natgillin/translations-raw huggingface dataset:
By requesting to reserve a certain amount of liquidity for highly urgent payment orders , a participant instructs the ECB only to settle urgent and normal payment orders if there is available liquidity after the amount reserved for highly urgent payment orders has been deducted .
By requesting to reserve a certain amount of liquidity for highly urgent payment orders , a participant instructs the ECB only to settle urgent and normal payment orders if there is available liquidity after the amount reserved for highly urgent payment orders has been deducted .
By requesting to reserve a certain amount of liquidity for urgent payment orders , a participant instructs the ECB only to settle normal payment orders if there is available liquidity after the amount reserved for urgent and highly urgent payment orders has been deducted .
By requesting to reserve a certain amount of liquidity for urgent payment orders , a participant instructs the ECB only to settle normal payment orders if there is available liquidity after the amount reserved for urgent and highly urgent payment orders has been deducted .
▼M2 4 .
▼M2 4 .
After receipt of the reservation request the ECB shall check whether the amount of liquidity on the participant 's PM account is sufficient for the reservation .
After receipt of the reservation request the ECB shall check whether the amount of liquidity on the participant 's PM account is sufficient for the reservation .
The rest of the requested liquidity shall be reserved if additional liquidity becomes available .
The rest of the requested liquidity shall be reserved if additional liquidity becomes available .
▼B 5 .
2007D0007 --- EN --- 12.05.2010 --- 003.001 --- 13 ▼B 5 .
The level of the liquidity reservation may be changed .
The level of the liquidity reservation may be changed .
Participants may make a request via the ICM to reserve new amounts with immediate effect or with effect from the next business day .
Participants may make a request via the ICM to reserve new amounts with immediate effect or with effect from the next business day .
▼M2 Article 15a Standing instructions for liquidity reservation and dedication of liquidity 1 .
▼M2 Article 15a Standing instructions for liquidity reservation and dedication of liquidity 1 .
Participants shall be deemed to have instructed the ECB to dedicate liquidity on their behalf if the relevant ancillary system so requests .
Participants shall be deemed to have instructed the ECB to dedicate liquidity on their behalf if the relevant ancillary system so requests .
▼B Article 16 Predetermined settlement times 1 .
▼B Article 16 Predetermined settlement times 1 .
Instructing participants may predetermine the settlement time of the payment orders within a business day by using the Earliest Debit Time Indicator or the Latest Debit Time Indicator .
Instructing participants may predetermine the settlement time of the payment orders within a business day by using the Earliest Debit Time Indicator or the Latest Debit Time Indicator .
When the Earliest Debit Time Indicator is used , the accepted payment order is stored and only entered into the entry disposition at the indicated time .
When the Earliest Debit Time Indicator is used , the accepted payment order is stored and only entered into the entry disposition at the indicated time .
When the Latest Debit Time Indicator is used , the accepted payment order shall be returned as non-settled if it cannot be settled by the indicated debit time .
When the Latest Debit Time Indicator is used , the accepted payment order shall be returned as non-settled if it cannot be settled by the indicated debit time .
15 minutes prior to the defined debit time , the instructing participant shall be sent an automatic notification via the ICM .
15 minutes prior to the defined debit time , the instructing participant shall be sent an automatic notification via the ICM .
Instructing participant may also use the Latest Debit Time Indicator solely as a warning indicator .
Instructing participant may also use the Latest Debit Time Indicator solely as a warning indicator .
In such cases , the payment order concerned shall not be returned .
In such cases , the payment order concerned shall not be returned .
Instructing participants can change the Earliest Debit Time Indicator and the Latest Debit Time Indicator via the ICM .
Instructing participants can change the Earliest Debit Time Indicator and the Latest Debit Time Indicator via the ICM .
Further technical details are contained in Appendix I.
Further technical details are contained in Appendix I.
Article 17 Payment orders submitted in advance 1 .
Article 17 Payment orders submitted in advance 1 .
Payment orders may be submitted up to five business days before the specified settlement date ( warehoused payment orders ) .
Payment orders may be submitted up to five business days before the specified settlement date ( warehoused payment orders ) .
Warehoused payment orders shall be accepted and entered into the entry disposition on the date specified by the instructing participant at the start of daytime processing , as referred to in Appendix V. They shall be placed in front of payment orders of the same priority .
Warehoused payment orders shall be accepted and entered into the entry disposition on the date specified by the instructing participant at the start of daytime processing , as referred to in Appendix V. They shall be placed in front of payment orders of the same priority .
Articles 13 ( 3 ) , 20 ( 2 ) and 23 ( 1 )( a ) shall apply mutatis mutandis to warehoused payment orders .
Articles 13 ( 3 ) , 20 ( 2 ) and 23 ( 1 )( a ) shall apply mutatis mutandis to warehoused payment orders .
2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 14 ▼B Article 18 Settlement of payment orders in the entry disposition 1 .
Article 18 Settlement of payment orders in the entry disposition 1 .
Unless instructing participants have indicated the settlement time in the manner described in Article 16 , accepted payment orders shall be settled immediately or at the latest by the end of the business day on which they were accepted , provided that sufficient funds are available on the payer 's PM account and taking into account any liquidity limits and liquidity reservations as referred to in Articles 14 and 15 .
Unless instructing participants have indicated the settlement time in the manner described in Article 16 , accepted payment orders shall be settled immediately or at the latest by the end of the business day on which they were accepted , provided that sufficient funds are available on the payer 's PM account and taking into account any liquidity limits and liquidity reservations as referred to in Articles 14 and 15 .
Funding may be provided by :
Funding may be provided by :
( a ) the available liquidity on the PM account ;
( a ) the available liquidity on the PM account ;
or ( b ) incoming payments from other TARGET2 participants , subject to the applicable optimisation procedures .
or ( b ) incoming payments from other TARGET2 participants , subject to the applicable optimisation procedures .
For highly urgent payment orders the « first in , first out » ( FIFO ) principle shall apply .
For highly urgent payment orders the « first in , first out » ( FIFO ) principle shall apply .
This means that highly urgent payment orders shall be settled in chronological order .
This means that highly urgent payment orders shall be settled in chronological order .
Urgent and normal payment orders shall not be settled for as long as highly urgent payment orders are queued .
Urgent and normal payment orders shall not be settled for as long as highly urgent payment orders are queued .
For urgent payment orders the FIFO principle shall also apply .
For urgent payment orders the FIFO principle shall also apply .
Normal payment orders shall not be settled if urgent and highly urgent payment orders are queued .
Normal payment orders shall not be settled if urgent and highly urgent payment orders are queued .
By derogation from paragraphs 3 and 4 , payment orders with a lower priority ( or of the same priority but accepted later ) may be settled before payment orders with a higher priority ( or of the same priority which were accepted earlier ) , if the payment orders with a lower priority would net out with payments to be received and result on balance in a liquidity increase for the payer .
By derogation from paragraphs 3 and 4 , payment orders with a lower priority ( or of the same priority but accepted later ) may be settled before payment orders with a higher priority ( or of the same priority which were accepted earlier ) , if the payment orders with a lower priority would net out with payments to be received and result on balance in a liquidity increase for the payer .
Normal payment orders shall be settled in accordance with the FIFO bypassing principle .
Normal payment orders shall be settled in accordance with the FIFO bypassing principle .
This means that they may be settled immediately ( independently of other queued normal payments accepted at an earlier time ) and may therefore breach the FIFO principle , provided that sufficient funds are available .
This means that they may be settled immediately ( independently of other queued normal payments accepted at an earlier time ) and may therefore breach the FIFO principle , provided that sufficient funds are available .
Further details on the settlement of payment orders in the entry disposition are contained in Appendix I.
Further details on the settlement of payment orders in the entry disposition are contained in Appendix I.
▼M2 Article 19 Settlement and return of queued payment orders 1 .
▼M2 Article 19 Settlement and return of queued payment orders 1 .
To optimise the settlement of queued payment orders , the ECB may use the optimisation procedures described in Appendix I. 3 .
To optimise the settlement of queued payment orders , the ECB may use the optimisation procedures described in Appendix I. 3 .
Payment orders may be moved either to the front or to the end of the respective queue with immediate effect at any time during daytime processing , as referred to in Appendix V. 4 .
Payment orders may be moved either to the front or to the end of the respective queue with immediate effect at any time during daytime processing , as referred to in Appendix V. 4 .
Other payment orders shall be returned as non-settled if they cannot be settled by the cut-off times for the relevant message type , as specified in Appendix V.
Other payment orders shall be returned as non-settled if they cannot be settled by the cut-off times for the relevant message type , as specified in Appendix V.
▼B Article 20 Entry of payment orders into the system and their irrevocability 1 .
▼B Article 20 Entry of payment orders into the system and their irrevocability 1 .
For the purposes of the first sentence of Article 3 ( 1 ) of the Settlement Finality Directive and the third sentence of § 116 , § 96 ( 2 ) , § 82 and § 340 ( 3 ) of the Insolvenzordnung ( German Insolvency Code ) and the sixth sentence of 2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 15 ▼B § 46a ( 1 ) of the KWG , payment orders are deemed entered into TARGET2-ECB at the moment that the relevant participant 's PM account is debited .
For the purposes of the first sentence of Article 3 ( 1 ) of the Settlement Finality Directive and the third sentence of § 116 , § 96 ( 2 ) , § 82 and § 340 ( 3 ) of the Insolvenzordnung ( German Insolvency Code ) and the sixth sentence of § 46a ( 1 ) of the KWG , payment orders are deemed entered into TARGET2-ECB at the moment that the relevant participant 's PM account is debited .
Payment orders may be revoked until they are entered into TARGET2-ECB in accordance with paragraph 1 .
Payment orders may be revoked until they are entered into TARGET2-ECB in accordance with paragraph 1 .
Payment orders that are included in an algorithm , as referred to in Appendix I , may not be revoked during the period that the algorithm is running .
Payment orders that are included in an algorithm , as referred to in Appendix I , may not be revoked during the period that the algorithm is running .
TITLE V SECURITY REQUIREMENTS AND CONTINGENCY ISSUES Article 21 Business continuity and contingency procedures In the event of an abnormal external event or any other event which affects the operation of the SSP , the business continuity and contingency procedures described in Appendix IV shall apply .
2007D0007 --- EN --- 12.05.2010 --- 003.001 --- 15 ▼B TITLE V SECURITY REQUIREMENTS AND CONTINGENCY ISSUES Article 21 Business continuity and contingency procedures In the event of an abnormal external event or any other event which affects the operation of the SSP , the business continuity and contingency procedures described in Appendix IV shall apply .
Article 22 Security requirements 1 .
Article 22 Security requirements 1 .
Participants shall implement adequate security controls to protect their systems from unauthorised access and use .
Participants shall implement adequate security controls to protect their systems from unauthorised access and use .
Participants shall be exclusively responsible for the adequate protection of the confidentiality , integrity and availability of their systems .
Participants shall be exclusively responsible for the adequate protection of the confidentiality , integrity and availability of their systems .
Participants shall inform the ECB of any security-related incidents in their technical infrastructure and , where appropriate , security-related incidents that occur in the technical infrastructure of the third party providers .
Participants shall inform the ECB of any security-related incidents in their technical infrastructure and , where appropriate , security-related incidents that occur in the technical infrastructure of the third party providers .
The ECB may request further information about the incident and , if necessary , request that the participant take appropriate measures to prevent a recurrence of such an event .
The ECB may request further information about the incident and , if necessary , request that the participant take appropriate measures to prevent a recurrence of such an event .
The ECB may impose additional security requirements on all participants and / or on participants that are considered critical by the ECB .
The ECB may impose additional security requirements on all participants and / or on participants that are considered critical by the ECB .
TITLE VI THE INFORMATION AND CONTROL MODULE Article 23 Use of the ICM 1 .
TITLE VI THE INFORMATION AND CONTROL MODULE Article 23 Use of the ICM 1 .
The ICM :
The ICM :
( a ) allows participants to access information relating to their accounts and to manage liquidity ;
( a ) allows participants to access information relating to their accounts and to manage liquidity ;
( b ) may be used to initiate liquidity transfer orders ;
( b ) may be used to initiate liquidity transfer orders ;
and ( c ) allows participants to initiate backup lump sum and backup contingency payments in the event of a failure of the participant 's payment infrastructure .
and ( c ) allows participants to initiate backup lump sum and backup contingency payments in the event of a failure of the participant 's payment infrastructure .
Further technical details relating to the ICM are contained in Appendix I.
Further technical details relating to the ICM are contained in Appendix I.
TITLE VII COMPENSATION , LIABILITY REGIME AND EVIDENCE Article 24 Compensation scheme If a payment order cannot be settled on the same business day on which it was accepted due to a technical malfunction of TARGET2 , the ECB shall offer to compensate the direct participants concerned in accordance with the special procedure laid down in Appendix II .
TITLE VII COMPENSATION , LIABILITY REGIME AND EVIDENCE Article 24 Compensation scheme If a payment order cannot be settled on the same business day on which it was accepted due to a technical malfunction of TARGET2 , the ECB shall offer to compensate the direct participants concerned in accordance with the special procedure laid down in Appendix II .
2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 16 ▼B Article 25 Liability regime 1 .
Article 25 Liability regime 1 .
In performing their obligations pursuant to these Conditions , the ECB and the participants shall be bound by a general duty of reasonable care in relation to each other .
In performing their obligations pursuant to these Conditions , the ECB and the participants shall be bound by a general duty of reasonable care in relation to each other .
The ECB shall be liable to its participants in cases of fraud ( including but not limited to wilful misconduct ) or gross negligence , for any loss arising out of the operation of TARGET2-ECB .
The ECB shall be liable to its participants in cases of fraud ( including but not limited to wilful misconduct ) or gross negligence , for any loss arising out of 2007D0007 --- EN --- 12.05.2010 --- 003.001 --- 16 ▼B the operation of TARGET2-ECB .
In cases of ordinary negligence , the ECB 's liability shall be limited to the participant 's direct loss , i.e. the amount of the transaction in question and / or the loss of interest thereon , excluding any consequential loss .
In cases of ordinary negligence , the ECB 's liability shall be limited to the participant 's direct loss , i.e. the amount of the transaction in question and / or the loss of interest thereon , excluding any consequential loss .
The ECB is not liable for any loss that results from any malfunction or failure in the technical infrastructure ( including but not limited to the ECB 's computer infrastructure , programmes , data , applications or networks ) , if such malfunction or failure arises in spite of the ECB having adopted those measures that are reasonably necessary to protect such infrastructure against malfunction or failure , and to resolve the consequences of such malfunction or failure ( the latter including but not limited to initiating and completing the business continuity and contingency procedures referred to in Appendix IV ) .
The ECB is not liable for any loss that results from any malfunction or failure in the technical infrastructure ( including but not limited to the ECB 's computer infrastructure , programmes , data , applications or networks ) , if such malfunction or failure arises in spite of the ECB having adopted those measures that are reasonably necessary to protect such infrastructure against malfunction or failure , and to resolve the consequences of such malfunction or failure ( the latter including but not limited to initiating and completing the business continuity and contingency procedures referred to in Appendix IV ) .
The ECB shall not be liable :
The ECB shall not be liable :
( a ) to the extent that the loss is caused by the participant ;
( a ) to the extent that the loss is caused by the participant ;
or ( b ) if the loss arises out of external events beyond the ECB 's reasonable control ( force majeure ) .
or ( b ) if the loss arises out of external events beyond the ECB 's reasonable control ( force majeure ) .
Notwithstanding § § 676a , 676b , 676c , 676e and 676g of the Bürgerliches Gesetzbuch ( German Civil Code ) , paragraphs 1 to 4 shall apply to the extent that the ECB 's liability can be excluded .
Notwithstanding § § 676a , 676b , 676c , 676e and 676g of the Bürgerliches Gesetzbuch ( German Civil Code ) , paragraphs 1 to 4 shall apply to the extent that the ECB 's liability can be excluded .
The ECB and the participants shall take all reasonable and practicable steps to mitigate any damage or loss referred to in this Article .
The ECB and the participants shall take all reasonable and practicable steps to mitigate any damage or loss referred to in this Article .
In performing some or all of its obligations under these Conditions , the ECB may commission third parties in its own name , particularly telecommunications or other network providers or other entities , if this is necessary to meet the ECB 's obligations or is standard market practice .
In performing some or all of its obligations under these Conditions , the ECB may commission third parties in its own name , particularly telecommunications or other network providers or other entities , if this is necessary to meet the ECB 's obligations or is standard market practice .
The ECB 's obligation shall be limited to the due selection and commissioning of any such third parties and the ECB 's liability shall be limited accordingly .
The ECB 's obligation shall be limited to the due selection and commissioning of any such third parties and the ECB 's liability shall be limited accordingly .
For the purposes of this paragraph , the SSP-providing CBs shall not be considered as third parties .
For the purposes of this paragraph , the SSP-providing CBs shall not be considered as third parties .
Article 26 Evidence 1 .
Article 26 Evidence 1 .
Unless otherwise provided in these Conditions , all payment and payment processing-related messages in relation to TARGET2 , such as confirmations of debits or credits , or statement messages , between the ECB and participants shall be made through the network service provider .
Unless otherwise provided in these Conditions , all payment and payment processing-related messages in relation to TARGET2 , such as confirmations of debits or credits , or statement messages , between the ECB and participants shall be made through the network service provider .
Electronic or written records of the messages retained by the ECB or by the network service provider shall be accepted as a means of evidence of the payments processed through the ECB .
Electronic or written records of the messages retained by the ECB or by the network service provider shall be accepted as a means of evidence of the payments processed through the ECB .
The saved or printed version of the original message of the network service provider shall be accepted as a means of evidence , regardless of the form of the original message .
The saved or printed version of the original message of the network service provider shall be accepted as a means of evidence , regardless of the form of the original message .
If a participant 's connection to the network service provider fails , the participant shall use the alternative means of transmission of messages laid down in Appendix IV .
If a participant 's connection to the network service provider fails , the participant shall use the alternative means of transmission of messages laid down in Appendix IV .
In such cases , the saved or printed version of the message produced by the ECB shall have the same evidential value as the original message , regardless of its form .
In such cases , the saved or printed version of the message produced by the ECB shall have the same evidential value as the original message , regardless of its form .
The ECB shall keep complete records of payment orders submitted and payments received by participants for a period of 10 years from the time at which such payment orders are submitted and payments are received .
The ECB shall keep complete records of payment orders submitted and payments received by participants for a period of 10 years from the time at which such payment orders are submitted and payments are received .
The ECB 's own books and records ( whether kept on paper , microfilm , microfiche , by electronic or magnetic recording , in any other mechanically reproducible form or otherwise ) shall be accepted as a means of evidence of any obligations of the participants and of any facts and events that the parties rely on .
The ECB 's own books and records ( whether kept on paper , microfilm , microfiche , by electronic or magnetic recording , in any other mechanically reproducible form or otherwise ) shall be accepted as a means of evidence of any obligations of the participants and of any facts and events that the parties rely on .
2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 17 ▼B TITLE VIII TERMINATION OF PARTICIPATION AND CLOSURE OF ACCOUNTS Article 27 Duration and ordinary termination of participation 1 .
TITLE VIII TERMINATION OF PARTICIPATION AND CLOSURE OF ACCOUNTS Article 27 Duration and ordinary termination of participation 1 .