(5)

Appendix VI is replaced by the following: ‘Appendix VI FEE SCHEDULE AND INVOICING Fees and invoicing for direct participants 1. The monthly fee for the processing of payment orders in TARGET2-ECB for direct participants, depending on which option the direct participant has chosen, shall be either: (a) EUR 150 per PM account plus a flat fee per transaction (debit entry) of EUR 0,80; or (b) EUR 1 875 per PM account plus a fee per transaction (debit entry) determined as follows, based on the volume of transactions (number of processed items) per month: Band From To Price (EUR) 1 1 10 000 0,60 2 10 001 25 000 0,50 3 25 001 50 000 0,40 4 50 001 100 000 0,20 5 Above 100 000 — 0,125 Liquidity transfers between a participant’s PM account and its sub-accounts shall not be subject to a charge. 2. There shall be an additional monthly fee for direct participants who do not wish the BIC of their account to be published in the TARGET2 directory of EUR 30 per account. 3. The following invoicing rules apply to direct participants. The direct participant shall receive the invoice for the previous month specifying the fees to be paid, no later than on the fifth business day of the following month. Payment shall be made at the latest on the 10th working day of that month to the account specified by the ECB and shall be debited from that participant’s PM account. Fees and invoicing for ancillary systems 4. An ancillary system using the ASI or the Participant Interface, irrespective of the number of any accounts it may hold with the ASCB and/or the SCB, shall be subject to a fee schedule consisting of three elements, as set out below. (a) A fixed monthly fee of EUR 1 000 to be charged to each ancillary system (Fixed Fee I). (b) A second monthly fixed fee of between EUR 417 and EUR 4 167, in proportion to the underlying gross value of the ancillary system’s euro cash settlement transactions (Fixed Fee II): Band From (EUR million/day) To (EUR million/day) Annual fee (EUR) Monthly fee (EUR) 1 0 below 1 000 5 000 417 2 1 000 below 2 500 10 000 833 3 2 500 below 5 000 20 000 1 667 4 5 000 below 10 000 30 000 2 500 5 10 000 below 50 000 40 000 3 333 6 Above 50 000 — 50 000 4 167 The gross value of the ancillary system’s euro cash settlement transactions shall be calculated by the ASCB once a year on the basis of such gross value during the previous year and the calculated gross value shall be applied for calculating the fee as from 1 January of each calendar year. (c) A transaction fee calculated on the same basis as the schedule established for direct participants in paragraph 1 of this Appendix. The ancillary systems may choose one of the two options: either to pay a flat EUR 0,80 fee per payment instruction (Option A) or to pay a fee calculated on a degressive basis (Option B), subject to the following modifications: (i) for Option B, the limits of the bands relating to volume of payment instructions are divided by two; and (ii) a monthly fixed fee of EUR 150 (under Option A) or EUR 1 875 (under Option B) shall be charged in addition to Fixed Fee I and Fixed Fee II. 5. Any fee payable in relation to a payment instruction submitted or payment received by an ancillary system, via either the participant interface or the ASI, shall be exclusively charged to this ancillary system. The Governing Council may establish more detailed rules for the determination of billable transactions settled via the ASI. 6. Each ancillary system shall receive an invoice from its respective ASCB for the previous month based on the fees referred to in paragraph 4, no later than the fifth business day of the following month. Payments shall be made no later than the 10th business day of this month to the account specified by the ASCB or shall be debited from an account specified by the ancillary system. 7. For the purposes of this paragraph, each ancillary system that has been designated under Directive 98/26/EC shall be treated separately, even if two or more of them are operated by the same legal entity. The same rule shall apply to the ancillary systems that have not been designated under Directive 98/26/EC, in which case the ancillary systems shall be identified by reference to the following criteria: (a) a formal arrangement, based on a contractual or legislative instrument, e.g. an agreement among the participants and the system operator; (b) multiple membership; (c) common rules and standardised arrangements; (d) for the clearing, netting or settlement of payments or securities between the participants.’.