Resolution Of June 11, 2015, Of The Commission Executive Of The Bank Of Spain, Which Approve The General Provisions Concerning The Uniform Conditions For The Opening And Operation Of A Dedicated Account Of Cash At Target...

Original Language Title: Resolución de 11 de junio de 2015, de la Comisión Ejecutiva del Banco de España, por la que se aprueban las cláusulas generales relativas a las condiciones uniformes para la apertura y el funcionamiento de una cuenta dedicada de efectivo en TARGET...

Read the untranslated law here: http://www.boe.es/buscar/doc.php?id=BOE-A-2015-6823

In accordance with the provisions of paragraphs to) and h) of article 23.1 of the law 13/1994 of 1 June, autonomy of the Bank of Spain, and paragraphs to) e i) article 66.1 of the internal regulations of the Bank of Spain, and on the occasion of the adoption by the Bank Central European of the orientation ECB/2015/15 , 2 April 2015, that orientation ECB/2012/27 on the trans-European automated gross settlement Express transfer system is modified in real time (TARGET2), agrees to the Executive Committee of the Bank of Spain: first.

Approve the General provisions concerning the uniform conditions for the opening and operation of a dedicated cash account in TARGET2-Bank of Spain whose text is included as Appendix to this resolution.

Second.

The General provisions concerning the uniform conditions for the opening and operation of a dedicated account for cash in TARGET2-Bank of Spain will take effect on June 22, 2015.

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

Annex General provisions concerning the uniform conditions for the opening and operation of a dedicated cash account in TARGET2-Bank of Spain title I provisions general clause 1 definitions.

For the purposes of these general provisions concerning the uniform conditions for the opening and operation of a dedicated account for cash in TARGET2-Bank of Spain (hereinafter «Conditions») shall mean:-«4BC», the Deutsche Bundesbank, the Banque de France and the Banca d' Italy and the Bank of Spain in quality of central banks that develop and operate T2S platform for the benefit of the Eurosystem;

-«A2A» (on-screen): the mode of connection that allows the holder of the dedicated cash account to exchange information with the computer application of the T2S platform;

-«adjustment of liquidity», the authorization given by the dedicated cash account holder to the Bank of Spain or its participant DCV, through a special contractual agreement duly documented and recorded in the static data, to transfer liquidity between a dedicated cash account and an account of the payment module, or between two dedicated cash accounts;

-«autocolateralizacion», the credit intraday granted by the Bank of Spain in money from the central bank that the holder of a dedicated account cash available when you don't have sufficient funds to settle payments of cash for operations on values, ensuring that credit intraday values that can be purchased (warranty on flow) or with values that already had the owner of the dedicated account for cash in favour of the Bank of Spain (warranty on the balance);

-"central bank of the Eurosystem", the ECB or a euro area NCBs;

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

-«BCE», the European Central Bank;

-'BCN', national central bank;

-«BCN connected», the BCN is not a central bank of the Eurosystem and which is connected to TARGET2 in under a specific agreement;

-«The euro area NCBs», the BCN's a Member State whose currency is the euro;

-«BCN suppliers of the single shared platform», the Deutsche Bundesbank, the Banque de France and the Banca d' Italy in quality of BCN that develop and operate for the benefit of the Eurosystem single shared platform;

-«beneficiary», except in the sense that is used in the 32nd clause, whose dedicated cash account TARGET2 participant will receive the payment corresponding to the settlement of the payment order;

-«BIC» (business identification code), defined in ISO code no. 9362;

-"calendar and opening hours, schedule and hours of operation of TARGET2-Bank Spain established applications corresponding techniques handed down by the Bank of Spain in force at any time;

-'country ISO code', the code defined in ISO 3166-1 No.;

-«CRR», the 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 by which modifies Regulation (EU) No. 648/2012 1;

1 DO L 176 of 27.6.2013, p. 1.

-«payment module account», Bill keeps a TARGET2 participant in the payment module with a central bank and that is necessary for the participant: (a) curse payment orders or receive payments via TARGET2 and (b) pay the payments with the central bank;

-«dedicated cash account», the account that keeps a holder of an account dedicated cash, open in TARGET2-Bank of Spain, and which is used for payments in cash in connection with the settlement of securities in T2S;

-«account payments module main», the payment module account which linked a dedicated account for cash and that will automatically transfer the balance remaining at the end of the day;

-'static data' means the set of business objects, specific to the owner of the dedicated account of cash or the central bank, in T2S and owned respectively by both, T2S required to process data relating to the operations carried out by the owner or central bank;

-«DCV», central depository of securities;

-«Participating DCV», DCV has signed the agreement framework t2s;

-«business day», any day, as set out in the schedule and hours of operation, TARGET2 is available for the settlement of payment orders;

-«legal opinion of ability», the legal opinion about a particular participant which includes assessment of their legal capacity to assume and fulfil their obligations in accordance with the conditions;

-'Directive on settlement finality', Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on the settlement finality in payment and liquidation of valores2 systems;

2 OJ L 166 of 11.6.1998, p. 45.

-'General documentation', the orientation (EU) 2015/510 of the European Central Bank of 19 December 2014, on the implementation of the framework of the monetary policy of the Eurosystem (ECB/2014/60) 3;

3 OJ L 91 of 2.4.2015, p. 3.

-'EEA', European economic area;

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

-'technical specifications for the processing of payment orders», techniques applications issued by the Bank of Spain in force at all times concerning the technical specifications of the processing of payment orders;

-"static data collection form", the form created by the Bank of Spain to register applicants for the services of TARGET2-Bank of Spain and to register any change relating to the provision of those services;

-'GUI' or 'GUI of T2S», the module of the platform of T2S which allows dedicated cash account holders on-line information and gives them the possibility of payment orders;

-«MSI» (information and control module), the module of the single shared platform that allows payment module account holders on-line information and gives them the possibility of liquidity transfer orders, manage liquidity, and placed orders for the payment of contingency.

-«real time gross settlement», the processing and settlement of payments for each operation in real time;

-'available liquidity», the credit balance in the dedicated cash account less the amount of liquidity reserves or processed funds locks;

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

-«payment module», the module of the single shared platform in which the accounts are settled payments in TARGET2 participants;

-«T2S's distinguished name»: the network address of the platform of T2S which must be included in all messages to the system;

-'payment order', the order of transfer of liquidity of the dedicated account for cash to the module of payment, the transfer of liquidity of the module of the dedicated cash account payments or the order of transfer of liquidity of a dedicated account for cash to another dedicated cash account;

-'not liquidated payment order', the payment order that is not settled the same business day in which is validated;

-«order of transfer of liquidity of the dedicated cash payment module account», the transfer a specified amount of funds from the dedicated cash account to the payment module account;
-'order transfer of liquidity of a dedicated account for cash to another dedicated cash account', the order of transfer a specified amount of funds from a dedicated account for cash to another dedicated cash account (a) linked to the same master account of module payments or (b) maintained by the same legal entity;

-'order transfer of liquidity of the module of the dedicated account for cash payments', the order of transfer a specified amount of funds in the account of the module of the dedicated account for cash payments;

-'immediate liquidity transfer order', the instruction of an order of transfer of liquidity of the dedicated account for cash to the module of payment, a transfer of liquidity of the module of the dedicated account for cash payments or an order of transfer of liquidity of a dedicated cash account to another dedicated cash account in real time after receiving the above-mentioned instruction;

-'permanent liquidity transfer order', the instruction to transfer a specified cash amount or "all cash" available in the dedicated account cash of T2S from a dedicated account for cash to an account of the module of payments it will be repeatedly at one time or circumstances determined in the processing of T2S cycle until deletion of the order or the period of validity expires;

-'predefined order of transfer of liquidity', the instruction to transfer a specified amount of funds of a dedicated cash account to an account of the module of payments that will be executed only once at a time or circumstances certain;

-'payer', except in the sense that is used in clause 32nd, participant in TARGET2 whose dedicated cash account will be due as a result of the settlement of the payment order;

-«participant» or «participant direct», the entity that is the owner of at least one count of the module of payments (the payment module account holder) or a dedicated cash account (cash dedicated account holder) with a central bank of the Eurosystem;

-«TARGET2 participant», a participant in a member of TARGET2 system;

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

(-"insolvency proceedings", defined in the letter j) of article 2 of the directive on settlement finality;

-'procedures contingency and business continuity», the contingency and business continuity procedures set out in the corresponding techniques applications issued by the Bank of Spain regulations at all times.

-«TARGET2 network service provider", the network provider of computer connections to pursue payment messages in TARGET2 appointed by the Governing Council of the ECB;

-'supplier of the T2S online service', a company that has signed a license agreement with the Eurosystem to provide services of connection in the context of T2S;

-'member of TARGET2 system' means any of the gross settlement systems in real time from the central banks that are part of TARGET2.

-'linked system' means a system managed by an entity established in the EEA, subject to the supervision or surveillance of a competent authority and that meets the requirements of monitoring relative to the location of infrastructures offering services in euros as they are published in the direction of the ECB on Internet 4, which are exchanged or used to offset payments or financial instruments , while the resulting monetary obligations are settled in TARGET2 in accordance with provisions in the guidance ECB/2012/27, of 5 December 2012, on the trans-European Automated System (TARGET2) real-time gross settlement Express transfer 5, and the bilateral legal relationship between the linked system and the relevant central bank;

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

5 DO L 30 of 30.1.2013, p. 1.

(-«branch», a branch within the meaning of point 17) paragraph 1 of article 4 of the RRC;

-«breach so-called», all current or imminent circumstances that may endanger the fulfilment by the participant of the obligations that impose conditions or other standards (included only with respect to access to the autocolateralizacion, the specified by the Governing Council of the ECB with regard to the Eurosystem monetary policy operations) applicable to the relations between the participant and the Bank of Spain or another central bank (of the Eurosystem with respect to the autocolateralizacion). These circumstances include the following: (a) that the participant ceases to meet criteria for access of the 5th clause, or the requirements of subsection i) Letter to) (1) of the 6th, the conditions of clause; or only with respect to access to the autocolateralizacion, the entity leave the criteria of access or the technical requirements set out in the General provisions concerning the uniform conditions for the opening and operation of an account of the module of payments in TARGET2-Bank of Spain and, where appropriate, in the title XII thereof, or whose admissibility as a counterpart for monetary operations of the Eurosystem has been suspended or completed;

(b) opening of one of insolvency proceedings against the participant;

((c) presentation of a request for the opening of a procedure of those referred to in point (b));

(d) written declaration of the participant on their inability to pay all or part of their debts or to fulfil its obligations related to the intra-day credit;

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

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

(g) that the credit balance of the participant account payment module or your dedicated cash account or all or much of their assets are subject to an order of blocking, attachment, execution or any other procedures designed to protect the public interest or the rights of the creditors of the participant;

(h) that has been suspended or finished the participation of the participant in other Member of TARGET2 system or in a linked system;

(i) that are incorrect or false any substantial assertions or pre-contractual statements that the participant has formulated or presumed that it has formulated under the applicable law;

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

-«suspension», the interruption of the rights and obligations of a participant for the time determined by the Bank of Spain;

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

-«TARGET2-Bank of Spain» (TARGET2-BE), Member of the Bank of Spain TARGET2 system;

-«TARGET2-Securities» or «T2S» or «T2S platform», the set of physical and logical components and other components of the technical infrastructure through which the Eurosystem provides the DCV participants and the central banks of the Eurosystem the services that allow the liquidation of operations of values, basic, neutral, and cross-border, as per the procedure of delivery against payment in central bank money;

-«U2A» (usuario-aplicación), the mode of connection that allows the holder of the dedicated cash account to exchange information with the computer application of the T2S platform through a graphical user interface;

-«T2S UDFS», the most current version of the functional specifications for the users of T2S (UDFS); and «close links», defined in article 138 of the General documentation.

Clause 2 scope of application.

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

Clause 3 annexes.

1. the following annexes are an integral part of the conditions: (a) Annex I: terms of reference which shall comply with the legal opinions of capacity and (b) annex II country: request for the opening of a dedicated account for cash in TARGET2-Bank of Spain (c) Annex III: System TARGET2 compensation in relation to the opening and operation of the dedicated cash 2 account. In the event of conflict or disagreement between the annexes and other provisions of the conditions, the latter shall prevail.
Clause 4 general description of TARGET2 and T2S.

1 TARGET2 provides for payments in euros a gross settlement in real time and money from the central bank in all accounts of the payments module and dedicated cash accounts. In accordance with the orientation ECB/2012/27, of 5 December 2012, on the trans-European Automated System (TARGET2) real-time gross settlement Express transfer 6, TARGET2 also provides gross settlement services in real time with respect to transactions processed in T2S for dedicated cash account holders that have linked an account of a participant DCV values. These services are provided on the platform of T2S, which allows the exchange of messages that are standardized with respect to transfers of dedicated accounts and cash accounts in the books of the TARGET2 participant euro area NCBs.

6 DO L 30 of 30.1.2013, p. 1.

2. in TARGET2 - Bank of Spain are processed the following operations: (a) payment orders that are a direct result of the Eurosystem monetary policy operations or are related to those operations;

(b) the liquidation of the euro of the currencies of the Eurosystem operations component;

(c) the liquidation of transfers in euros resulting from operations in large cross-border payment clearing systems;

(d) the liquidation of transfers in euros resulting from operations in small payments in euros, systemically important systems;

(e) the liquidation of the component in cash from operations with securities;

(f) orders of transfer of liquidity of a dedicated cash account to another dedicated cash account, orders of transfer of liquidity of the dedicated cash payment module account and orders of transfer of liquidity of the module of the dedicated account for cash payments; and (g) any other order of payment in euro addressed to a participant in TARGET2.

3 TARGET2 provides for payments in euros a gross settlement in real time and money from the central bank in all accounts of the payments module and dedicated cash accounts. It establishes and operates on the basis of the single shared platform, which is enrolled and process all payment orders, and finally received payments, technically identically. With respect to the technical operation of dedicated accounts cash in T2S, TARGET2 is established and operates through the T2S platform. The Bank of Spain is the service provider in accordance with the conditions. The actions and omissions of the NCBs shall be deemed suppliers of the single shared platform with the 4BC actions and omissions of the Bank of Spain, of which this shall be liable pursuant to clause 25.ª participation under conditions not originate contractual relationship any between the participants and the NCBs suppliers of the single shared platform or the 4BC acting in such capacity. Instructions, messages, or information that participants receive the single shared platform or the T2S platform or sent to it in relation to the services provided in accordance with the conditions will be considered received from the Bank of Spain or sent to it.

4 TARGET2 is structured legally as a multiplicity of payment systems formed by all the members of TARGET2 systems designated as 'systems' in accordance with standards that incorporate into domestic law the settlement finality directive. TARGET2-Bank of Spain has been designated as a 'system' in accordance with paragraph (i) of article 8 of the law 41/1999, of 12 November on payment and securities settlement systems.

5. the participation in TARGET2 takes place through participation in a member of TARGET2 system. The conditions described account holders dedicated cash in TARGET2-Bank of Spain and the Bank of Spain of reciprocal rights and obligations. The rules on the processing of orders for payment pursuant to the conditions (title IV and the technical specifications for the processing of payment orders) apply to all signed payment orders and any payments received by a participant in TARGET2.

Title II participation clause 5th criteria for access.

1. on request, can be cash in TARGET2-Bank of Spain dedicated account holders the following types of entities: (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 letters a) and b) are not subject to restrictive measures adopted by the Council of the European Union or members under the letter b) of paragraph 1 of article 65, section 75 or article 215 of the Treaty of the functioning of the European Union, and whose implementation, according to the Bank of Spain after reporting to the ECB is incompatible with the proper functioning of TARGET2.

2. the Bank of Spain may at its discretion admit also as holders of dedicated accounts for cash to the following types of entities: (a) the departments of the Treasury of the central or regional administration of the Member States operating in the money markets;

(b) the Member States public sector entities authorised to hold accounts for customers;

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

(d) the managing bodies of the linked systems acting in such capacity;

(((e) entities of the classes listed in the letters or credit to) to d), provided that they are established in a country with which the European Union has entered into a monetary agreement which will give them access to payment systems in the European Union, subject to the conditions laid down in the monetary agreement and provided that the legal regime applicable in that country is equivalent to the corresponding EU legislation.

3 the electronic money institutions referred to in the law 21/2011, 26 July, electronic money, and the Royal Decree 778/2012, of May 4, legal regime of electronic money institutions may participate in TARGET2-Bank of Spain.

Clause 6th application procedure.

1 to the Bank of Spain opened a dedicated account of cash to an entity, that entity must meet criteria for access of the 5th clause in addition, applicants must be: (a) meet the following technical requirements: (i) install, manage, manage, and monitor the infrastructure necessary to provide technical connection to the single shared platform or the T2S platform and pursue them payment orders , and ensure the safety of such infrastructure. Without prejudice to its exclusive responsibility, applicants may serve third-party to meet this requirement. In particular, when directly connected to the T2S platform, applicants who are dedicated cash account holders held a contract with the provider of the T2S online service in order to obtain the connection and admissions necessary in accordance with the technical specifications of the processing of payment orders;

(ii) have passed the certification tests and obtained the authorization required by the Bank of Spain;

(b) meet the following legal requirements: (i) submit a legal opinion of capacity in the way established in annex I, except that the Bank of Spain has already obtained in another context information and statements to be provided by the legal opinion of capacity;

(ii) in the case of entities of the letter (b) of paragraph 1 of the 5th clause, present a legal opinion of the country in the way established in annex I, except that the Bank of Spain has already obtained in another context information and statements to be provided by the legal opinion of the country.

2. applicants will direct their requests in writing to the Bank of Spain, in the way established in annex II, signed by person with specific powers for the acquisition of the commitment, according to established model to the effect by the Bank of Spain, enclosing a minimum following information or documents: (a) completed forms of static data collection provided by the Bank of Spain;

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

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

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

4. the Bank of Spain will reject the request if any of the following circumstances: (a) are not met criteria for access of the 5th clause;

(b) failure to comply with one or more of the requirements for participation laid down in paragraph 1;
(c) in the opinion of the Bank of Spain, the opening of a dedicated cash account would endanger the stability, reliability and security General of TARGET2-Bank of Spain or any other Member of the TARGET2 system, or would compromise the performance by the Bank of Spain of its functions as set out in the law 13/1994 of 1 June, autonomy of the Bank of Spain and the Statute of the European system of central banks and of the ECB European, or there is a risk, for reasons of prudence.

5. in the period of one month from the receipt of the request, the Bank of Spain will in writing its decision to the applicant. If the Bank of Spain requires supplementary information pursuant to paragraph 3, it shall communicate its decision to the applicant within the period of one month from receipt of this additional information. The decision to reject the request shall be reasoned.

Clause 7 dedicated cash account holders.

Cash in TARGET2-Bank of Spain dedicated account holders shall comply with the requirements established in the 6th clause will have at least one dedicated account of cash with the Bank of Spain.

Clause 8th links between securities accounts and dedicated cash accounts.

1. the holder of a dedicated cash account may ask the Bank of Spain that linked its dedicated cash account to one or more securities accounts held in their own name or on behalf of those of their customers that are account holders of securities in one or more DCV participants.

2. holders of cash dedicated accounts linking your account to accounts of securities on behalf of their clients, as set out in paragraph 1, must devise and maintain the list of linked securities accounts and if applicable, establish the necessary mechanisms for obtaining autocolateralizacion with values of their customers.

3. as result of the request referred to in paragraph 1, is considered a dedicated cash account holder has instructed the DCV which remain linked securities accounts owed on the account dedicated cash the amounts derived from operations with securities that take place with respect to such accounts.

4. paragraph 3 shall apply regardless of existing agreements between the dedicated cash account holder and DCV or the owners of securities accounts.

Title III obligations of the parties clause 9 obligations of the Bank of Spain and dedicated cash account holders.

1. the Bank of Spain, on request of the holder of a dedicated cash account, open and manage one or more accounts dedicated cash denominated in euros. Unless the conditions or the law otherwise, the Bank of Spain will use all reasonable means at its disposal to fulfil the obligations imposed on you by the conditions, but shall not be obligated to guarantee results.

2 charges for services related to dedicated cash accounts are set to the corresponding techniques applications issued by the Bank of Spain regulations at all times. The holder of the master account of the module of payments to which it is linked the dedicated cash account must pay these fees.

3 dedicated cash accounts holders shall ensure that they are connected to TARGET2-Bank of Spain at working days according to the calendar and opening hours.

4. the holder of the dedicated cash account declares and certifies the Bank of Spain that the fulfilment of the obligations that impose conditions not contravenes any law, regulation or statute that is applicable to you or any agreement to which it is linked.

5 dedicated cash accounts holders shall ensure the proper management of the liquidity of the dedicated cash account during the day. This obligation includes, among other things, obtaining regular information on its liquidity position. The Bank of Spain will provide a daily summary of accounts to any person having dedicated accounts of cash which has opted for this service in the T2S platform, always be connected to the platform by means of a network of T2S service provider.

Clause 10th cooperation and exchange of information.

1. in the performance of their duties and the exercise of their rights under the conditions, the Bank of Spain and dedicated cash account holders shall cooperate closely to ensure the stability, reliability and safety of TARGET2-Bank of Spain. Relevant documents for the performance of their respective obligations, and for the exercise of their respective rights, subject to the conditions, without prejudice to their obligations of secrecy or information will be exchanged.

2. the Bank of Spain shall establish and maintain a support service of the system in order to help account holders engaged in cash in the case of difficulties relating to the operation of the system.

3. the TARGET2 information system and information system of TARGET2-Securities will provide updated information on the operational status of the platform of TARGET2 and T2S platform respectively. The information system of TARGET2 and TARGET2-Securities information system can be used to obtain information about any event that affects the normal functioning of the respective platforms.

4. the Bank of Spain can disseminate messages to account holders engaged in cash through ads or by other means of communication. Dedicated cash account holders may collect information through the ICM, as also keep an account of module of payments, or otherwise through the GUI of T2S.

5 dedicated cash accounts holders timely update existing static data collection forms and will present new forms of static data to the Bank of Spain. Likewise, they shall verify the accuracy of the information concerning them that the Bank of Spain enter in TARGET2-Bank of Spain.

6. it shall be deemed that the Bank of Spain is authorized to inform the NCBs suppliers of the single shared platform or the 4BC all information concerning holders of dedicated accounts of cash these banks need as the service administrators, according to the contract concluded with the TARGET 2 or T2S network service provider.

7 dedicated cash accounts holders shall inform the Bank of Spain of any change in his legal capacity and of the legislative amendments affecting issues covered in the country's legal opinion to them referred.

8. the dedicated cash account holders shall inform the Bank of Spain: (a) all new owner of a securities account linked to the dedicated cash account in accordance with paragraph 1 of clause 8th, that validate;

((b) any change with respect to securities listed in account holders to).

9. the dedicated cash account holders shall immediately inform the Bank of Spain when they incur in a case of non-compliance.

Clause 11th designation, suspension or termination of the master account of the payment module.

1. the holder of the dedicated cash account shall designate the master account of the module of payments to which the dedicated cash account is linked. The master account of the payments module can maintain in a system member of TARGET2 which non-bank of Spain and belonging to a legal entity other than the dedicated cash account holder.

2 you may designate as the master account holder of the module of payment to the participant that use internet-based access.

3. If the holder of the master account's payment module and the dedicated cash account holder are different legal entities and put an end or suspension of the participation of the designated master of the payment module account holder, the Bank of Spain and the dedicated cash account holder shall take all measures reasonable and feasible to mitigate further loss or damage. The dedicated cash account holder shall take all necessary measures to designate, without justified delay, a new main account module of payments, you will be liable for the outstanding invoices. The day of the suspension or termination of the participation of the main payment module account holder, and until a new owner has been appointed, the remaining funds at the end of the day in the dedicated cash account will be moved to an account of the Bank of Spain. These funds shall be subject to the conditions of compensation set out in paragraph 4 of clause 12th of the General provisions concerning the uniform conditions for the opening and operation of an account of the payments in TARGET2-Bank of Spain periodically updated module.

4. the Bank of Spain is not liable for losses incurred by the owner of the dedicated cash account as due to the suspension or termination of the participation of the main payment module account holder.

Title IV opening and management of the account dedicated cash and processing operations clause 12th opening and management of the dedicated cash account.
1. the Bank of Spain will open and manage at least one dedicated account of cash by each registrant. Dedicated cash accounts will be identified through a unique account number of 34 characters which will be structured in the following manner: name format contents Part A.





Type of account.





1 character exactly.





«C» to cash account.






Country code of the central bank.





2 characters exactly.





ISO country code.






The currency code.





3 characters exactly.





EUR.






Part B.





The account holder.





11 characters exactly.





BIC.






Part C.





Subclassification of the account.





Up to 17 characters.





(Alphanumeric) free text to the dedicated cash account holder provided.





2. not be allowed to have balance on dedicated cash accounts.

3 dedicated cash accounts not kept beyond funds on the same day. At the beginning and at the end of the working day the dedicated cash accounts recorded a zero balance. It shall be presumed that dedicated cash account holders have instructed the Bank of Spain to transfer the entire balance remaining at the end of the working day, in accordance with the timetable and schedule of operation, to the main account of the module of payments referred to in paragraph 1 of clause 4 11th. The dedicated cash account only will be used during the period from the beginning of the day of T2S and the closure of the day of T2S, pursuant to the T2S UDFS.

5 dedicated cash account will not bear interest.

Clause 13th operations that can be performed through the dedicated cash account.

Provided that the holder of the dedicated cash account designates necessary securities accounts, may carry out the following operations through dedicated cash account, on its own or on behalf of their clients: (a) orders for the transfer of liquidity of the dedicated cash payment module account.

(b) orders for the transfer of liquidity of a dedicated account for cash to another dedicated cash account.

(c) orders of settlement in cash deriving from the T2S platform;

(d) cash transfers between the dedicated cash account and the dedicated cash account of the Bank of Spain in the particular context of paragraphs 4 and 5 of the clause 19th clause 14th validation and rejection of payment orders.

1 payment orders showing dedicated cash account holders will be considered validated by the Bank of Spain if the following conditions are met: (a) the payment message complies the norms established by the supplier of the T2S online service;

(b) the payment message meets the rules and conditions of TARGET2-Bank of Spain format and pass the checking against duplicate entries as described in the technical specifications of the processing of payment orders;

(c) when it is suspended participation of payer or payee system member of TARGET2, obtained the express consent of the central bank of the participating subject to suspension.

2. the Bank of Spain will immediately reject any payment order that does not meet the conditions laid down in paragraph 1. The Bank of Spain will inform the holder of the dedicated cash account of the refusal of a payment order in accordance with the technical specifications of the processing of payment orders.

3. the T2S platform determines the time stamp for the processing of payment orders according to the moment in which receive and accept the payment order.

15th reserve and liquidity lock clause.

1. participants can book or block liquidity in its dedicated cash account. This does not constitute a guarantee of payment to third parties.

2. to request that he is reserved or block a number of liquidity, the participant giving instructions to the Bank of Spain so that it reduced the liquidity in that amount.

3. a booking request is a statement according to which, if the available liquidity is equal or higher than the amount that should be reserved, processed the reserve. If available liquidity is lower, it reserves and the deficit be covered with liquidity that is received until the total amount of the booking is available.

4. a lock request is a statement according to which, if the available liquidity is equal or higher than the amount that should be locked, the lock request is processed. If the available liquidity is lower, does not lock any amount and the lock request will be present until the total amount of the lock request can be covered with available liquidity.

5. the participant may, at any time during the working day in which to process a booking request or liquidity lock, give instructions to the Bank of Spain to annul the reservation or blocking. The application may not overridden partially.

6. all reserve or liquidity lock applications submitted under this section shall expire at the end of the business day.

16th time of entry, time of irrevocability clause.

1. for the purposes of the first sentence of article 3.1 and article 5 of the directive on the firmness of the liquidation, and the provisions of articles 3, 11.1 and 13 of law 41/1999, of 12 November, on systems of payment and securities settlement, orders of transfer of liquidity of a dedicated account for cash to another dedicated cash account or account liquidity transfer orders cash payments module studied to TARGET2-Bank of Spain shall be considered accepted and will be vested in the moment in which the debit in the dedicated account of the corresponding owner cash. Orders for transfer of liquidity of the module of the dedicated account of cash payments are governed by the uniform conditions for the opening and operation of an account of payments in TARGET2 module applicable to the system of TARGET2 which come from.

2. for the purposes of the first sentence of article 3.1 and article 5 of the directive on the firmness of the liquidation, and the provisions of articles 3, 11.1 and 13 of law 41/1999, of 12 November, on payment and securities settlement systems, and in relation to all transactions settled in the dedicated cash accounts and are subject to the case of two different orders of transfer those transfer orders issued to TARGET2-Bank of Spain will be considered accepted and will be vested in the moment in which the debit in the dedicated account of the corresponding owner cash.

3. the rules of paragraph 2 shall be replaced by the rules established here two weeks once the Governing Council of the ECB determined that it has signed an agreement on provision of information and responsibility between, a part, the central banks of the Eurosystem and the NCBs connected and on the other, all the DCV participants in T2S on the date of such agreement.

(a) with respect to all transactions settled in dedicated accounts of cash and which are subject to the case of two different orders of transfer, such transfer orders issued to TARGET2-Bank of Spain shall be deemed accepted at the time the T2S platform declared that they meet the technical standards of T2S and will be vested at the time that the operation be granted 'married' status in the T2S platform.

(b) as an exception to the letter (a) above, with respect to the operations involved in which a participant DCV having a stand-alone component for the case of orders, when transfer orders are sent directly to that participant DCV for its case that independent component, orders of transfer shall be deemed accepted in TARGET2-Bank of Spain at the time the participant DCV declared that they meet the technical standards of T2S , and shall be deemed irrevocable from the moment that the operation be granted 'married' status in the T2S platform. In the direction of the ECB can consult the list of DCV respect of which applies this letter (b).

Title V conditions of operations of autocolateralizacion clause 17th criteria for access to the autocolateralizacion.
1. Notwithstanding the provisions of clause 40th, the Bank of Spain, from February 6, 2017 and in response to a request, provide autocolateralizacion to entities who grant credit intraday in accordance with title V of the General provisions concerning the uniform conditions for the opening and operation of an account of the module of payments in TARGET2-Bank of Spain provided that such entities are holders of a dedicated cash account and an account of the module of payment with the Bank of Spain and are not subject to restrictive measures adopted by the Council of the European Union or the States in accordance with point (b)) of paragraph 1 of article 65, section 75 or article 215 of the Treaty of the functioning of the European Union , and whose implementation, according to the Bank of Spain after informing the ECB, is incompatible with the proper functioning of TARGET2.

2. the autocolateralizacion shall be limited to the day in question and may not become credit a day.

18th admissible assets of warranty clause.

1. the autocolateralizacion shall be based on admissible assets of warranty and shall be granted in the form of guaranteed discovered intraday or operations with of repurchase intraday, in accordance with the requirements additional common minimum (including cases of breach enumerated therein) provided by the Governing Council of the ECB for Eurosystem monetary policy operations.

2 assets guarantee acceptable to secure the autocolateralizacion will be the same that you can use collateral in Eurosystem monetary policy operations, and will be subject to valuation and risk control rules identical to those set out in the General provisions applicable to the operations of monetary policy by the Bank of Spain.

In addition, as to guarantee assets eligible to secure the autocolateralizacion: (a) the Bank of Spain may limit them by prior exclusion of collateral when they may eventually exist close ties;

(b) in the case of cross-border use, will be mobilized through a link that the Governing Council of the ECB supports for use in Eurosystem credit operations and published in the direction of the ECB on the internet 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 the NCBs of the euro area through decisions of the Governing Council of the ECB.

3 debt instruments issued or guaranteed by the institution, or by a third party with whom the entity has close ties, will only be accepted as collateral under the conditions laid down in the General provisions applicable to the operations of monetary policy by the Bank of Spain.

Clause 19th award autocolateralizacion and recovery procedure.

1. only autocolateralizacion working days shall be granted.

2. the autocolateralizacion do not accrue interest.

3. by the granting of autocolateralizacion commissions established in applications corresponding techniques handed down by the Bank of Spain regulations will be charged at any time.

4. the holder of the dedicated cash account can reimburse the autocolateralizacion at all times during the day following the procedure described in the T2S UDFS.

5. the autocolateralizacion will be refunded over no later than the time provided for in the calendar and opening hours and in accordance with the following procedure: (a) the Bank of Spain will issue, through the T2S platform, the order of reimbursement, which will be assessed depending on the cash available to repay the outstanding autocolateralizacion;

(b) If, after executing step, dedicated cash account does not have sufficient balance to repay the outstanding autocolateralizacion, the Bank of Spain, through the T2S platform, you'll find other dedicated cash accounts opened on their books to the same holder and transfer cash from any or all them to the dedicated account cash that are refund pending orders; and (c) If, after executing the steps (a) and (b), in the dedicated cash account does not have sufficient balance to repay the outstanding autocolateralizacion, it is considered that the dedicated cash account holder has ordered the Bank of Spain transferring assets guarantee that were used to obtain the pending autocolateralizacion to the account are transferred where the guarantees established in favour of the Bank of Spain. Then, the Bank of Spain will facilitate the necessary liquidity to repay the outstanding autocolateralizacion and shall, without undue delay, due account of the holder of the dedicated account for cash payments module.

(d) the Bank of Spain imposed a penalty of € 1,000 for each working day in which use one or more times to transfer collateral pursuant to the letter (c).

Clause 20th Suspension, limitation or termination of access to the autocolateralizacion.

1. (a) the Bank of Spain it will suspend or put term access to the autocolateralizacion if there is any of the following default assumptions: (i) suspension or closure of a dedicated cash or account of the module of payments of the entity concerned with the Bank of Spain;

(ii) the entity concerned ceases to meet any of the criteria set out in this title for the award of autocolateralizacion;

(iii) the competent authority, judicial or otherwise, decided to start a procedure of liquidation of the entity, the appointment of a liquidator or analogous figure that will oversee their activities, or other analogous procedure;

(iv) the entity is subject to the freezing of funds or other measures imposed by the European Union that restrict their ability to make use of its funds; or (v) the suspension or termination of the eligibility of the entity as a counterpart in the Eurosystem monetary policy operations.

(b) the Bank of Spain may terminate access to the autocolateralizacion if another BCN suspend or terminate the participation of the account holder dedicated cash in TARGET2 in accordance with the letters (b) to (d) of paragraph 2 clause 28th or occur one or several cases of non-compliance (other than those referred to in the letter (a) of paragraph 2 of the 28th clause).

(c) if the Eurosystem suspended, limited, or excludes the dedicated cash account holder access to the instruments of monetary policy for reasons of prudence or otherwise in accordance with article 158 of the General documentation, the Bank of Spain also apply the suspension, limitation or exclusion from access to the autocolateralizacion pursuant to the provisions in these conditions and other regulations contract or policy applicable at each time.

(d) the Bank of Spain may suspend, limit or terminate access to the autocolateralizacion of a holder of a dedicated cash account if it considers that it is a risk, for reasons of prudence. In such cases, the Bank of Spain will notify in writing and without delay to the ECB and the other NCBs of the euro area to connected NCBs. If necessary, the Governing Council of the ECB shall take decisions on the uniform application of the measures adopted in all systems of TARGET2.

2. the decision by the Bank of Spain suspend, limit or terminate access to the autocolateralizacion of a holder of a dedicated account for cash in accordance with the provisions of the letter (d) of paragraph 1 above shall not be effective while not approved by the ECB.

3. without prejudice to the provisions of paragraph 2 above, in case of emergency the Bank of Spain may suspend with immediate effect the access to the autocolateralizacion of a holder of a dedicated account for cash, in which case notify in writing to the ECB without delay. The ECB may revoke the decision by the Bank of Spain. However, if in ten working days of the receipt of the notification of the Bank of Spain, the ECB does not communicate to the reversal of the decision, it shall be approved by the ECB.

Title VI requirements for security, contingency and interfaces of user clause 21st contingency and business continuity procedures.

In case of an abnormal external event or other event affecting operations settled on dedicated cash accounts, business continuity and contingency procedures shall apply.

22nd security requirements clause.

1 dedicated cash accounts holders shall establish appropriate security controls that protect their systems from unauthorized access and use. Dedicated cash account holders will be solely responsible for protecting the confidentiality, integrity and availability of their systems.

2. the dedicated cash account holders shall inform the Bank of Spain of any incident relating to security that occurs in its technical infrastructure, and, if applicable, of any security incident that occurs in the technical infrastructure of third party suppliers. The Bank of Spain may request more information about the incident and, if necessary, request dedicated cash account holders to take appropriate measures to prevent it from happening again.
3. the Bank of Spain may impose other requirements of safety on all account holders dedicated cash or those deemed critical.

Clause 23.ª User Interfaces.

1 the dedicated cash account holder, or the holder of the master account of the module of payments acting on its behalf, will use the following means to access the dedicated cash account: (a) the direct connection to the T2S platform U2A or A2A modalities;

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

2. the direct connection to the T2S platform allows holders of dedicated cash accounts: (a) access to information relating to their accounts and, where appropriate, modify it;

(b) manage liquidity, and placed orders for transfer of liquidity from cash dedicated accounts.

3. the ICM of TARGET2 together with TARGET2 for T2S value-added services allow the holder of the master account's payment module: (a) access to information relating to their accounts;

(b) manage liquidity, and placed orders for transfer of liquidity to dedicated accounts and cash from them.

The technical details relating to the ICM of TARGET2 are collected on technical specifications of payment orders processing.

Title VII compensation, liability regime and evidence clause 24th compensation system.

Where funds remain until the next day in a dedicated account cash because of a technical malfunction of the single shared platform or the T2S platform, the Bank of Spain will offer compensation to participants affected in accordance with the special procedure established in annex III.

Clause 25.ª liability regime.

1. in the fulfilment of its obligations set forth in the conditions, the Bank of Spain and dedicated cash account holders will be subject to a mutual general duty of reasonable care.

2. the Bank of Spain will respond against their account holders engaged in cash, in the event of fraud (including fraud) or gross negligence, for any loss arising from the operation of TARGET2-Bank of Spain. In the event of slight negligence, the liability of the Bank of Spain will be limited to direct damages of the dedicated cash account holder, namely the amount of the transaction in question and not perceived interests, and shall not include consequential damages.

3. the Bank of Spain is not liable for losses resulting from failure or malfunction of the technical infrastructure (including the computing infrastructure of the Bank of Spain, programs, data, applications or networks) if the failure or malfunction occur despite having taken the Bank of Spain measures reasonably necessary to prevent them and solve their consequences (measures which include the home and the) conclusion of business continuity and contingency procedures).

4. the Bank of Spain will not be liable for: (a) losses caused by the dedicated cash account holder;

(b) losses of external events that are beyond the reasonable control of the Bank of Spain (force majeure).

5. without prejudice to the provisions of law 16/2009, of 13 November, payment services, and in the order EHA/1608/2010, of 14 June, concerning transparency of conditions and information requirements for payment services, paragraphs 1 to 4 shall apply in so far as the liability of the Bank of Spain be excluded.

6. the Bank of Spain and dedicated cash account holders shall take all reasonable and feasible measures to mitigate the damage or loss referred to in this clause.

7. when it is necessary to meet all or part of the obligations imposed by the conditions, or where it is a common practice in the market, the Bank of Spain may, on its own behalf, Commission tasks to third parties, especially telecommunications providers or other network services or other entities. The obligation and corresponding liability of the Bank of Spain will be limited to the selection and recruitment of such third parties in accordance with the applicable rules. For purposes of this section, the NCBs the single shared platform providers and the 4BC shall not be considered third.

Clause 26th evidence.

1. unless the conditions provide another thing, all payment messages and related to payment processing related to dedicated accounts in cash, such as confirmations of debits or credits, or messages with account statements, among the Bank of Spain and dedicated cash account holders, shall be carried out by means of the T2S online service provider.

2. the electronic or written records of messages kept by the Bank of Spain or the supplier of the T2S online service will be accepted as proof of payments processed through the Bank of Spain. Archived or printed version of the original message of the T2S online service provider will be accepted as a means of proof, regardless of what was the form of the original message.

3. If fails the connection of a holder of a dedicated cash account to the T2S network service provider, dedicated cash account holder will use alternative means of transmission of messages specified in the procedures for contingency and operational continuity, in which case, filed or printed version of the message produced by the Bank of Spain will have the same probative force as the original message regardless of its form.

4. the Bank of Spain will maintain complete records of completed payment orders and payments received by dedicated cash account holders for a period of six years from the time at which payment orders have completed and payments have been received, provided that these complete records understand a minimum of five years for any person having dedicated cash account in TARGET2, which is subject to continuous surveillance under restrictive measures adopted by the Council of the European Union or the Member States, or more if you so require specific rules.

5 own books and records of the Bank of Spain (as carried in paper, microfilm or microfiche, by magnetic or electronic record, or in reproducible otherwise mechanically or otherwise) will be accepted as proof of the obligations of the owners of dedicated cash and accounts of the facts or events in which the parties are based.

Title VIII completion and closure of accounts dedicated cash clause 27th duration and ordinary termination of dedicated cash accounts.

1. without prejudice to clause 28th, dedicated cash in TARGET2-Bank of Spain accounts be opened indefinitely.

2 dedicated cash accounts holders can put an end to its dedicated cash account in TARGET2-Bank of Spain at all times, notifying it with fourteen days notice, except that they had agreed with the Bank of Spain a shorter notice.

3. the Bank of Spain can put an end to dedicated a headline cash account in TARGET2-Bank of Spain at all times, notifying it with three months notice, unless he had agreed a different notice with that headline.

4. at the end of the dedicated cash account, the duties of confidentiality set out in clause 31.ª will remain in force during the five years following the termination date.

5. at the end of the dedicated account for cash, will be closed in accordance with clause clause 29th 28th Suspension and extraordinary termination of participation.

1. the participation of a holder of a dedicated account cash in TARGET2-Bank of Spain will end immediately without notice or will be suspended if any of the following default assumptions: (a) opening of an insolvency proceeding;

(b) the holder of the dedicated account of cash leave meet the access criteria in the 5th clause 2. The Bank of Spain may terminate without notice the involvement of the owner of the dedicated cash account in TARGET2-Bank of Spain or suspend it if any of the following cases: (a) occur one or several cases of non-compliance (other than those laid down in paragraph 1);

(b) the holder of the dedicated cash account seriously violates conditions;

(c) the holder of the dedicated cash account in breach of a substantial obligation to the Bank of Spain;

(d) the holder of the dedicated cash account is excluded from the T2S CUG (closed user group) or ceases to be a member of the other cause; or (e) any other circumstance relating to the holder of the dedicated account of cash that, according to the Bank of Spain, threatens the stability, reliability and security General of TARGET2-Bank of Spain or any other Member of TARGET2 system occurs, or committed performance by the Bank of Spain of its functions in accordance with the law 13/1994 1 June, autonomy of the Bank of Spain, and to the Statute of the European system of central banks and of the European Central Bank, or there is a risk, for reasons of prudence.

3 in exercising the discretionary power granted by paragraph 2, the Bank of Spain will take into account also the seriousness of the cases of non-compliance and other measures referred to in the lyrics to) c).
4. (a) if the Bank of Spain puts an end to the participation of a holder of a dedicated account for cash in TARGET2-Bank of Spain pursuant to paragraphs 1 and 2, the Bank of Spain shall inform immediately the dedicated cash account holder, other central banks and other participants by an announcement of the ICM or T2S, depending on the technical option established in clause 23.ª that the owner of the dedicated cash account use.

(b) if the Bank of Spain is informed by another central bank about the suspension or termination of the participation of a participant on another Member of TARGET2 system, the Bank of Spain shall immediately to its participants through an ad the ICM or T2S, depending on the technical option provided in clause 23.ª that the owner of the dedicated cash account use.

(c) upon receipt of the announcement of the ICM (in the case of the payment module account holders) or t2s (in the case of dedicated cash account holders) by the participants, they are presumed informed of the suspension or termination of participation by the owner of the dedicated account for cash in TARGET2-Bank of Spain or another Member of the TARGET2 system. Participants will bear the losses arising out of payment orders to participants whose participation has been suspended or terminated if payment orders in TARGET2-Bank of Spain are introduced after the receipt of the notice of the ICM or T2S, depending on the technical option provided in clause 23.ª that the owner of the dedicated cash account use.

5 after the participation of a holder of a dedicated cash account, TARGET2-Bank of Spain will not accept new orders in relation to that holder.

6. if suspended the participation of a holder of a dedicated cash account in TARGET2-Bank of Spain, all its outgoing and incoming payment orders only will be submitted for settlement when the central bank suspended cash dedicated account holder has expressly accepted orders.

Clause 29th closure of dedicated cash accounts.

1 dedicated cash account holders may apply to the Bank of Spain to close their accounts at all times, giving you fourteen days notice.

2. upon termination of the participation in accordance with clauses 27th or 28th, the Bank of Spain will close the dedicated account of the holder concerned cash, once you have settled or returned non-settled payment orders and exercised their rights of garment and compensation in accordance with clause 30th title IX provisions late clause 30th rights of pledge and compensation of the Bank of Spain.

1. the Bank of Spain will have a real right of pledge on present and future balances of dedicated accounts of cash of the holder, in guaranteeing the rights of present and future that born of the legal relationship between the parties.

2. the Bank of Spain will have the real right of pledge referred paragraph 1 even if their guaranteed rights are only possible or not yet enforceable.

3. the participant, as a dedicated cash account holder, is a right of pledge in favour of the Bank of Spain, who has opened this account, compliance with the provisions of the additional provision of law 13/1994 of 1 June, autonomy of the Bank of Spain, sixth and in chapter II of the Royal Decree Law 5/2005 , 11 March, urgent reforms to boost productivity and for the improvement of public procurement. The sums that are paid in the dedicated cash account whose balance is pignora, shall be deemed, by the mere fact of their manure, pledged irrevocably and without limitations on guarantee of the full implementation of the guaranteed obligations.

4 Ocurrido: (a) a course of non-compliance referred to in paragraph 1 of clause 28th or (b) any other event of default or other measures referred to in paragraph 2 of the clause 28th that caused the termination or suspension of the participation of the cash in TARGET2-Bank of Spain dedicated account holder , and despite the opening of insolvency of the dedicated cash account holder or any assignment, however judicial or otherwise or other disposition of their rights, all obligations of the holder of the dedicated cash account will expire automatically and immediately without notice or approval or prior authorization. Also the reciprocal obligations of the holder of the dedicated account of cash and the Bank of Spain be compensated automatically, and the party owed the largest amount will pay the difference to another.

5. the Bank of Spain without delay inform the holder of the dedicated cash account of compensation made in accordance with paragraph 4.

6. the Bank of Spain may, without prior notice, loaded into dedicated a headline cash account any sum this owed him under the legal relationship between the two.

31.ª confidentiality clause.

1. the Bank of Spain will maintain the confidentiality of all sensitive or secret information included to payment data, technical or organizational of the holder of the dedicated account cash or its customers, unless the holder of the dedicated cash account or customer have consented in writing to disclose the information or such disclosure is permitted or required by Spanish law.

2. without prejudice to the provisions of paragraph 1, the dedicated cash account holder accepts that the Bank of Spain report information about payments, technical or organizational of the holder of the dedicated account for cash, other dedicated cash accounts maintained by other holders of the same group or of the holder of the dedicated account for cash customers obtained in the course of the operation of TARGET2-Bank of Spain, to other central banks or third parties involved in the operation of TARGET2-Bank of Spain, in the extent necessary for the proper functioning of TARGET2 or monitoring of the exposure of the dedicated cash or your group account holder, or the authorities in monitoring and surveillance of the Member States and the European Union as necessary so that they perform their public duties, and in all such cases always that the disclosure is not contrary to the applicable law. The Bank of Spain is not responsible for the financial and commercial consequences of such disclosure.

3. without prejudice to the provisions of paragraph 1, the Bank of Spain may use, disclose or publish payment information from the account holder dedicated cash or clients involved statistical, historic, scientific or otherwise, in the performance of their public functions or functions of other public entities to whom information is provided , and thus not permitted directly or indirectly identify the holder of the dedicated cash account or its customers.

4 dedicated cash account holders may only use the information you can access on the operation of TARGET2-Bank of Spain for the purposes set out in the conditions, and will maintain the confidentiality of that information unless the Bank of Spain has expressly consented in writing its disclosure. Dedicated cash account holders shall ensure that third parties who outsource, delegate or subcontract tasks which affect or may affect the fulfilment of its obligations under the conditions are required to comply with the requirements of confidentiality of this clause.

5. the Bank of Spain will be allowed to process and transmit data required to settle payment orders to the supplier of the T2S online service.

Clause 32nd personal data protection, prevention of money laundering, administrative or restrictive measures and other related issues.

1. holders of dedicated cash accounts shall comply with all obligations, whose knowledge is assumed, which imposes the legislation on personal data protection and prevention of the laundering of capital and financing of terrorism, strategic nuclear activities from the point of view of proliferation, and creation of means of delivery of nuclear weapons, especially in what refers to the adoption of appropriate measures with respect to payment orders due or payment in cash dedicated accounts. Also, they become acquainted with the rules of the T2S online service provider data recovery before hiring him.

2 dedicated cash accounts holders authorise the Bank of Spain to obtain any financial authorities or supervisory or commercial, national agencies or foreign, any information to them referred, provided that it is necessary for your participation in TARGET2-Bank of Spain.

3 account holders engaged in cash, when they act as providers of payment of a payer or a beneficiary, shall comply with all the obligations arising from the administrative or restrictive measures to be taken under articles 75 and 215 of the Treaty of the functioning of the European Union that apply to them, including notification or obtaining the consent of the competent authority with regard to the processing of operations. In addition:
(a) when the Bank of Spain is the service provider's payment of a holder of a dedicated cash account that is the payer: (i) dedicated cash account holder made the required notification or obtain consent on behalf of the central bank mainly forced to perform notification or obtaining consent, and will provide evidence of having carried out the notification or obtaining consent; the Bank of Spain

(ii) the holder of the dedicated cash account will be not no order of transfer of liquidity of the dedicated account for cash to the payment module or order of transfer of liquidity of a dedicated account for cash to another dedicated of TARGET2 cash account up to having obtained confirmation from the Bank of Spain that has been carried out the notification required or has been obtained consent by the payee's payment service provider or its name;

(b) when the Bank of Spain is the service provider's payment of a holder of a dedicated cash account that is the beneficiary, dedicated cash account holder made the required notification or obtain consent on behalf of the central bank mainly forced to perform notification or obtaining consent, and will facilitate evidence of having carried out the notification or have obtained consent to the Bank of Spain.

For the purposes of this subparagraph, the terms "payment service provider", «payer» and «beneficiary» shall have the meaning which attributed them to the applicable administrative or restrictive measures.

Clause including for 33 notifications.

1. unless the conditions provide otherwise, any notice required or permitted under the conditions will be sent by registered mail, facsimile or other written form, or message authenticated through the T2S network service provider. Notifications to the Bank of Spain will be sent to the Director of the Department of systems of payment from the Bank of Spain, c / Alcalá, 48, 28014 Madrid, or at the following address BIC of the Bank of Spain: ESPBESMMXXX. Notifications to the holder of the dedicated cash account will be sent to the address, fax number or BIC that holder has notified the Bank of Spain.

2. to test the sending of a notification just prove that he sent to the appropriate address or that the envelope containing it had to correct the address and postage.

3. all notifications will be drafted in Spanish, English or both languages.

4 dedicated cash account holders will be forced by all the forms and documents of the Bank of Spain that have completed or signed, including forms of static data referred to in the letter to) of paragraph 2 of the 6th clause and the information referred to in paragraph 5 of the 10th clause that they have submitted in accordance with paragraphs 1 and 2, and that the Bank of Spain creates reasonably that they come from holders of dedicated accounts of cash, its employees or its agents.

Clause 34th contractual relationship with the supplier of the T2S online service.

1. Every holder of a dedicated cash account held a separate agreement with a service provider's network of T2S on services that should provide for the use of the dedicated account of cash by that holder. The legal relationship between the holder of the dedicated cash account and T2S network service provider shall be governed exclusively by the terms and conditions of your agreement.

2. services providing the T2S online service provider will not form part of the services that the Bank of Spain in relation to TARGET2.

3. the Bank of Spain will not be liable for acts, errors or omissions in the service provider network of T2S (including its managers, staff and subcontractors) or acts, errors or omissions of third parties that dedicated cash account holders select to access the T2S network service provider's network.

35.ª procedure for amending clause.

The Bank of Spain may at any time unilaterally modify the conditions, including the annexes. Amendments to the conditions, including the annexes, will be announced through publication in the official bulletin of the State. The modifications shall presume accepted unless the dedicated cash account holder is expressly opposed to them within the period of fourteen days following to be informed of them. If a holder of a dedicated cash account to oppose a modification, the Bank of Spain may immediately terminate and close the cash by that proprietor in TARGET2-Bank of Spain dedicated account.

Clause 36th rights of third parties.

1. holders of dedicated cash accounts not disclosed, pignorarán or transferred to third parties without the written consent of the Bank of Spain the rights, interests, obligations, responsibilities and claims arising from the conditions.

2. the conditions do not grant rights or impose duties to bodies other than the Bank of Spain and cash in TARGET2-Bank of Spain dedicated account holders.

Clause 37.ª governing law, jurisdiction and place of performance.

1. the bilateral relationship between the Bank of Spain and cash in TARGET2-Bank of Spain dedicated account holders shall be governed by Spanish law.

2. without prejudice to the competence of the Court of Justice of the European Union, any dispute about the bilateral relationship referred to in paragraph 1 shall be the exclusive jurisdiction of the competent courts of Madrid.

3. the place of execution, so that the legal relationship between the Bank of Spain and dedicated cash account holders is concerned, it will be Madrid.

Clause 38th conservation.

The nullity or invalidity of any provision of the conditions shall not affect the applicability of the remaining.

Clause 39.ª entry into force of the conditions.

The conditions come into effect from June 22, 2015.

Clause 40th transitional provision.

Without prejudice to the provisions of clause 17th, in the period from June 22, 2015-February 6, 2017, the Bank of Spain, in response to a request, can offer autocolateralizacion to entities who grant credit intraday in accordance with title V of the General provisions concerning the uniform conditions for the opening and operation of an account of the module of payments in TARGET2-Bank of Spain provided that such entities are holders of a dedicated cash account and an account of the module of payment with the Bank of Spain and are not subject to restrictive measures adopted by the Council of the European Union or the States in accordance with point (b)) of paragraph 1 of article 65, section 75 or article 215 of the Treaty of the functioning of the European Union , and whose implementation, according to the Bank of Spain after informing the ECB, is incompatible with the proper functioning of TARGET2.

Annex I terms of reference which shall comply with the legal opinions of capacity and country terms of reference for legal opinions of capacity dedicated cash in TARGET2-Bank of Spain Spain bank account holders.

Division of payment services to credit institutions.

C / Alcalá, 48.

28014 Madrid.

Opening and operation of a dedicated account cash in TARGET2-Bank of Spain [place], [date] very SIRS: as [internal or external] legal advisers of [specify the name of the holder of the dedicated account cash or its branch] you have requested this opinion on the issues than the laws of [jurisdiction where the holder of the dedicated cash account is established [: onwards, «jurisdiction»] raised in connection with the participation of [specify the name of the holder of the dedicated cash account] (hereinafter «the dedicated cash account holder») in TARGET2-Bank of Spain (hereinafter «system»).

The present opinion is limited to the laws of [jurisdiction] in force on the date of the opinion. We have not examined the laws of any other jurisdiction to base our opinion, and not express neither explicit nor implied any opinion with respect to these laws. All statements and opinions of this opinion are equally accurate and valid under the laws of [jurisdiction] regardless of which the holder of the dedicated cash account present liquidity transfer orders and receive transfers of liquidity through its head office or one or more branches established inside or outside [jurisdiction].

I examined documents.

For the purposes of this opinion, we have examined the following: (1) certified copy of [specify relevant constituent documents] holder of the dedicated account of existing cash [s] on the date of this opinion;

(2) [if applicable] summary of the [specify relevant record] and [if applicable] [registration of credit institutions or analogous];

(3) [to the extent that applicable] copy of the license of the dedicated cash account holder, or other proof of your authorization, for providing 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 on [insert date] [insert year], which test the decision of the owner of the dedicated cash account to sign documents on the system, as defined in this decision;

(5) [specify all the powers of representation and other documents that constitute or prove the power of Attorney of the person or persons who sign documents on the system (as defined in this opinion) on behalf of the owner of the dedicated cash account];

and all other documents about the Constitution, powers and authorizations of the holder of the dedicated cash account necessary or appropriate to formulate this opinion (hereinafter «the holder of the dedicated cash account documents»).

For the purposes of this opinion we have also examined: (1) the General provisions concerning the uniform conditions for the opening and operation of a dedicated cash account in TARGET2-Bank of Spain, approved by resolution of [...] of the Executive Committee of the Bank of Spain, in its up-to-date version to [insert the date] dated [insert date] (hereinafter «Rules»);

(2) […].

Standards and [...] is hereinafter the 'system documents' (and, together with the documents of the owner of the cash, the 'documents' dedicated account).

II. assumptions.

For purposes of this opinion, hypothesize in relation to the documents as follows: (1) the documents of the system that you have provided are originals or true copies;

(2) the provisions of documents on the system and the rights and obligations that they establish are valid and legally binding under the laws of Spain, to which are fastened, and the laws of Spain recognized the election of laws of Spain as the law applicable to the documents of the system;

(3) the holder of the dedicated cash account documents are comply with the capacity and powers of action of interested parties, that have been authorised, adopted or formalized, and in his case presented, validly;

(4) the holder of the dedicated cash account documents linked to parties that are directed, and it has not breached any of its provisions.

III. views on the dedicated cash account holder.

A dedicated cash account holder is a company duly established and registered, or has become or operating properly, pursuant to the laws of [jurisdiction].

B. the owner of the dedicated cash account has all the internal qualifications necessary to assume, and to exercise and meet respectively, the rights and duties laid down in the documents of the system, which is part.

C. assuming or formalized, and the exercise and meet respectively, the rights and duties laid down in the documents system, in which it is part, the dedicated cash account holder does not break at all any provisions contained in the laws or regulations of [jurisdiction] that are applicable to you or in the documents of the dedicated cash account holder.

D. the dedicated cash account holder does not require any other authorization, approval, consent, presentation, record, lifting public or formalization notarial or other certification, before any court or administrative, judicial or public authority competent in [jurisdiction], for the purpose of adoption, validity or execution of any of the documents on the system, or for the purpose of the exercise or performance of the rights and duties that they are established.

E the dedicated cash account holder has taken all necessary internal steps and made the other necessary steps in accordance with the laws of [jurisdiction] to ensure that the obligations imposed by the documents of the system are in accordance with law, valid and binding.

The present opinion, formulated by the date indicated, is intended only to the Bank of Spain and [owner of the dedicated cash account]. No other person can use this law, whose content does not may be disclosed without our consent and in writing to persons other than those to which they are directed and their legal advisers, unless the European Central Bank and the central banks of the European system of central banks [and (the national central bank / regulatory authority) (jurisdiction)].

Sincerely, terms of reference for legal opinions of country of account holders engaged in cash in TARGET2-Bank of Spain non-EEA Bank of Spain.

Division of payment services to credit institutions.

C / Alcalá, 48.

28014 Madrid.

Opening and operation of a dedicated account cash in TARGET2-Bank of Spain [place], [date] very SIRS: as [external] legal advisers of [specify the name of the holder of the dedicated account cash or its branch] («the dedicated cash account holder») has been requested us this opinion on the issues that the laws of [jurisdiction where the holder of the dedicated cash account is established; hereinafter] [, «jurisdiction»] raised in relation to the participation of the owner of the dedicated account for cash 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 formulated this opinion on the basis of the law of [jurisdiction], with dedicated attention to the holder of the dedicated account of cash established outside Spain in terms of the rights and obligations resulting from participation in the system laid down in the documents of the system, as defined in the present opinion).

The present opinion is limited to the laws of [jurisdiction] in force on the date of the opinion. We have not examined the laws of any other jurisdiction to base our opinion, and not express neither explicit nor implied any opinion with respect to these laws. We hypothesize that none of the laws of another jurisdiction affects this opinion.

1. documents examined.

For the purposes of this opinion, we have examined the documents listed below and others we have considered necessary or appropriate: (1) the General provisions concerning the uniform conditions for the opening and operation of a dedicated cash account in TARGET2-Bank of Spain, approved by resolution of [...] of the Executive Committee of the Bank of Spain, in its up-to-date version to [insert the date] dated [insert date] (hereinafter (, the 'rules');

(2) other documents that govern the relationships between the owner of the dedicated cash account and other participants in the system, and between the participants in the system and the Bank of Spain or the system.

Standards and [...] is hereinafter the 'system documents'.

2 presumptions.

For the purposes of this opinion we hypothesize the following in relation to the system documents: (1) the system documents are conforming to the capacity and powers of action of interested parties, that have been authorised, adopted or formalized, and in his case presented, validly;

(2) the provisions of documents on the system and the rights and obligations that they establish are valid and legally binding under the laws of Spain, to which are fastened, and the laws of Spain recognized the election of laws of Spain as the law applicable to the documents of the system;

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

3 opinion.

In accordance with the foregoing, and subject in each case to the points described below, consider the following: 3.1 specific legal aspects of the country [to the extent that applicable].

The following aspects of the laws of [jurisdiction] are compatible with its obligations under the system documents the dedicated cash account holder, and mode anyone opposed to them: [list of country-specific legal aspects].

3.2. General issues of insolvency.

3.2. to insolvency proceedings.

Only (including the Convention and rehabilitation) insolvency proceedings - that, for the purposes of this opinion, includes all procedure regarding the assets of the holder of the dedicated account of cash or any of its branches in [jurisdiction] - to be subject to the account holder dedicated of cash in [jurisdiction], are the following: [list procedures in the original and translated into the English language] (collectively 'insolvency proceedings').

In addition to the procedures of insolvency, the owner of the dedicated account of cash, assets or any of its branches in [jurisdiction] may be subject in [jurisdiction] of [listed in the original and translated to the English language the moratoriums, measures of administration or other applicable procedures under which can be suspended or limited the payment orders of the owner of the dedicated account for the owner of the dedicated account for cash or cash [, or other similar procedures] (collectively "procedures").

3.2. b Treaty of insolvency.
[Jurisdiction], or political subdivisions of [jurisdiction] indicated, are party to the following treaties of insolvency: [specified in your case which affect or can affect this opinion].

3.3. execution of documents on the system.

Subject to the points described below, and according to the laws of [jurisdiction], all the provisions of the system documents are binding and legally enforceable in its own terms, and, specifically, if you start insolvency proceedings with respect to the dedicated cash account holder.

In particular, consider the following: 3.3. processing of liquidity transfer orders.

The provisions on the processing of orders for transfer of liquidity contained in clauses 12th to 16th inclusive standards are valid and legally enforceable. In particular, all liquidity transfer orders processed pursuant to such clauses are valid, binding and legally enforceable under the laws of [jurisdiction]. The provision of the rules that specify the precise moment in which the liquidity transfer orders become irrevocable (16th clause) is valid, binding and legally enforceable under the laws of [jurisdiction].

3.3. b Faculty of the Bank of Spain to carry out their functions.

The opening of insolvency proceedings with respect to the holder of the dedicated cash account does not affect the powers of the Bank of Spain established in the documents of the system. [Specify [to the extent that appropriate] that: the same is true for any other entity providing effective services directly and necessarily dedicated account holders to participate in the system (e.g., network service providers)].

3.3. c resources in the event of non-compliance.

When they are applicable to the holder of the dedicated cash account, the provisions of clauses 27th to 30th inclusive of the rules on early termination of obligations, compensation of obligations with deposits of the owner of the dedicated account of cash, execution of garments, suspension and termination of participation, representation of interests of delay, and termination of agreements and operations [(insérten_se otras disposiciones pertinentes de las Normas o de los documentos deel sistema) are valid and legally enforceable with] 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 27th to 29th inclusive rules (regarding suspension and termination of their participation in the system if you start with respect to the procedures of insolvency or in other cases of non-compliance, as defined in the documents of the system, or when the owner of the dedicated cash account represents any type of systemic risk or incurs severe operational problems) they are valid and legally enforceable under the laws of [jurisdiction].

3.3. e assignment of rights and obligations.

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

3.3. g choice of applicable law and jurisdiction.

The provisions of clause 37.ª of the regulations, in particular those concerning applicable law, resolution of conflicts, competent courts, and judicial notices, are valid and legally enforceable under the laws of [jurisdiction].

3.4. harmful acts cancellable.

We believe that any obligation born system, its application or enforcement documents before insolvency proceedings with respect to the dedicated cash account holder, may be nullified in a procedure of this kind, in accordance with the laws of [jurisdiction], in respect of harmful act, Act of terminable disposal or other analogous concept.

This opinion concerns in particular, without prejudice to the foregoing, any transfer order which a participant in the system. We believe, in particular, that the provisions of clause 16th of standards, which establish the irrevocability of transfer orders, are valid and legally enforceable, and the order of transfer made by a participant and processed in accordance with clauses 12th to 16th inclusive of the rules can not overridden in insolvency proceedings, pursuant to the laws of [jurisdiction] concept of harmful act, Act of terminable provision or another similar concept.

3.5 however.

If a creditor of the owner of the dedicated cash account request of a court or administrative, judicial or public authority competent in [jurisdiction], with under the laws of [jurisdiction], a writ of seizure (including the commandments of enforcement of embargo, blocking of funds, or other procedures of public or private law intended to protect the public interest or the rights of the creditors of the owner of the dedicated cash account) - hereinafter «however»- , we believe that [insert analysis].

3.6. assets of warranty [if applicable].

3.6. transfer of rights or assets for the purpose of guarantee deposit; collateral agreement; financial security with change in ownership, and others guarantee agreement.

Transfers for the purpose of guarantee are valid and legally enforceable under the laws of [jurisdiction]. In particular, the Constitution and execution of a collateral agreement or an agreement of financial security with change in ownership subject to clauses 18th and 30th of the rules, is valid and legally enforceable under the laws of [jurisdiction].

3.6. b preferential rights of assignees, creditors secured or acquiring assets for the purpose of guarantee to other creditors in the event of opening of an insolvency proceeding with respect to the holder of the dedicated account of cash, rights or assets assigned for warranty purposes or pledged by the holder of the dedicated account for cash in favour of the Bank of Spain or other participants in the system , give preference to the charge on the proceeds of the rights or assets subject to warranty ahead of the rights of other creditors of the owner of the dedicated account of cash, including the preferential or privileged.

3.6. c execution of the guarantee.

Even in case of opening of an insolvency proceeding with respect to the holder of the dedicated cash account, the other participants in the system and the Bank of Spain may, in quality of assignees, creditors secured or acquiring of assets for the purpose of guarantee, as appropriate, implement guarantee and charge on the proceeds of the rights or assets subject to warranty through the Bank of Spain in accordance with the rules.

3.6. d form and registration requirements.

The assignment for the purpose of guarantee of rights or assets of the holder of the dedicated cash account, or the Constitution and execution upon them of a collateral agreement or an agreement of financial security with change of ownership, is not subject to formal requirements. It is not necessary to register the assignment, pledge or acquisition of assets for the purpose of guarantee, as appropriate, or the details of the assignment, pledge or acquisition of assets for the purpose of guarantee, as appropriate to a court or administrative, judicial or public authority competent in [jurisdiction].

3.7 Branch [to the extent that applicable].

3.7. the opinion is applicable to the action through branches.

All perceptions and manifestations that above with respect to the holder of the dedicated cash account are accurate and valid, also pursuant to the laws of [jurisdiction], in situations in which the dedicated cash account holder acts through one or more of its branches established outside [jurisdiction].

3.7. b compliance with the law.

Or adoption and exercise, and compliance with, respectively, of the rights and duties laid down in the documents of the system, nor the submission, transmission or reception of payment orders, by a branch of the dedicated cash account holder, contravene in any way the laws of [jurisdiction].

3.7. c required authorizations.

Or adoption and exercise, and compliance with, respectively, of the rights and duties laid down in the documents of the system, or the presentation, transmission or reception of payment orders, by a branch of the holder of the dedicated cash account, require any other authorization, approval, consent, presentation, record, lifting to public or formalization of attorney or otherwise to any court or administrative authority certification public or judicial competent in [jurisdiction].

The present opinion, formulated by the date indicated, is intended only to the Bank of Spain and [owner of the dedicated cash account]. No other person can use this law, whose content does not may be disclosed without our consent and in writing to persons other than those to which they are directed and their legal advisers, unless the European Central Bank and the central banks of the European system of central banks [and (the national central bank / regulatory authority) (jurisdiction)].

Sincerely, annex II request for the opening of a dedicated account for cash in TARGET2-Bank of Spain [place], [date]
[name of the requesting entity], with NIF [...], [registration], with registered office at [...], and, on its behalf, [...], with DNI [...], specially empowered for this Act by power granted before [the / the] notary [...] date [...] (hereinafter 'the holder of the dedicated cash account')

EXPOSED 1 which belongs to one of the categories of institutions referred to in clause 5th of the General provisions concerning the uniform conditions for the opening and operation of a dedicated account for cash in TARGET2-Bank of Spain (hereinafter, the 'conditions').

(2nd which satisfies the technical requirements listed in the letter a) of paragraph 1 of clause 6th of the conditions, for which purpose provides certification issued by the Bank of Spain of having overcome the tests referred to in paragraph 1 (a) (ii) the 6th of conditions clause.

3rd which complies with the legal requirements referred to in point (b)) of (1) the 6th of conditions clause, for which purpose has submitted to the Bank of Spain the following documentacion8:  legal opinion of capacity;

 legal opinion of the country.

8 check the box that is appropriate.

4th which has duly completed and provided to the Bank of Spain static data collection forms, as well as the form named 'securities accounts linked by DCA', all of them provided by this.

5 that [currently involved / consequently requests to participate] on the system of payments of TARGET2 and operated by the Bank of Spain called TARGET2-Bank of Spain.

6 requesting, for these purposes, it is opened a dedicated account for cash to his name at the Bank of Spain in accordance with the conditions.

7 º that also requested the linking of this dedicated account for cash to the master account of the payments listed below, expressly giving instructions to the Bank of Spain that you transfer to this account of the main module of the module of payments, at the end of the working day, all the existing dedicated cash account balance.

8 that, with complementarity, requested the Bank of Spain bonding your dedicated account of cash [s] [s] securities account that are open on your behalf or on behalf of their clients in one or more DCV participants in TARGET2-Securities, and has duly notified the Bank of Spain through the form named 'securities accounts linked by DCA' which remain permanently up-dated.

to whose end States 1 that accepts the contents of the conditions, application techniques and other acts issued by the Bank of Spain, for the implementation thereof, as well as that of those provisions which, in the future, come to replace, modify, or supplement, in whole or in part, these conditions, including the annexes, application techniques, and other acts dictated for his execution.

2nd that, under cover of the provisions of the Royal Decree-Law 5/2005 of 11 March, urgent reforms to boost productivity and for the improvement of public procurement, and for the purposes of compensation, will be considered as a single account accounts that is holder the same, whether it's the [s] account [s] dedicated [s] cash [s] account [s] payments module, [s] account [s] [is] central beyond payments module or ordinary current accounts opened in the Bank of Spain's books, empowering expressly to the Bank of Spain to repay or regularize the account debtor with the balance of the creditor by means of transfers or debits and also to hold funds or securities belonging to the participating debtor to the Bank of Spain have in deposit or management by any cause, to the extent necessary to ensure the effectiveness of any overdraft arising in favour of this and their interests and expenses in their accounts or dealings with the Bank of Spain. Such compensation will operate in particular in the case of produce, on the dedicated cash account holder, a course of execution as defined in the conditions, and despite the opening of an insolvency proceeding with respect to participant or any assignment, judicial seizure or of another class or other disposition of their rights.

[…] [insert if applicable, if you designate as primary payment module account a payment module account held on behalf of the applicant body in the Bank of Spain: that designates your account BIC [...] and they were [...] as primary account of the module of payments which will be linked to the dedicated cash account.]

[…] [insert if applicable, if you designate as primary payment module account an account that belongs to a legal entity distinct from the requesting entity: that designates the account BIC [...] and they were [...] owned by the entity [...] as your master account of the module of payments which will be linked to the dedicated cash account.]

[…] [insert if applicable, if you designate as primary payment module account an account whose application for opening has presented the applicant body: which designated account module of payments whose application for opening has also submitted to the Bank of Spain, as the main account module of payments which will be linked to the dedicated cash account.]

[…] [insert if applicable, if you have designated as primary payment module account an account of their ownership: which expressly authorizes the Bank of Spain that will be due on your account payment module main designated above, the amounts arising from the payment of any obligation of the participant for transactions concluded between it and the Bank of Spain in the exercise of its functions.]

[…] [insert if applicable, if you have designated as primary payment module account the account of a legal entity distinct from the requesting entity: that has gathered of the entity to which it belongs the primary account payments module designated above, express authorization to the Bank of Spain signed by duly authorised person according to the approved model to the effect] for which are due in the same amounts arising from the payment of any obligation of the holder of the dedicated account of cash derived from transactions concluded between it and the Bank of Spain in the exercise of its functions, which is attached as annex to this application]

By the requesting entity.

[in case of having designated as primary payment module account the account of a legal entity distinct from the requesting entity]

MODEL of authorization to the Bank of Spain [], [] [] [] Bank of Spain.

Department of payment systems.

Payment services to credit institutions.

Alcalá, 48.

28014 Madrid.

Dear Sirs: Hereby, the entity [], with registered office at [], NIF [], registered in the mercantile registry of [], to the volume [], book [], [] sheet, registration [], and duly represented for this purpose by [Mr./Ms] [], NIF [,] pursuant to [], authorises the Bank of Spain to debit your account module of payments from TARGET2-Bank of Spain with the BIC [...] and they went [...], the amounts arising from the liquidation of any obligation derived from completed operations between the entity] , with registered office at [], NIF [], registered in the mercantile registry of [], to the volume [], book [], [] sheet, registration [], in his capacity as holder of a dedicated cash account opened in your name in TARGET2-Bank of Spain and the Bank of Spain in the exercise of their functions.

Sincerely, [P.p.]

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

[D.D.ª] [] [] Annex III system TARGET2 compensation in relation to the opening and operation of dedicated accounts of cash 1. General principles.

(a) in the case of technical malfunction of TARGET2, dedicated cash account holders may submit claims for compensation under the system of compensation for TARGET2 laid down in this annex.

(b) unless the Governing Council of the ECB decides otherwise, it shall not apply the TARGET2 compensation system if the technical malfunction of TARGET2 is due to external events that are beyond the reasonable control of the central banks involved, or acts or omissions of third parties.

(c) compensation under the TARGET2 compensation system will be the only compensation offered in the event of a technical malfunction of TARGET2. However, dedicated cash account holders can use many legal actions could correspond to them to compensate for their losses. The acceptance of an offer of compensation according to the TARGET2 compensation by a holder of a dedicated cash account constitutes your irrevocable agreement that renounces any claim relating to payment orders respect of which accepts compensation (even for indirect damages) which may assert against any central banks and that the reception of the corresponding compensation payment is the full and final settlement of any possible claim. The dedicated cash account holder shall indemnify central banks involved, up to the maximum of the amount received by virtue of the compensation system of TARGET2, in connection with any other claim arising by any other participant or third party with respect to the order of payment or the payment concerned.
(d) compensation offer shall not constitute an acceptance of liability by the Bank of Spain or another central bank in relation to the technical malfunction of TARGET2.

2. conditions of offers of compensation.

(a) the payer may claim compensation of costs of administration and interests when a technical malfunction of TARGET2 liquidity transfer order has not settled on the business day on which was validated.

(b) the beneficiary may claim compensation of administrative expenses when a technical malfunction of TARGET2 did not receive a payment expected to receive in a given day. In addition, the beneficiary may claim compensation of interest when any of the following conditions: (i) in the case of participants with access to marginal ease of credit: when, because of the technical malfunction of TARGET2, the beneficiary has resorted to marginal credit facility;

(ii) in the case of any participant: when had proved you technically impossible to have recourse to the money market or when this kind of financing had proved you impossible due to other causes objectively reasonable.

3. calculation of the compensation.

(a) as regards the offer of paying compensation: (i) administrative expenses will be $ 50 for the first payment order not liquidated; 25 euros for each of the four following orders, and 12.50 euros for each of following orders, and shall be calculated separately for each beneficiary;

(ii) the interest compensation shall be calculated by applying a reference type which shall be fixed daily. The reference rate shall be the lesser between the EONIA (average rate of the euro a day type) and marginal credit, and shall apply to the amount of the payment order not paid as a result of the technical malfunction of TARGET2, for each day of the period between the date in the payment order is completed (or (((, if it is one of those referred to in subparagraph ii) letter b) of paragraph 2, the date in which intended of course) and the date on which the payment order was or could be liquidated. Be deducted from the amount of compensation the benefits obtained from the deposit in the Eurosystem of funds resulting from non-settled payment orders;

(iii) not be paid compensation for interest on the resulting funds of non settled payment orders that have been placed on the market or have been used to meet minimum reserve requirements.

(b) as regards the offer of compensation for beneficiaries: (i) administrative expenses will be $ 50 for the first payment order not liquidated; 25 euros for each of the four following orders, and 12.50 euros for each of following orders, and shall be calculated separately for each payer;

((ii) the interest compensation shall be calculated by the method established in subsection ii) Letter to), but by applying a rate equal to the difference between the marginal rate of credit and the reference rate, the amount by which was referred to the marginal credit facility as a result of the technical malfunction of TARGET2.

4. rules of procedure.

(a) claims for compensation shall be submitted in English in the claim form which is available at the address of the Bank of Spain on the Internet (see www.bde.es). Payers shall submit a claim for each beneficiary form, and the beneficiaries shall submit a claim for each payer form. It will provide information and documents enough in support of the data included in the claim form. Only a claim may be made for each payment or payment order.

(b) dedicated cash account holders shall submit their claim forms to the Bank of Spain in the four weeks following the technical malfunction of TARGET2. In addition, they will provide all information or further proof requested by the Bank of Spain in the two weeks following the request.

(c) the Bank of Spain will examine claims and shall forward them to the ECB. Unless the Governing Council decides otherwise and thus inform dedicated cash account holders, the ECB will evaluate claims in the 14 weeks following the technical malfunction of TARGET2.

(d) the Bank of Spain shall communicate the results of the assessment referred to in point (c)) to holders of dedicated accounts of cash involved. If the evaluation includes an offer of compensation, account holders dedicated cash to whom it is directed shall reject it or accept it, in the four weeks following the communication of the offer and in respect of each payment or payment order subject of each claim, through the signing of a letter of acceptance standard, whose model is available at the address of the Bank of Spain on the Internet (see www.bde.es). If the Bank of Spain does not receive this letter within the period of four weeks, shall be considered holders of cash dedicated accounts involved have rejected the offer of compensation.

(e) the Bank of Spain will pay compensation when you receive the letter of acceptance from the dedicated interested cash account holder. Compensation does not accrue interest.