystem monetary policy operations.

(b) The Banco de España may terminate access to self-collateralisation if another NCB suspends or terminates the holding of the dedicated cash account holder in TARGET2 in accordance with points (b) to (d) of paragraph 2 of the clause 28. or one or more cases of non-compliance (other than those referred to in paragraph 2 (a) of clause 28) are produced.

(c) If the Eurosystem suspends, limits or excludes the access of the holder of the dedicated cash account to monetary policy instruments on the basis of prudence or otherwise in accordance with Article 158 of the Documentation General, the Bank of Spain shall also apply the suspension, limitation or exclusion in respect of access to self-collateralization in accordance with the provisions of these Conditions and other applicable contractual or regulatory provisions in force. at each moment.

(d) The Banco de España may suspend, limit or terminate access to the self-collateralisation of a holder of a dedicated cash account if it considers that it poses a risk, for reasons of prudence. In such cases, the Bank of Spain shall notify the ECB, the other euro area NCBs and the connected NCBs in writing and without delay. Where appropriate, the Governing Council of the ECB shall take decisions on the uniform application of the measures taken in all TARGET2 component systems.

2. The decision of the Banco de España to suspend, limit or terminate access to the self-collateralisation of a holder of a dedicated cash account in accordance with the provisions of paragraph 1 (d) above shall not be effective until the approve the ECB.

3. Without prejudice to the provisions of paragraph 2 above, the Bank of Spain may, in the case of urgency, suspend with immediate effect access to the self-collateralisation of a holder of a dedicated cash account, in which case it shall notify the Bank of without delay to the ECB. The ECB may revoke the decision of the Banco de España. However, if within 10 working days of receipt of the Bank of Spain's notification, the ECB does not communicate to the ECB the revocation of the decision, the decision shall be deemed to have been approved by the ECB.

TITLE VI

Security requirements, contingency cases, and user interfaces

Clause 21. Contingency Procedures and Operational Continuity.

In the event of an abnormal external event or other event affecting the operations cleared in the dedicated cash accounts, the contingency and operational continuity procedures shall apply.

Section 22 Security Requirements.

1. Holders of dedicated cash accounts shall establish appropriate security controls to protect their systems from unauthorised access and use. Cash account holders will be solely responsible for properly protecting the confidentiality, integrity and availability of their systems.

2. The holders of dedicated cash accounts shall inform the Bank of Spain of any security incident occurring in its technical infrastructure, and, if appropriate, of any security incident occurring in the technical infrastructure of third parties. The Banco de España may request further information on the incident and, if necessary, request that the holders of dedicated cash accounts take appropriate measures to prevent it from happening again.

3. The Banco de España may impose other security requirements on all holders of dedicated cash accounts or those it considers to be critical.

Clause 23 User Interfaces.

1. The holder of the dedicated cash account, or the holder of the PM account acting on his behalf, shall use the following means to access the dedicated cash account:

(a) the direct connection to the T2S platform in the U2A or A2A modes;

(b) the ICM of TARGET2 together with the added value services of TARGET2 for T2S.

2. Direct connection to the T2S platform enables cash account holders to:

(a) access information about your accounts and, where appropriate, modify it;

(b) manage liquidity and cure liquidity transfer orders from dedicated cash accounts.

3. The TARGET2 ICM together with the TARGET2 value added services for T2S allow the holder of the PM account to:

(a) access information about your accounts;

(b) manage liquidity and provide liquidity transfer orders to and from cash accounts.

The technical details relating to the ICM of TARGET2 are included in the technical specifications for the processing of payment orders.

TITLE VII

Compensation, liability regime, and test media

Section 24 Compensation System.

In case funds remain until the following day in a dedicated cash account due to a technical malfunction of the single shared platform or the T2S platform, the Banco de España will offer a compensation to the participants concerned in accordance with the special procedure set out in Annex III.

Clause 25. No Liability Regime.

1. In the fulfilment of its obligations under the Conditions, the Bank of Spain and the holders of dedicated cash accounts shall be subject to a general duty of reasonable diligence.

2. The Banco de España will respond to its holders of dedicated cash accounts, in case of fraud (including the dolo) or serious fault, of any loss arising from the operation of TARGET2-Banco de España. In case of minor fault, the responsibility of the Banco de España shall be limited to the direct damages of the owner of the dedicated cash account, that is, the amount of the transaction in question and the interest not received, and shall not include the damages indirect.

3. The Bank of Spain will not respond to losses arising from failures or a malfunction of the technical infrastructure (including the IT infrastructure of the Banco de España, programmes, data, applications or networks) if the In the case of the Bank of Spain, the Bank of Spain has taken the measures reasonably necessary to avoid them and to remedy its consequences (measures including the initiation and conclusion of the contingency and operational continuity procedures).

4. The Banco de España will not respond to:

(a) losses caused by the cash account holder;

(b) losses arising from external events that escape the reasonable control of the Banco de España (force majeure).

5. Without prejudice to the provisions of Law 16/2009 of 13 November 2009 on payment services and Order EHA/1608/2010 of 14 June 2010 on the transparency of the conditions and requirements for information applicable to payment services, paragraphs 1 4 shall apply to the extent that the responsibility of the Bank of Spain may be excluded.

6. The Banco de España and the holders of dedicated cash accounts shall take all reasonable and feasible measures to mitigate the damages or losses referred to in this clause.

7. When it is necessary to comply with all or part of the obligations imposed on it by the Conditions, or when it is a normal practice on the market, the Banco de España may, in its own name, order tasks from third parties, especially suppliers. of telecommunications or other network services or other entities. The obligation and corresponding responsibility of the Banco de España shall be limited to the selection and contracting of such third parties in accordance with the applicable rules. For the purposes of this paragraph, the SSP and the 4BC providers shall not be considered as third parties.

Clause 26. Test Media.

1. Unless the Conditions provide otherwise, all payment messages and related payments processing related to the dedicated cash accounts, such as debits or credits, or messages with statements of account, between the Banco de España and the holders of dedicated cash accounts, shall be carried out through the T2S network service provider.

2. Electronic or written records of messages retained by the Banco de España or the T2S network service provider shall be accepted as a means of proof of payments processed through the Banco de España. The archived or printed version of the original message from the T2S network service provider will be accepted as a test medium, regardless of the form of the original message.

3. If the connection of a dedicated cash account holder to the T2S network service provider fails, the holder of the dedicated cash account shall use the alternative means of transmitting messages which are set out in the contingency and operational continuity procedures, in which case the archived or printed version of the message produced by the Banco de España shall have the same evidential force as the original message, regardless of its form.

4. The Bank of Spain shall keep complete records of the payment orders submitted and the payments received by the holders of dedicated cash accounts for a period of six years from the moment the payment orders have been issued. submitted and payments have been received, provided that such complete records comprise a minimum of five years for any dedicated cash account holder in TARGET2 which is subject to continuous surveillance under restrictive measures taken by the Council of the European Union or the Member States, or more if specific rules so require.

5. The Bank of Spain's own books and records (already taken on paper, microfilm or microfiche, by electronic or magnetic recording, or otherwise mechanically or otherwise reproducible) will be accepted as a means of proof of the obligations of the Bank of Spain. the holders of dedicated cash accounts and the events or events in which the parties are based.

TITLE VIII

Terminating and closing dedicated cash accounts

Clause 27. th Duration and ordinary termination of dedicated cash accounts.

1. Without prejudice to clause 28, the dedicated cash accounts in TARGET2-Banco de España shall be opened for an indefinite period.

2. Holders of dedicated cash accounts may terminate their dedicated cash account at TARGET2-Banco de España at all times, notifying it with a notice of fourteen working days, unless they have agreed with the Bank of Spain for a shorter notice.

3. The Banco de España may terminate the dedicated cash account of a holder in TARGET2-Banco de España at all times, notifying it with a notice of three months, unless it has agreed to a separate notice with that holder.

4. Upon termination of the dedicated cash account, the confidentiality duties as set forth in clause 31 shall remain in force for the five years following the date of termination.

5. Upon termination of the dedicated cash account, it shall be closed in accordance with the provisions of clause 29.

Clause 28. th Suspension and extraordinary termination of participation.

1. The participation of a holder of a dedicated cash account in TARGET2-Banco de España shall immediately terminate without notice or shall be suspended if any of the following default assumptions are given:

(a) opening of insolvency proceedings;

(b) the holder of the dedicated cash account no longer meets the access criteria set out in clause

.

2. The Banco de España may terminate without notice the participation of the holder of the dedicated cash account in TARGET2-Banco de España or suspend it if any of the following assumptions are given:

(a) one or more non-compliance assumptions (other than those set out in paragraph 1) occur;

(b) the holder of the dedicated cash account severely breaches the Conditions;

(c) the holder of the dedicated cash account defaults to a substantial obligation to the Banco de España;

(d) the cash account holder is excluded from the T2S CUG (closed user group) or ceases to be a member of the other cause; or

(e) any other circumstance related to the holder of the dedicated cash account which, in the opinion of the Banco de España, endangers the stability, reliability and general security of TARGET2-Banco de España or of any other TARGET2 component system, or commits the performance by the Banco de España of its functions under Law 13/1994 of 1 June of the autonomy of the Banco de España and the Statute of the European System of Central Banks and of the European Central Bank, or poses a risk, for reasons of prudence.

3. In exercising the discretion conferred on it by paragraph 2, the Banco de España shall also take into account the seriousness of the cases of non-compliance and other types referred to in points (a) to

c).

4. (a) If the Banco de España suspends or terminates the participation of a holder of a dedicated cash account in TARGET2-Banco de España in accordance with paragraphs 1 and 2, the Banco de España shall immediately inform the Bank of Spain of the the holder of the dedicated cash account, the other central banks and the other participants, by means of an ICM or T2S announcement, depending on the technical option set out in clause 23. cash.

(b) If the Banco de España is informed by another central bank about the suspension or termination of the participation of a participant in another TARGET2 component system, the Banco de España will immediately inform its participants by an announcement of the ICM or T2S, depending on the technical option set out in clause 23. which is used by the holder of the dedicated cash account.

(c) Once the announcement of the ICM (in the case of the payment module account holders) or of T2S (in the case of holders of dedicated cash accounts) by the participants is received, they will be presumed informed of the suspension or termination of the holding of the dedicated cash account holder in TARGET2-Banco de España or another TARGET2 component system. Participants shall bear the losses arising from the cursing of payment orders to participants whose participation has been suspended or terminated, if the payment orders are entered into TARGET2-Banco de España after the receipt of the announcement of the ICM or T2S, depending on the technical option set out in clause 23. to use the cash account holder.

5. After the participation of a holder of a dedicated cash account, TARGET2-Banco de España will not accept new payment orders in relation to that holder.

6. If the holding of a holder of a dedicated cash account is suspended in TARGET2-Banco de España, all of its outgoing and incoming payment orders shall only be filed for settlement when the central bank of the dedicated account holder of suspended cash has expressly accepted the orders.

Clause 29. th Closure of dedicated cash accounts.

1. Holders of dedicated cash accounts may ask Banco de España to close its accounts at all times, giving it a notice of fourteen business days.

2. Upon termination of the participation in accordance with clauses 27 or 28, the Banco de España will close the dedicated cash account of the interested party, once it has cleared or returned the non-settled payment orders and exercised its rights. of garment and compensation in accordance with clause

.

TITLE IX

Final Provisions

Clause 30. th Bank of Spain garment and compensation rights.

1. The Banco de España shall have a real right of pledge on the present and future balances of the holder's dedicated cash accounts, as a guarantee of the present and future rights that are born of the legal relationship between the parties.

2. The Bank of Spain shall have the actual right of garment referred to in paragraph 1 even if its guaranteed rights are only possible or not yet enforceable.

3. The participant, as holder of the dedicated cash account, constitutes a real right of pledge in favor of the Banco de España, with whom it has opened that account, thus giving compliance to the provisions of the additional sixth of the Law 13/1994, of June 1, of autonomy of the Banco de España, and in Chapter II of the Royal Decree Law 5/2005, of March 11, of urgent reforms for the impulse of productivity and for the improvement of public procurement. The sums to be paid into the dedicated cash account, the balance of which is payable, shall be deemed, for the sake of payment, to be irrevocably and without limitation in order to ensure full compliance with the guaranteed obligations.

4. Occurred:

(a) a case of non-compliance referred to in paragraph 1 of clause 28. or

(b) any other alleged non-compliance or other nature referred to in clause 28 (2) that has resulted in the termination or suspension of the holding of the dedicated cash account holder in TARGET2-Banco de España, and notwithstanding the opening of a procedure for the insolvency of the holder of the dedicated cash account or any transfer, judicial or other provision of his rights, all the obligations of the holder of the dedicated cash account will automatically and immediately expire without notice or from prior approval or approval. In addition, the reciprocal obligations of the holder of the dedicated cash account and the Banco de España shall be automatically compensated, and the party that owes the largest sum shall pay the difference to the other.

5. The Banco de España shall inform the holder of the dedicated cash account without delay of any compensation made in accordance with paragraph 4.

6. The Banco de España may, without prior notice, carry on the dedicated cash account of a holder any amount owed to it by virtue of the legal relationship between the two.

Clause 31. Confidentiality.

1. The Banco de España shall maintain the confidentiality of any sensitive or secret information, including that of payment, technical or organizational data of the owner of the dedicated cash account or its clients, except that the account holder dedicated to cash or the client have consented in writing to disclose the information or such disclosure is permitted or required by the Spanish law.

2. Without prejudice to paragraph 1, the holder of the dedicated cash account accepts that the Banco de España shall disclose information on payments, technical or organisational information of the holder of the dedicated cash account, of other dedicated accounts cash held by other holders of the same group or clients of the holder of the dedicated cash account, obtained in the course of the operation of TARGET2-Banco de España, other central banks or third parties involved in the operation Operation of TARGET2-Banco de España, to the extent necessary for the smooth functioning of TARGET2 or the monitoring of the exposure of the holder of the dedicated cash account or of his group, or the supervisory and supervisory authorities of the Member States and of the European Union, to the extent necessary to perform their duties public, and in all such cases provided that the disclosure is not contrary to the applicable law. The Banco de España will not respond to the financial and commercial consequences of such disclosure.

3. Without prejudice to paragraph 1, the Banco de España may use, disclose or publish payment information from the holder of the dedicated cash account or its clients for statistical, historical, scientific or other purposes, in the performance of its public functions or the functions of other public entities to whom the information is provided, and provided that it does not directly or indirectly permit the identification of the holder of the dedicated cash account or its clients.

4. Holders of dedicated cash accounts may only use the information to which they have access to the operation of TARGET2-Banco de España for the purposes set out in the Conditions, and shall maintain the confidentiality of such information. unless the Bank of Spain has expressly consented to its disclosure in writing. Holders of dedicated cash accounts shall ensure that third parties to whom they outsource, delegate or subcontract tasks that affect or are likely to affect the fulfilment of their obligations under the Conditions are bound to comply with the requirements of the confidentiality requirements of this clause.

5. The Banco de España shall be authorised to process and transmit to the T2S network service provider the data necessary to settle the payment orders.

Clause 32. Personal data protection, prevention of money laundering, administrative or restrictive measures and other related matters.

1. Holders of dedicated cash accounts shall comply with all obligations, the knowledge of which is presumed to be imposed on them by legislation on the protection of personal data and the prevention of money laundering and terrorist financing, strategic nuclear activities from the point of view of proliferation, and the creation of nuclear weapon delivery systems, in particular with regard to the adoption of appropriate measures in respect of payment orders due to or pay into their dedicated cash accounts. They shall also be familiar with the data recovery rules of the T2S Network Service Provider before contracting with it.

2. The holders of cash accounts authorize the Banco de España to obtain from any financial authorities or supervisory authorities or commercial bodies, national or foreign, any information referred to them, provided it is necessary for its participation in TARGET2-Banco de España.

3. Holders of dedicated cash accounts, where they act as payment service providers of a payer or a beneficiary, shall comply with all obligations arising from administrative or restrictive measures which are taken pursuant to the Articles 75 and 215 of the Treaty on the Functioning of the European Union applicable to them, including notification or obtaining the consent of the competent authority in respect of the processing of operations. Plus:

(a) when the Banco de España is the payment service provider of a holder of a dedicated cash account that is the payer:

(i) the holder of the dedicated cash account shall make the required notification or obtain the consent on behalf of the central bank primarily obliged to make the notification or obtain the consent; and provide the Banco de España with evidence that it has made the notification or obtained the consent;

(ii) the holder of the dedicated cash account shall not pursue any liquidity transfer order from the dedicated cash account to the payment module or liquidity transfer order from a dedicated cash account to another account dedicated cash in TARGET2 until the Bank of Spain has received confirmation that the required notification has been made or the consent has been obtained by the payment service provider of the beneficiary or on its behalf;

(b) when the Banco de España is the payment service provider of a dedicated cash account holder who is the beneficiary, the holder of the dedicated cash account shall make the required notification or obtain consent on behalf of the central bank primarily obliged to make the notification or obtain consent, and shall provide the Bank of Spain with evidence of having made the notification or having obtained the consent.

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

Clause 33. NoNotifications.

1. Unless the Conditions provide otherwise, any notification required or permitted under the Conditions shall be sent by registered mail, facsimile or other written form, or by authenticated message through the network service provider T2S. The notifications to the Banco de España shall be sent to the Director of the Payment Systems Department of the Banco de España, c/Alcala, 48, 28014 Madrid, or to the following address BIC of the Banco de España: ESPBESMMXXX. Notifications to the holder of the dedicated cash account shall be sent to the address, fax number or BIC address that the holder has notified to the Banco de España.

2. To test the submission of a notification, it is sufficient to prove that it was sent to the appropriate address or that the envelope containing the notification had the correct direction and postage.

3. All notifications will be written in Spanish, English or both.

4. Holders of dedicated cash accounts shall be bound by all the forms and documents of the Bank of Spain which they have completed or signed, including the static data collection forms referred to in point (a) of the Section 6 (2) and the information referred to in clause 10 (5), which have been sent in accordance with paragraphs 1 and 2, and which the Banco de España reasonably believes to be from the holders of accounts cash, their employees or their agents.

Clause 34. Contractual Relationship with the T2S Network Service Provider.

1. Each holder of a dedicated cash account shall conclude an independent agreement with a provider of the T2S network service relating to the services to be provided for the use of the dedicated cash account by that holder. The legal relationship between the holder of the dedicated cash account and the T2S network service provider shall be governed exclusively by the terms and conditions of its independent agreement.

2. The services provided by the T2S network service provider shall not be part of the services provided by the Banco de España in relation to TARGET2.

3. The Banco de España will not respond to the acts, errors or omissions of the T2S network service provider (including its administrators, staff and subcontractors), nor to the acts, errors or omissions of third parties that account holders Cash dedicated to access the network of the T2S network service provider.

Clause 35 Modification Procedure.

The Bank of Spain may at any time unilaterally modify the Conditions, including the Annexes. Amendments to the Conditions, including the Annexes, shall be announced by publication in the Official Gazette of the State. The amendments shall be presumed to be accepted unless the holder of the dedicated cash account expressly objects to them within 14 days of being informed of them. If a holder of a dedicated cash account opposes a modification, the Banco de España may immediately terminate and close the dedicated cash account of that holder in TARGET2-Banco de España.

Section 36. 3rd Third Party Rights.

1. Holders of dedicated cash accounts shall not transmit, pignoraran or give in to third parties without the written consent of the Banco de España the rights, interests, obligations, responsibilities and claims arising from the Conditions.

2. The Conditions do not grant rights or impose duties on entities other than the Banco de España and the holders of dedicated cash accounts in TARGET2-Banco de España.

Clause 37. applicable Law, jurisdiction and place of execution.

1. The bilateral relationship between the Banco de España and the holders of dedicated cash accounts in TARGET2-Banco de España 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 competence of the competent courts of Madrid.

3. The place of execution, as far as the legal relationship between the Banco de España and the holders of dedicated cash accounts is concerned, will be Madrid.

Clause 38. Conservation.

The nullity or invalidity of any of the provisions of the Conditions shall not affect the applicability of the remaining provisions.

Clause 39. th Entry into Force of the Conditions.

The Conditions will take effect from June 22, 2015.

Clause 40. Transient Disposition.

Without prejudice to the provisions of clause 17. in the period from 22 June 2015 to 6 February 2017, the Banco de España, in response to an application, may offer self-collateralisation to the institutions in question. which grants intraday credit in accordance with Title V of the General Clauses relating to the uniform conditions for the opening and operation of a PM account in TARGET2-Banco de España, provided that these are entities are the holders of a dedicated cash account and a PM account with the Bank of Spain and are not subject to restrictive measures taken by the Council of the European Union or the Member States pursuant to Article 65 (1) (b), Article 75 or Article 215 of the Treaty on the Functioning of the European Union. European, and whose application, in the opinion of the Banco de España after informing the ECB, is incompatible with the smooth functioning of TARGET2.

ANNEX I

Terms of reference to which the legal opinions of capacity and country must conform

Terms of reference of the legal opinions of the holders of dedicated cash accounts in TARGET2-Banco de España

Banco de España.

Division of Payment Services to Credit Entities.

C/ Alcala, 48.

28014 Madrid.

Opening and functioning of a dedicated cash account in TARGET2-Banco de España

[place], [date]

Very gentlemen of ours:

As [internal or external] legal advisors of [specify the name of the cash account holder or your branch] we have been asked for this opinion on the issues that the laws of [jurisdiction] where the holder of the dedicated cash account is established: hereinafter, the "jurisdiction"] is related to the participation of [specify the name of the owner of the dedicated cash account] (hereinafter the "holder of the cash account"). Cash account ") in TARGET2-Banco de España (hereinafter referred to as the" system ").

This opinion is limited to the laws of [jurisdiction] in force at the date of the opinion. We have not examined the laws of any other jurisdiction to substantiate our opinion, and we do not express or tacitly express any opinion on these laws. All statements and opinions of this opinion are equally valid and accurate in accordance with the laws of [jurisdiction] irrespective of whether the holder of the dedicated cash account submits liquidity transfer orders and receives liquidity transfers by means of its head office or one or more branches established within or outside [jurisdiction].

I. Documents examined.

For the purposes of this opinion we have examined the following:

(1) certified copy of [specify the relevant constituent documents] of the holder of the dedicated cash account [s] at the date of this opinion;

(2) [if applicable] extract from [specify relevant corporate register] and [if applicable] [credit institution or analogue register];

(3) [as applicable] copy of the license of the holder of the dedicated cash account, or other proof of its authorization, to provide banking, investment, transfer of funds or other financial services in [jurisdiction];

(4) [if applicable] copy of the resolution of the board of directors or governing body of the holder of the dedicated cash account, adopted in [insert date] [insert the year], which proves the account holder's decision Dedicated cash for subscribing system documents as defined in this opinion;

(5) [specify all proxy powers and other documents constituting or proving the seizure of the person or persons who sign the system documents (as defined in this opinion) on behalf of the Cash account holder];

and all other documents on the constitution, powers and authorizations of the holder of the dedicated cash account necessary or appropriate to formulate this opinion (hereinafter referred to as the "holder's documents"). of the dedicated cash account ").

For the purposes of this opinion we have also examined:

(1) General clauses concerning the uniform conditions for the opening and operation of a dedicated cash account at TARGET2-Banco de España, approved by resolution of [...] of the Executive Committee of the European Banco de España, in its version in force a [insert date] of date [insert date] (hereinafter the "Rules");

(2) [...].

The Rules and [...] shall be referred to as the "system documents" (and, in conjunction with the documents of the holder of the dedicated cash account, the "documents").

II. Presumptions.

For the purposes of this opinion, we assume in relation to the documents the following:

(1) the system documents provided to us are original or authentic copies;

(2) the stipulations of the system documents and the rights and obligations set out therein are valid and legally binding in accordance with the laws of Spain, to which they are expressly subject, and the laws of Spain recognizes the choice of the laws of Spain as law applicable to the documents of the system;

(3) the documents of the holder of the dedicated cash account are in conformity with the capacity and the powers of action of the interested parties, which have authorised them, adopted or formalised, and in their case presented, validly;

(4) the cash account holder's documents link the parties to which they are directed, and none of their stipulations have been infringed.

III. Opinions on the holder of the dedicated cash account.

A. The holder of the dedicated cash account is a properly established and registered company, or which has been constituted or operates properly, in accordance with the laws of [jurisdiction].

B. The holder of the dedicated cash account has all the internal ratings required to assume, and to exercise and fulfill respectively, the rights and duties set forth in the system documents, in which he is a party.

C. Upon assuming or formalizing, and by exercising and complying respectively, the rights and duties set forth in the system documents, in which it is a party, the holder of the dedicated cash account does not in any way infringe any contained provision. in the laws or regulations of [jurisdiction] applicable to you or in the documents of the holder of the dedicated cash account.

D. The holder of the dedicated cash account does not require any other authorization, approval, consent, presentation, registration, elevation to public or notarial or other certification, before any court or authority administrative, judicial or public competent in [jurisdiction], for the purposes of the adoption, validity or execution of any of the documents of the system, or for the purposes of the exercise or enforcement of the rights and duties established therein.

E. The holder of the dedicated cash account has taken all necessary internal measures and carried out the other necessary steps in accordance with the laws of [jurisdiction] to ensure that the obligations imposed on him the system documents are in accordance with right, valid and binding.

This opinion, formulated on the date indicated, is addressed exclusively to the Banco de España and [holder of the dedicated cash account]. No other person may use this opinion, the content of which cannot be disclosed without our prior written consent to persons other than those to whom it is addressed and its legal advisers, except the European Central Bank and the national central banks of the European System of Central Banks [and (the national central bank/competent regulatory authority) of (jurisdiction)].

Carefully,

Terms of reference of the country legal opinions of the holders of dedicated cash accounts in TARGET2-Banco de España not belonging to the EEA

Banco de España.

Division of Payment Services to Credit Entities.

C/ Alcala, 48.

28014 Madrid.

Opening and functioning of a dedicated cash account in TARGET2-Banco de España

[place], [date]

Very gentlemen of ours:

As [external] legal advisors of [specify the name of the cash account holder or your branch] (the "cash account holder") we have been asked for this opinion on the issues that the laws of [jurisdiction where the holder of the dedicated cash account is established; henceforth, the "jurisdiction"] arise in connection with the holding of the dedicated cash account holder in TARGET2-Bank of Spain (hereinafter the "system"). The reference of this opinion to the laws of [jurisdiction] includes all applicable provisions in [jurisdiction]. We formulate this opinion on the basis of the [jurisdiction] law, with dedicated attention to the account holder. dedicated cash established outside Spain in respect of the rights and obligations arising from the participation in the system as set out in the system documents, as defined in this opinion).

This opinion is limited to the laws of [jurisdiction] in force at the date of the opinion. We have not examined the laws of any other jurisdiction to substantiate our opinion, and we do not express or tacitly express any opinion on these laws. We assume that none of the laws of another jurisdiction affect this opinion.

1. Documents examined.

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

(1) General clauses concerning the uniform conditions for the opening and operation of a dedicated cash account at TARGET2-Banco de España, approved by resolution of [...] of the Executive Committee of the European Banco de España, in its version in force a [insert date] of date [insert date] (hereinafter the "Rules");

(2) the other documents that govern the system or the relationships between the holder of the dedicated cash account and other participants in the system, and between the participants in the system and the Banco de España.

The Rules and [...] will be referred to as the "system documents".

2. Presumptions.

For the purposes of this opinion we assume the following in relation to system documents:

(1) the system documents are in conformity with the capacity and the powers of action of the interested parties, which have authorised them, adopted or formalised, and in their case presented, validly;

(2) the stipulations of the system documents and the rights and obligations set out therein are valid and legally binding in accordance with the laws of Spain, to which they are expressly subject, and the laws of Spain recognizes the choice of the laws of Spain as law applicable to the documents of the system;

(3) the documents that have been sent to us in the form of a copy or as a sample match the originals.

3. Opinion.

According to the above, and subject in each case to the following points, we take the following view:

3.1 Specific legal aspects of the country [as appropriate].

The following aspects of the [jurisdiction] legislation are compatible with the obligations that the system documents impose on the owner of the dedicated cash account, and in no way oppose them: [list of specific legal aspects of the country].

3.2 General insolvency issues.

3.2.to Insolvency Procedures.

The only insolvency proceedings (including the agreement and rehabilitation)-which, for the purposes of this opinion, include any proceedings with respect to the assets of the cash account holder or any of its branches in [jurisdiction]-which may be subject to the holder of the dedicated cash account in [jurisdiction], are as follows: [list the procedures in the original language and translated into English] (collectively 'insolvency proceedings').

In addition to insolvency proceedings, the holder of the dedicated cash account, his or her assets or any of its branches in [jurisdiction] may be the subject of [jurisdiction] of [list in the original language and translated into English the moratoriums, administrative measures or other applicable procedures under which the payment orders of the dedicated cash account holder or the account holder may be suspended or limited Cash, or other similar procedures] (collectively referred to as "procedures").

3.2.b Insolvency treaties.

[Jurisdiction], or the political subdivisions of [jurisdiction] that are indicated, are part of the following insolvency treaties: [please specify which cases affect or may affect this opinion].

3.3 Running the system documents.

Subject to the following points, and in accordance with the laws of [jurisdiction], all provisions of the system documents are legally binding and enforceable on their own terms, and, in particular, where insolvency proceedings are initiated with respect to the holder of the dedicated cash account.

In particular, we take the following view:

3.3.a Processing of liquidity transfer orders.

The provisions on the processing of the liquidity transfer orders contained in clauses 12. to 16. th inclusive of the Rules are valid and legally enforceable. In particular, all liquidity transfer orders processed under those terms are valid, binding and legally enforceable under the laws of [jurisdiction]. The provision of the Rules specifying the precise timing of the liquidity transfer orders become irrevocable (clause 16) is valid, binding and legally enforceable under the laws of [jurisdiction].

3.3.b Faculty of the Bank of Spain to perform its functions.

The opening of insolvency proceedings in respect of the holder of the dedicated cash account does not affect the Bank of Spain's powers established in the system documents. [Specify [as appropriate] which: the same applies to any other entity that provides the holders of dedicated cash accounts required directly and necessarily to participate in the system (p. (e.g., network service providers)].

3.3.c Resources in case of non-compliance.

When applicable to the holder of the dedicated cash account, the provisions of clauses 27. to 30. th inclusive of the Rules on the anticipated maturity of obligations, clearing of obligations with deposits of the holder of the dedicated account of cash, execution of garments, suspension and termination of participation, claim of interest for late payment, and termination of agreements and transactions [(insert other relevant provisions of the Rules or of the system documents) are valid and legally enforceable under the laws of (jurisdiction)].

3.3.d Suspension and termination.

When applicable to the holder of the dedicated cash account, the provisions of clauses 27. to 29. including of the Rules (on the suspension and termination of their participation in the system in case of initiation in respect of insolvency proceedings or in other cases of non-compliance as defined in the system documents, or where the holder of the dedicated cash account represents any type of systemic risk or incurs problems (a) serious operating conditions are valid and legally enforceable in accordance with the laws of [jurisdiction].

3.3.e Transfer of rights and obligations.

The holder of the dedicated cash account may not assign, modify or otherwise transfer to third parties its rights and obligations without the prior written consent of the Bank of Spain.

3.3.g Applicable law and jurisdiction.

The provisions of clause 37. of the Rules, in particular those relating to applicable law, conflict resolution, competent courts and judicial notices, are valid and legally enforceable in accordance with the law of [jurisdiction].

3.4 Disruptive harmful acts.

We believe that no obligation arising from the system documents, their application or their compliance prior to the commencement of insolvency proceedings in respect of the holder of the dedicated cash account may be cancelled in a the procedure of this class, in accordance with the laws of [jurisdiction], as a harmful act, an act of a rescinding provision or a similar concept.

This opinion refers in particular, without prejudice to the foregoing, to any transfer order that is a participant in the system. We believe, in particular, that the provisions of clause 16. of the Rules, which establish the irrevocability of the transfer orders, are valid and legally enforceable, and that the transfer order submitted by a participant and processed in accordance with clauses 12. to 16. the rules cannot be annulled in an insolvency proceedings, in accordance with the laws of [jurisdiction], in terms of an act of detriment, an act of a rescinding provision or a similar concept.

3.5 Embargo.

If a creditor of the cash account holder requests from a court or administrative, judicial or public authority competent in [jurisdiction], pursuant to the laws of [jurisdiction], an embargo warrant (including the implementing rules for freezing, blocking funds, or other public or private law procedures intended to protect the public interest or the rights of creditors of the holder of the dedicated cash account)- "embargo"-, we think [insert the analysis].

3.6 Warranty assets [if applicable].

3.6.a Cession of rights or deposit of assets for security purposes; collateral arrangement; financial collateral arrangement with change of ownership; and collateral of other entities.

The disposals for warranty purposes are valid and legally enforceable under the laws of [jurisdiction]. Specifically, the constitution and execution of a pignoraticia guarantee agreement or a financial guarantee agreement with change of ownership under clauses 18. and 30. of the Rules, is valid and legally enforceable under the laws of [jurisdiction].

3.6.b Preferential law of transferee, prendent creditors or acquirers of assets for security purposes vis-à-vis other creditors

In the event of the opening of insolvency proceedings in respect of the holder of the dedicated cash account, the rights or assets transferred for the purpose of collateral or pledged by the holder of the dedicated cash account in favour of the Banco de España or other participants in the system, give preference to the collection on the product of the rights or assets under guarantee in front of the rights of the other creditors of the holder of the dedicated cash account, including Preferred or privileged.

3.6.c Running the warranty.

Even in the event of the opening of insolvency proceedings in respect of the holder of the dedicated cash account, the other participants in the system and the Banco de España may, as transferee, creditors (a) to be issued or acquired for the purpose of collateral, as appropriate, to execute the guarantee and to be charged on the product of the rights or assets that are the subject of collateral by the Banco de España in accordance with the provisions of the Rules.

3.6.d Form and record requirements.

The assignment for the purpose of guaranteeing the rights or assets of the holder of the dedicated cash account, or the constitution and execution on them of a pignoraticia guarantee agreement or a financial guarantee agreement with a change of ownership, is not subject to form requirements. It is not necessary to record the transfer, pledge or acquisition of assets for the purpose of collateral, as appropriate, nor the details of the transfer, pledge or acquisition of assets for the purpose of collateral, as appropriate before a court or administrative authority, judicial or public competent in [jurisdiction].

3.7 Branches [as applicable].

3.7.a The opinion is applicable to action through branches.

All opinions and statements that precede the holder of the dedicated cash account are equally accurate and valid, in accordance with the laws of [jurisdiction], in situations where the account holder Cash is used by one or more of its branches established outside [jurisdiction].

3.7.b Compliance with the law.

Neither the adoption and the exercise and enforcement, respectively, of the rights and duties set out in the system documents, nor the filing, transmission or receipt of payment orders, by a branch of the holder of the Dedicated cash account, in no way contravene the laws of [jurisdiction].

3.7.c Required Authorizations.

Neither the adoption and the exercise and enforcement, respectively, of the rights and duties set out in the system documents, nor the filing, transmission or receipt of payment orders, by a branch of the holder of the cash account, require no other authorization, approval, consent, filing, registration, elevation to public or notarial formalization or certification of other kind before any court or administrative, judicial or administrative authority competent public in [jurisdiction].

This opinion, formulated on the date indicated, is addressed exclusively to the Banco de España and [holder of the dedicated cash account]. No other person may use this opinion, the content of which cannot be disclosed without our prior written consent to persons other than those to whom it is addressed and its legal advisers, except the European Central Bank and the national central banks of the European System of Central Banks [and (the national central bank/competent regulatory authority) of (jurisdiction)].

Carefully,

ANNEX II

Request for the opening of a dedicated cash account in TARGET2-Banco de España

[place], [date]

[name of the requesting entity], with NIF [...], [registral data], with registered office in [...], and, in its name and representation, [...], with DNI [...], specially empowered for this act by power granted to [el/la] Notary [...] dated [...] (hereinafter referred to as 'the holder of the dedicated cash account')

EXPONE

1. ° belonging to one of the categories of entities mentioned in clause 5. of the General Clauses relating to the uniform conditions for the opening and operation of a dedicated cash account in TARGET2-Banco de España (hereinafter referred to as "Conditions").

2. º That meets the technical requirements of paragraph 1 (a) of clause 6. of the Conditions, to which effect the certification issued by the Banco de España of having passed the tests referred to in the paragraph 1 (a) (ii) of clause 6. of the Conditions.

3. º That meets the legal requirements referred to in paragraph 1 (b) of clause 6. of the Conditions, to which the Bank of Spain has presented the following documentation⁸:

Report capacity legal opinion;

Country legal opinion.

⁸ Please tick the box as appropriate.

4. º You have duly completed and contributed to the Banco de España the static data collection forms, as well as the form called "DCA-linked securities accounts", all of which are provided by this.

5. º That [currently participative/consequently requests to participate] in the system of payments integral to TARGET2 and operated by the Banco de España called TARGET2-Banco de España.

6. º That, for these purposes, a dedicated account of cash is opened to you in the Bank of Spain in accordance with the provisions of the Conditions.

7th What, also requests the linking of this dedicated cash account to the main payment module account indicated below, expressly giving instructions to Banco de España to transfer to this account of the the main payment module, at the end of the business day, the entire balance in the dedicated cash account.

8. º That, with complementary character, requests the Banco de España to bind its dedicated cash account to the [s] account [s] of securities that are open to its name or on behalf of its clients in one or more CSD participants in TARGET2-Securities, and which has duly notified the Banco de España by means of the form called "DCA-linked securities accounts", which shall be kept permanently updated.

to whose end

MANIFEST

1. º That expressly accepts the content of the Conditions, Technical Applications and other acts which the Banco de España dictates for the execution of the same, as well as those of those provisions which in the future will come to replace, amend or supplement, in whole or in part, the above Conditions, including the Annexes, the Technical Applications, and the other acts dictated for their implementation.

2. That, under the provisions of Royal Decree-Law 5/2005 of 11 March 2005, urgent reforms to boost productivity and improve public procurement, and the effects of compensation, will be considered as a single account accounts for the holder of the same account, whether it is the [s] dedicated [s] of cash, the [s] account of the PM account [s], the central [s] account [s] outside the payment module or the ordinary current accounts opened in the Banco de España's books, expressly empowering the Banco de España to write down or regularise the debtor accounts with the balance of the creditors by means of transfers or debits and also to retain the funds or securities belonging to the debtor participant which the Banco de España has in deposit or management for any cause, in the the amount necessary to guarantee the effectiveness of any discovered that in its accounts or relations with the Banco de España are in favor of this and its interests and expenses. Such compensation shall operate in particular in the event of an alleged execution, as defined in the Conditions, in respect of the holder of the dedicated cash account, and notwithstanding the opening of insolvency proceedings. in respect of the participant or any assignment, judicial or other class or other provision of his rights.

[...] [insert if applicable, if you designate as the main account of the payment module an account of the open payment module in the name of the requesting entity in the Banco de España: designating your BIC account [...] and IBAN [...] as main account of the payment module to which the dedicated cash account will be linked.]

[...] [insert if applicable, if you designate as the main account of the payment module an account belonging to a legal entity other than the requesting entity: designating the BIC account [...] and IBAN [...] entity [...] as the principal account of the payment module to which the dedicated cash account will be linked.]

[...] [insert if applicable, if you designate as the principal account of the payment module an account whose opening request has been submitted by the requesting entity: designating the PM account whose application for opening has also submitted to the Banco de España, as the principal account of the payment module to which the dedicated cash account will be linked.]

[...] [insert if applicable, if you have designated as the principal account of the payment module an account of your entitlement: You expressly authorize the Banco de España to be owed to you in your main account of the payments made previously, the amounts resulting from the settlement of any obligation of the participant arising from transactions concluded between the participant and the Banco de España in the performance of its duties.]

[...] [insert if applicable, if the account of a legal entity other than the requesting entity has been designated as the principal account of the payment module: What it has collected from the entity to which the main account belongs of the payment module designated above, express authorisation to the Banco de España signed by person duly empowered, according to the model approved for this purpose, in order to be owed in the same way the amounts derived from the liquidation of any the obligation of the holder of the dedicated cash account derived from completed transactions between the Bank of Spain and the Bank of Spain in the performance of its tasks, which is annexed to this application.]

By the requesting entity.

[if the account of a legal entity other than the requesting entity has been designated as the primary account of the payment module]

AUTHORIZATION MODEL TO THE BANK OF SPAIN

[], [] of [] from []

Banco de España.

Payment Systems Department.

Payment Services to Credit Entities.

Alcala, 48.

28014 Madrid.

Dear Lords:

By the present, the entity [], with registered office in [], N.I.F. [], entered in the Mercantile Register of [], at [], book [], sheet [], registration [], and duly represented for these purposes by [D. /D.] [], with N.I.F. [], by virtue of [], authorizes the Banco de España to debar in its account of the payment module of TARGET2-Banco de España with the BIC [...] and IBAN [...], the amounts resulting from the liquidation of any obligation arising from transactions concluded between the entity [], with its registered office in [], N.I.F. [], entered in the Register of [], [], book [], sheet [], [], [], in its capacity as the holder of a dedicated cash account opened in its name in TARGET2-Banco de España, and the Banco de España in the exercise of its functions.

Carefully,

[]

P.p.

..............................

[D. Ms] []

[]

ANNEX III

TARGET2 clearing system in relation to the opening and operation of dedicated cash accounts

1. General principles.

(a) In the event of a technical malfunction of TARGET2, the holders of dedicated cash accounts may submit compensation claims in accordance with the TARGET2 clearing system set out in this Article. Annex.

(b) Unless otherwise decided by the Governing Council of the ECB, the TARGET2 clearing system shall not apply if the technical malfunction of TARGET2 is due to external events beyond the reasonable control of the central banks involved or third party acts or omissions.

(c) Compensation under the TARGET2 compensation system will be the only compensation offered in the event of a technical malfunction of TARGET2. However, holders of dedicated cash accounts may use as many legal actions as possible for them to resarcirse their losses. The acceptance of an offer of compensation under the TARGET2 compensation scheme by a holder of a dedicated cash account constitutes its irrevocable agreement that it waives any claim relating to the payment orders in respect of the which accepts the compensation (including for indirect damages) which it may assert against any central banks and that the receipt of the corresponding compensatory payment assumes full and definitive liquidation of any possible claim. The holder of the dedicated cash account shall indemnify the central banks involved, up to the maximum amount received under the TARGET2 clearing system, in relation to any other claims arising from any other claim. participant or third party in respect of the payment order or payment in question.

(d) The offer of compensation shall not constitute an acceptance of responsibility by the Banco de España or another central bank in connection with the technical malfunction of TARGET2.

2. Conditions of the compensation offers.

(a) The payer may claim compensation for administration and interest expenses where the liquidity transfer order has not been settled on the business day in which it was due to a technical malfunction of TARGET2. validated.

(b) The beneficiary may claim compensation for administrative expenses where due to a technical malfunction of TARGET2 it has not received a payment which it expected to receive on a given business day. In addition, the beneficiary may claim compensation of interest when any of the following conditions are met:

(i) in the case of participants with access to the marginal lending facility: where, due to the technical malfunction of TARGET2, the beneficiary has resorted to the marginal lending facility;

(ii) in the case of any participant: when it has technically proved impossible for him to resort to the money market or where this kind of funding has proved impossible for other objectively reasonable causes.

3. Calculation of the compensation.

(a) As for the payer compensation offer:

(i) the administrative costs shall be EUR 50 for the first non-settled payment order; EUR 25 for each of the following four orders, and EUR 12,50 for each of the following orders, and shall be calculated separately for each beneficiary;

(ii) interest compensation shall be calculated by applying a reference rate to be fixed daily. The reference rate shall be the least of the EONIA (average rate of the euro rate at one day) and the marginal lending rate, and shall apply to the amount of the non-settled payment order as a result of the technical malfunction of TARGET2 for each day of the period between the date on which the payment order was completed (or, if it is one of the dates referred to in paragraph 2 (b) (ii), the date on which it was intended) and the date on which the payment order was or could be liquidated. The profit from the deposit on the Eurosystem of the funds resulting from non-settled payment orders shall be deducted from the amount of the compensation.

(iii) no interest compensation shall be paid for funds resulting from non-settled payment orders that have been placed on the market or have been used to meet the minimum reserve requirements.

(b) As to the compensation offer for beneficiaries:

(i) the administrative costs shall be EUR 50 for the first non-settled payment order; EUR 25 for each of the following four orders, and EUR 12,50 for each of the following orders, and shall be calculated separately for each payer;

(ii) the interest compensation shall be calculated by the method set out in point (a) (ii), but applying a rate equal to the difference between the marginal lending rate and the reference rate, to the amount by which the has recourse to the marginal lending facility as a result of the technical malfunction of TARGET2.

4. Processing rules.

(a) Compensation claims will be filed in English on the claim form that is available at the Bank of Spain address on the Internet (see www.bde.es). The payers will submit a claim form for each beneficiary, and the beneficiaries will submit a claim form for each payer. Sufficient information and documents shall be provided in support of the data contained in the claim form. A claim may only be filed for each payment or payment order.

(b) The holders of dedicated cash accounts will submit their claim forms to the Banco de España in the four weeks following the technical malfunction of TARGET2. In addition, they shall provide any additional information or evidence requested by the Banco de España within two weeks of the request.

(c) The Banco de España will examine the claims and forward them to the ECB. Unless otherwise decided by its Governing Council and communicated to the holders of dedicated cash accounts, the ECB shall assess claims within 14 weeks of the technical malfunction of TARGET2.

(d) The Bank of Spain shall communicate the outcome of the assessment referred to in point (c) to the holders of dedicated cash accounts involved. If the assessment includes an offer of compensation, the holders of dedicated cash accounts to whom it is directed shall reject or accept it within four weeks of the communication of the offer and in respect of each payment or order payment of each claim, by signing a standard acceptance letter, the model of which is available at the Bank of Spain address on the Internet (see www.bde.es). If the Bank of Spain does not receive that letter within four weeks, the holders of dedicated cash accounts involved have been deemed to have rejected the offer of compensation.

(e) The Banco de España will pay the compensation when it receives the letter of acceptance from the owner of the dedicated cash account. Compensation shall not accrue interest.