natgillin/translations-raw huggingface dataset:
( a ) Under Algorithm 1 (' all-or-nothing ') the ECB shall , both for each relationship in respect of which a bilateral limit has been set and also for the total sum of relationships for which a multilateral limit has been set : ( i ) calculate the overall liquidity position of each TARGET2 participant 's PM account by establishing whether the aggregate of all outgoing and incoming payment orders pending in the queue is negative or positive and , if it is negative , check whether it exceeds that participant 's available liquidity ( the overall liquidity position shall constitute the « total liquidity position ') ;
( a ) Under Algorithm 1 (' all-or-nothing ') the ECB shall , both for each relationship in respect of which a bilateral limit has been set and also for the total sum of relationships for which a multilateral limit has been set : ( i ) calculate the overall liquidity position of each TARGET2 participant 's PM account by establishing whether the aggregate of all outgoing and incoming payment orders pending in the queue is negative or positive and , if it is negative , check whether it exceeds that participant 's available liquidity ( the overall liquidity position shall constitute the « total liquidity position ') ;
and ( ii ) check whether limits and reservations set by each TARGET2 participant in relation to each relevant PM account are respected .
and ( ii ) check whether limits and reservations set by each TARGET2 participant in relation to each relevant PM account are respected .
If the outcome of these calculations and checks is positive for each relevant PM account , the ECB and other CBs involved shall settle all payments simultaneously on the PM accounts of the TARGET2 participants concerned .
If the outcome of these calculations and checks is positive for each relevant PM account , the ECB and other CBs involved shall settle all 2007D0007 --- EN --- 12.05.2010 --- 003.001 --- 25 ▼B payments simultaneously on the PM accounts of the TARGET2 participants concerned .
2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 25 ▼B ( b ) Under Algorithm 2 (' partial ') the ECB shall : ( i ) calculate and check the liquidity positions , limits and reservations of each relevant PM account as under Algorithm 1 ;
( b ) Under Algorithm 2 (' partial ') the ECB shall : ( i ) calculate and check the liquidity positions , limits and reservations of each relevant PM account as under Algorithm 1 ;
and ( ii ) if the total liquidity position of one or more relevant PM accounts is negative , extract single payment orders until the total liquidity position of each relevant PM account is positive .
and ( ii ) if the total liquidity position of one or more relevant PM accounts is negative , extract single payment orders until the total liquidity position of each relevant PM account is positive .
Thereafter , the ECB and the other CBs involved shall , provided there are sufficient funds , settle all remaining payments ( except the extracted payment orders ) simultaneously on the PM accounts of the TARGET2 participants concerned .
Thereafter , the ECB and the other CBs involved shall , provided there are sufficient funds , settle all remaining payments ( except the extracted payment orders ) simultaneously on the PM accounts of the TARGET2 participants concerned .
When extracting payment orders , the ECB shall start from the TARGET2 participant 's PM account with the highest negative total liquidity position and from the payment order at the end of the queue with the lowest priority .
When extracting payment orders , the ECB shall start from the TARGET2 participant 's PM account with the highest negative total liquidity position and from the payment order at the end of the queue with the lowest priority .
The selection process shall only run for a short time , to be determined by the ECB at its discretion .
The selection process shall only run for a short time , to be determined by the ECB at its discretion .
( c ) Under Algorithm 3 (' multiple ') the ECB shall : ( i ) compare pairs of TARGET2 participants » PM accounts to determine whether queued payment orders can be settled within the available liquidity of the two TARGET2 participants » PM accounts concerned and within the limits set by them ( by starting from the pair of PM accounts with the smallest difference between the payment orders addressed to each other ) , and the CB ( s ) involved shall book those payments simultaneously on the two TARGET2 participants » PM accounts ;
( c ) Under Algorithm 3 (' multiple ') the ECB shall : ( i ) compare pairs of TARGET2 participants » PM accounts to determine whether queued payment orders can be settled within the available liquidity of the two TARGET2 participants » PM accounts concerned and within the limits set by them ( by starting from the pair of PM accounts with the smallest difference between the payment orders addressed to each other ) , and the CB ( s ) involved shall book those payments simultaneously on the two TARGET2 participants » PM accounts ;
and ( ii ) if , in relation to a pair of PM accounts as described under point ( i ) , liquidity is insufficient to fund the bilateral position , extract single payment orders until there is sufficient liquidity .
and ( ii ) if , in relation to a pair of PM accounts as described under point ( i ) , liquidity is insufficient to fund the bilateral position , extract single payment orders until there is sufficient liquidity .
In this case the CB ( s ) involved shall settle the remaining payments , except the extracted ones , simultaneously on the two TARGET2 participants » PM accounts .
In this case the CB ( s ) involved shall settle the remaining payments , except the extracted ones , simultaneously on the two TARGET2 participants » PM accounts .
After performing the checks specified under subparagraphs ( i ) to ( ii ) , the ECB shall check the multilateral settlement positions ( between a participant 's PM account and other TARGET2 participants » PM accounts in relation to which a multilateral limit has been set ) .
After performing the checks specified under subparagraphs ( i ) to ( ii ) , the ECB shall check the multilateral settlement positions ( between a participant 's PM account and other TARGET2 participants » PM accounts in relation to which a multilateral limit has been set ) .
For this purpose , the procedure described under subparagraphs ( i ) to ( ii ) shall apply mutatis mutandis .
For this purpose , the procedure described under subparagraphs ( i ) to ( ii ) shall apply mutatis mutandis .
( d ) Under Algorithm 4 (' partial plus ancillary system settlement ') the ECB shall follow the same procedure as for Algorithm 2 , but without extracting payment orders in relation to the settlement of an ancillary system ( which settles on a simultaneous multilateral basis ) .
( d ) Under Algorithm 4 (' partial plus ancillary system settlement ') the ECB shall follow the same procedure as for Algorithm 2 , but without extracting payment orders in relation to the settlement of an ancillary system ( which settles on a simultaneous multilateral basis ) .
( e ) Under Algorithm 5 (' ancillary system settlement via sub-accounts ') the ECB shall follow the same procedure as for Algorithm 1 , subject to the modification that the ECB shall start Algorithm 5 via the Ancillary System Interface and shall only check whether sufficient funds are available on participants » sub-accounts .
( e ) Under Algorithm 5 (' ancillary system settlement via sub-accounts ') the ECB shall follow the same procedure as for Algorithm 1 , subject to the modification that the ECB shall start Algorithm 5 via the Ancillary System Interface and shall only check whether sufficient funds are available on participants » sub-accounts .
Moreover , no limits and reservations shall be taken into account .
Moreover , no limits and reservations shall be taken into account .
Algorithm 5 shall also run during night-time settlement .
Algorithm 5 shall also run during night-time settlement .
( 4 ) Payment orders entered into the entry disposition after the start of any of algorithms 1 to 4 may nevertheless be settled immediately in the entry disposition if the positions and limits of the TARGET2 participants » PM accounts concerned are compatible with both the settlement of these payment orders and the settlement of payment orders in the current optimisation procedure .
( 4 ) Payment orders entered into the entry disposition after the start of any of algorithms 1 to 4 may nevertheless be settled immediately in the entry disposition if the positions and limits of the TARGET2 participants » PM accounts concerned are compatible with both the settlement of these payment orders and the settlement of payment orders in the current optimisation procedure .
However , two algorithms shall not run simultaneously .
However , two algorithms shall not run simultaneously .
( 5 ) During daytime processing the algorithms shall run sequentially .
( 5 ) During daytime processing the algorithms shall run sequentially .
As long as there is no pending simultaneous multilateral settlement of an ancillary system , the sequence shall be as follows : ( a ) algorithm 1 , ( b ) if algorithm 1 fails , then algorithm 2 , ( c ) if algorithm 2 fails , then algorithm 3 , or if algorithm 2 succeeds , repeat algorithm 1 .
As long as there is no pending simultaneous multilateral settlement of an ancillary system , the sequence shall be as follows : ( a ) algorithm 1 , ( b ) if algorithm 1 fails , then algorithm 2 , 2007D0007 --- EN --- 12.05.2010 --- 003.001 --- 26 ▼B ( c ) if algorithm 2 fails , then algorithm 3 , or if algorithm 2 succeeds , repeat algorithm 1 .
When simultaneous multilateral settlement (' procedure 5 ') in relation to an ancillary system is pending , Algorithm 4 shall run .
When simultaneous multilateral settlement (' procedure 5 ') in relation to an ancillary system is pending , Algorithm 4 shall run .
2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 26 ▼B ( 6 ) The algorithms shall run flexibly by setting a pre-defined time lag between the application of different algorithms to ensure a minimum interval between the running of two algorithms .
( 6 ) The algorithms shall run flexibly by setting a pre-defined time lag between the application of different algorithms to ensure a minimum interval between the running of two algorithms .
The time sequence shall be automatically controlled .
The time sequence shall be automatically controlled .
Manual intervention shall be possible .
Manual intervention shall be possible .
( 7 ) While included in a running algorithm , a payment order shall not be reordered ( change of the position in a queue ) or revoked .
( 7 ) While included in a running algorithm , a payment order shall not be reordered ( change of the position in a queue ) or revoked .
Requests for reordering or revocation of a payment order shall be queued until the algorithm is complete .
Requests for reordering or revocation of a payment order shall be queued until the algorithm is complete .
If the payment order concerned is settled while the algorithm is running , any request to reorder or revoke shall be rejected .
If the payment order concerned is settled while the algorithm is running , any request to reorder or revoke shall be rejected .
If the payment order is not settled , the participant 's requests shall be taken into account immediately .
If the payment order is not settled , the participant 's requests shall be taken into account immediately .
Use of the ICM ( 1 ) The ICM may be used for obtaining information and managing liquidity .
Use of the ICM ( 1 ) The ICM may be used for obtaining information and managing liquidity .
SWIFT 's Secure IP Network ( SIPN ) shall be the underlying technical communications network for exchanging information and running control measures .
SWIFT 's Secure IP Network ( SIPN ) shall be the underlying technical communications network for exchanging information and running control measures .
( 2 ) With the exception of warehoused payment orders and static data information , only data in relation to the current business day shall be available via the ICM .
( 2 ) With the exception of warehoused payment orders and static data information , only data in relation to the current business day shall be available via the ICM .
The screens shall be offered in English only .
The screens shall be offered in English only .
( 3 ) Information shall be provided in « pull » mode , which means that each participant has to ask to be provided with information .
( 3 ) Information shall be provided in « pull » mode , which means that each participant has to ask to be provided with information .
( 4 ) The following modes shall be available for using the ICM : ( a ) Application-to-application mode ( A2A ) In A2A , information and messages are transferred between the PM and the participant 's internal application .
( 4 ) The following modes shall be available for using the ICM : ( a ) Application-to-application mode ( A2A ) In A2A , information and messages are transferred between the PM and the participant 's internal application .
The participant therefore has to ensure that an appropriate application is available for the exchange of XML messages ( requests and responses ) with the ICM via a standardised interface .
The participant therefore has to ensure that an appropriate application is available for the exchange of XML messages ( requests and responses ) with the ICM via a standardised interface .
Further details are contained in the ICM User Handbook and in Book 4 of the UDFS .
Further details are contained in the ICM User Handbook and in Book 4 of the UDFS .
▼M2 ( b ) User-to-application mode ( U2A ) U2A permits direct communication between a participant and the ICM .
▼M2 ( b ) User-to-application mode ( U2A ) U2A permits direct communication between a participant and the ICM .
Further details are described in the ICM User Handbook .
Further details are described in the ICM User Handbook .
( 5 ) Each participant shall have at least one SWIFT Alliance WebStation , or another interface , as may be required by SWIFT , to have access to the ICM via U2A .
( 5 ) Each participant shall have at least one SWIFT Alliance WebStation , or another interface , as may be required by SWIFT , to have access to the ICM via U2A .
( 6 ) Access rights to the ICM shall be granted by using SWIFT 's « Role Based Access Control » .
( 6 ) Access rights to the ICM shall be granted by using SWIFT 's « Role Based Access Control » .
The SWIFT « Non Repudiation of Emission » ( NRE ) service , which may be used by participants , allows the recipient of an XML message to prove that such message has not been altered .
The SWIFT « Non Repudiation of Emission » ( NRE ) service , which may be used by participants , allows the recipient of an XML message to prove that such message has not been altered .
( 7 ) If a participant has technical problems and is unable to submit any payment order , it may generate preformatted backup lump sum and backup contingency payments by using the ICM .
( 7 ) If a participant has technical problems and is unable to submit any payment order , it may generate preformatted backup lump sum and backup contingency payments by using the ICM .
The ECB shall open such functionality upon request of the participant .
The ECB shall open such functionality upon request of the participant .
( 8 ) Participants may also use the ICM to transfer liquidity : ( a ) from their PM account to their account outside the PM ;
( 8 ) Participants may also use the ICM to transfer liquidity : ( a ) from their PM account to their account outside the PM ;
( b ) between the PM account and the participant 's sub-accounts ;
( b ) between the PM account and the participant 's sub-accounts ;
and ( c ) from the PM account to the mirror account managed by the ancillary system .
and ( c ) from the PM account to the mirror account managed by the ancillary system .
The UDFS and the ICM User Handbook Further details and examples explaining the above rules are contained in the UDFS and the ICM User Handbook , as amended from time to time and published on the ECB 's website in English .
The UDFS and the ICM User Handbook Further details and examples explaining the above rules are contained in the UDFS and the ICM User Handbook , as amended from time to time and published on the ECB 's website in English .
2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 27 ▼B Appendix II TARGET2 COMPENSATION SCHEME 1 .
2007D0007 --- EN --- 12.05.2010 --- 003.001 --- 28 ▼B Appendix II TARGET2 COMPENSATION SCHEME 1 .
General principles ( a ) If there is a technical malfunction of TARGET2 , direct participants may submit claims for compensation in accordance with the TARGET2 compensation scheme laid down in this Appendix .
General principles ( a ) If there is a technical malfunction of TARGET2 , direct participants may submit claims for compensation in accordance with the TARGET2 compensation scheme laid down in this Appendix .
( b ) Unless otherwise decided by the ECB 's Governing Council , the TARGET2 compensation scheme shall not apply if the technical malfunction of TARGET2 arises out of external events beyond the reasonable control of the CBs concerned or as a result of acts or omissions by third parties .
( b ) Unless otherwise decided by the ECB 's Governing Council , the TARGET2 compensation scheme shall not apply if the technical malfunction of TARGET2 arises out of external events beyond the reasonable control of the CBs concerned or as a result of acts or omissions by third parties .
( c ) Compensation under the TARGET2 compensation scheme shall be the only compensation procedure offered in the event of a technical malfunction of TARGET2 .
( c ) Compensation under the TARGET2 compensation scheme shall be the only compensation procedure offered in the event of a technical malfunction of TARGET2 .
Participants may , however , use other legal means to claim for losses .
Participants may , however , use other legal means to claim for losses .
If a participant accepts a compensation offer under the TARGET2 compensation scheme , this shall constitute the participant 's irrevocable agreement that it thereby waives all claims in relation to the payment orders concerning which it accepts compensation ( including any claims for consequential loss ) it may have against any CB , and that the receipt by it of the corresponding compensation payment constitutes full and final settlement of all such claims .
If a participant accepts a compensation offer under the TARGET2 compensation scheme , this shall constitute the participant 's irrevocable agreement that it thereby waives all claims in relation to the payment orders concerning which it accepts compensation ( including any claims for consequential loss ) it may have against any CB , and that the receipt by it of the corresponding compensation payment constitutes full and final settlement of all such claims .
The participant shall indemnify the CBs concerned , up to a maximum of the amount received under the TARGET2 compensation scheme , in respect of any further claims which are raised by any other participant or any other third party in relation to the payment order or payment concerned .
The participant shall indemnify the CBs concerned , up to a maximum of the amount received under the TARGET2 compensation scheme , in respect of any further claims which are raised by any other participant or any other third party in relation to the payment order or payment concerned .
( d ) The making of a compensation offer shall not constitute an admission of liability by the ECB or any other CB in respect of a technical malfunction of TARGET2 .
( d ) The making of a compensation offer shall not constitute an admission of liability by the ECB or any other CB in respect of a technical malfunction of TARGET2 .
Conditions for compensation offers
Conditions for compensation offers
▼M2 ( a ) A payer may submit a claim for an administration fee and interest compensation if , due to a technical malfunction of TARGET2 , a payment order was not settled on the business day on which it was accepted ;
▼M2 ( a ) A payer may submit a claim for an administration fee and interest compensation if , due to a technical malfunction of TARGET2 , a payment order was not settled on the business day on which it was accepted ;
▼B ( b ) A payee may submit a claim for an administration fee if due to a technical malfunction of TARGET2 it did not receive a payment that it was expecting to receive on a particular business day .
▼B ( b ) A payee may submit a claim for an administration fee if due to a technical malfunction of TARGET2 it did not receive a payment that it was expecting to receive on a particular business day .
The payee may also submit a claim for interest compensation if one or more of the following conditions are met : ( i ) in the case of participants that have access to the marginal lending facility : due to a technical malfunction of TARGET2 , a payee had recourse to the marginal lending facility ;
The payee may also submit a claim for interest compensation if one or more of the following conditions are met : ( i ) in the case of participants that have access to the marginal lending facility : due to a technical malfunction of TARGET2 , a payee had recourse to the marginal lending facility ;
and / or ( ii ) in the case of all participants : it was technically impossible to have recourse to the money market or such refinancing was impossible on other , objectively reasonable grounds .
and / or ( ii ) in the case of all participants : it was technically impossible to have recourse to the money market or such refinancing was impossible on other , objectively reasonable grounds .
Calculation of compensation ( a ) With respect to a compensation offer for a payer : ( i ) the administration fee shall be EUR 50 for the first non-settled payment order , EUR 25 for each of the next four such payment orders and EUR 12,50 for each further such payment order .
Calculation of compensation ( a ) With respect to a compensation offer for a payer : ( i ) the administration fee shall be EUR 50 for the first non-settled payment order , EUR 25 for each of the next four such payment orders and EUR 12,50 for each further such payment order .
The administration fee shall be calculated separately in relation to each payee ;
The administration fee shall be calculated separately in relation to each payee ;
( ii ) interest compensation shall be determined by applying a reference rate to be fixed from day to day .
( ii ) interest compensation shall be determined by applying a reference rate to be fixed from day to day .
This reference rate shall be the lower of the euro overnight index average ( EONIA ) rate and the marginal lending rate .
This reference rate shall be the lower of the euro overnight index average ( EONIA ) rate and the marginal lending rate .
The reference rate shall be applied to the amount of the payment order not settled as a result of the technical malfunction of TARGET2 for each day in the period from the date of the actual or , in relation to payment orders referred to in paragraph 2 ( a )( ii ) , intended submission of the payment order
The reference rate shall be applied to the amount of the payment order not settled as a result of the technical malfunction of TARGET2 for each day in the period from the date of the actual or , in relation to payment orders referred to in
2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 28 ▼B until the date on which the payment order was or could have been successfully settled .
2007D0007 --- EN --- 12.05.2010 --- 003.001 --- 29 ▼B paragraph 2 ( a )( ii ) , intended submission of the payment order until the date on which the payment order was or could have been successfully settled .
Any proceeds made by placing funds resulting from non-settled payment orders on deposit with the Eurosystem shall be deducted from the amount of any compensation ;
Any proceeds made by placing funds resulting from non-settled payment orders on deposit with the Eurosystem shall be deducted from the amount of any compensation ;