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BANCA NAŢIONALĂ A ROMÂNIEI
Explanatory memorandum
regarding the draft Regulation on the settlement risk management procedure
applicable to clearing systems and facilities granted by Banca Naţională a
României for the smooth settlement in ReGIS
Subject matter
The draft Regulation is aiming to set up a settlement risk management procedure
applicable to clearing systems and the facilities granted by Banca Naţională a României
for the smooth settlement in ReGIS.
Main objectives of the draft Regulation
The main objectives of the draft Regulation are:
- to update the regulatory framework regarding the settlement risk management
procedure in ReGIS1 following the closure of the paper-based clearing house
operated by Banca Naţională a României;
- to ease the conditions for credit institutions participating in ReGIS to benefit
from the facilities granted by Banca Naţională a României and
- to separate the settlement risk management procedure and the facilities granted
in order to achieve smooth settlement in ReGIS from the licensing procedure for
payment systems into two regulations.
The draft Regulation seeks to update the regulatory framework following the closure of
the paper-based clearing house operated by Banca Naţională a României via lifting the
1 Real-time gross settlement system operated by Banca Naţională a României.
2
obligation imposed on payment system participants to establish a technical unilateral
guarantee ceiling. This measure was initially meant to minimise the settlement risk of
net positions calculated by the paper-based clearing house and currently represents an
inefficient blocking of funds in ReGIS or of large-value securities in SaFIR2 without
ensuring mitigation of the settlement risk.
The draft Regulation also improves the regulatory framework governing the smooth
settlement in ReGIS by facilitating access to the intraday facility granted by Banca
Naţională a României to credit institutions participating in ReGIS even in the case when
those participants are no longer fulfilling the eligibility criteria for open market
operations or their access to these operations is suspended or restricted.
The draft Regulation also details the procedure of automated conversion of the repo
intraday facility into the lending facility – Lombard Credit – for eligible credit
institutions participating in ReGIS at their own initiative, following the recommendation
of the International Monetary Fund in the Financial Sector Assessment Program – Aide
Memoire (November 2008) in order to allow the use of the same eligible financial
instruments as collateral for the two types of operations.
In addition, the draft Regulation provides the separation of the settlement risk
management procedure applicable to clearing systems and the provisions related to the
facilities granted by Banca Naţională a României to the credit institutions participating
in ReGIS for the smooth settlement in this system, on the one hand, from the licensing
procedure for payment systems, on the other hand, whilst the latter procedure is subject
to another regulation.
Stage in national legislative process
The draft Regulation has been endorsed by the executive management of Banca
Naţională a României and after the consultation of the European Central Bank it will be
approved by the Banca Naţională a României Board and then published in Monitorul
Oficial al României.
2 Securities depository and settlement system operated by Banca Naţională a României.
3
Details of the contact person
Contact person is Ms. Ruxandra Avram, Head of Payment and Securities Settlement
Systems Oversight Division, Financial Stability Department, telephone: +40 021 307 01
98; +40 021 313 04 10 extension 1150, fax: +40 021 313 06 54 and email:
BANCA NAŢIONALĂ A ROMÂNIEI
REGULATION
on the procedure for the settlement risk management applicable to net settlement
systems and the facilities granted by Banca Naţională a României for the smooth
settlement in ReGIS
Having regard to the provisions of Article 22 paragraphs (1) and (3) of Law No.
312/2004 on the Statute of Banca Naţională a României and of Articles 404 (1) and 405
of Government Emergency Ordinance No. 99/2006 on Credit Institutions and Capital
Adequacy, approved as amended and supplemented by Law No. 227/2007, as
subsequently amended and supplemented,
Pursuant to the provisions of Article 48 of Law No. 312/2004 on the Statute of Banca
Naţională a României,
Banca Naţională a României issues this Regulation.
Chapter I
General provisions
Article 1. This Regulation establishes:
a) The procedure for settlement risk management applicable to net settlement systems
which settle in ReGIS, unless they are governed by their own procedures for the
management of settlement risk in ReGIS, imposed by the system operator and approved
by Banca Naţională a României;
b) The facilities granted by Banca Naţională a României to the credit institutions
participating in ReGIS for the smooth settlement in this system.
Article 2. Under this Regulation, the terms and expressions stated below shall have the
following meaning:
a) System operator – the legal person that establishes the rules of the system and is
responsible for the system operation;
b) Facilities granted by Banca Naţională a României to the credit institutions
participating in ReGIS for the smooth settlement in this system – the intraday liquidity
facility and the lending facility for ensuring settlement of net positions;
c) Intraday liquidity facility – the facility granted by Banca Naţională a României to the
credit institutions eligible under Article 11, enabling credit institutions to obtain
liquidity via repurchase transactions with settlement on the same day, concluded with
Banca Naţională a României against assets eligible for collateralisation.
d) Lending facility for ensuring the settlement of net positions – the facility granted by
Banca Naţională a României to the credit institutions participating in ReGIS, enabling
credit institutions to obtain credit from Banca Naţională a României in order to settle net
positions calculated in the card payment schemes;
e) Lending facility - Lombard Credit – the facility defined in the regulations of Banca
Naţională a României on open market operations;
f) Clearing participant – a credit institution whose net position following the clearing
within a net settlement system is settled through its settlement account held with ReGIS;
g) ReGIS – a real-time gross settlement system operated by Banca Naţională a
României;
h) SaFIR – a financial instruments depository and settlement system operated by Banca
Naţională a României;
i) System – a payment system or a financial instruments settlement system;
j) Net settlement system – a system which calculates the net positions of clearing
participants; the positions are then sent to Banca Naţională a României, which, in its
capacity as settlement agent, shall have them registered with the clearing participants’
settlement accounts held with ReGIS.
Chapter II
Procedure for the management of settlement risk applicable to net settlement
systems which settle in ReGIS
Section I
Collateralisation
Article 3. (1) The clearing participant in a net settlement system which is not governed
by any procedure for the management of settlement risk in ReGIS shall set up collateral
in lei, available with Banca Naţională a României, in order to ensure the settlement in
ReGIS of its net debit position, calculated and communicated by the net settlement
system’s operator.
(2) The collateral shall be set up no later than the settlement day and its value shall be at
least equal to the value of the net debit position of the clearing participant.
Article 4. (1) The collateral in lei referred to in Article 3 shall consist in:
a) Pledge over the funds registered in the “Reserves” section in the clearing
participant’s settlement account held with ReGIS and/or
b) Pledge registered in SaFIR over eligible assets for collateralisation, as defined in the
regulations of Banca Naţională a României on open market operations.
(2) The list of eligible assets for collateralisation referred to in paragraph (1) letter b),
their value established by Banca Naţională a României, and the haircut applied by
Banca Naţională a României when calculating the value of the collateral for these
operations shall be made available on a daily basis to the clearing participants by Banca
Naţională a României, via SaFIR-specific communication means.
Article 5. The collateral shall be provided, supplemented, executed and released in
compliance with the rules of ReGIS and SaFIR and the contractual clauses regarding the
setting-up and foreclosure of collateral as per the contract concluded by the clearing
participant with Banca Naţională a României.
Article 6. Within the procedure for the management of settlement risk applicable to net
settlement systems which settle in ReGIS, Banca Naţională a României may foreclose
the collateral set up and made available with it by a clearing participant, in order to
settle the latter’s net debit position.
Section II
Procedure for the management of settlement risk in
financial instruments settlement systems
Article 7. In the case of a financial instruments settlement system which settles on a net
basis in ReGIS, the procedure for the management of settlement risk shall be applied in
the following stages, by observing the rules of ReGIS and SaFIR and the clauses laid
down in the participation contract in ReGIS, concluded between Banca Naţională a
României and the system operator:
1. The system operator shall perform a preliminary calculation of the clearing
participants’ net positions.
2. The system operator shall query ReGIS and SaFIR for the value of the collateral set
up by each clearing participant in the respective system, at the hours specified by the
participation contract concluded with Banca Naţională a României.
3. Where the total value of the collateral set up by a clearing participant is less than the
value of its net debit position, the system operator shall communicate to the former the
amount by which the collateral shall be supplemented. The clearing participant shall be
given a time frame for this operation, as specified by the participation contract in ReGIS
concluded between Banca Naţională a României and the financial instruments
settlement system operator.
4. After the expiry of the time frame referred to in point 3, the system operator shall
query again ReGIS and SaFIR for the new values of the collateral set up by the clearing
participants in the respective system.
5. Where the total value of the collateral set up by each clearing participant covers the
net debit position, the system operator shall initiate a payment instruction in ReGIS for
the settlement of net positions.
6. Where the total value of the collateral set up by a clearing participant is still less than
its net debit position, the system operator shall recalculate the net positions by excluding
some transactions, so that each new net debit position is covered by the collateral set up
for it and shall initiate a payment instruction for the settlement of the new net positions
in ReGIS. As concerns the transactions excluded from the calculation of net positions,
the system operator can initiate payment instructions in ReGIS for their settlement on a
gross basis.
Article 8. (1) The payment instruction for the settlement of net positions shall be
initiated in ReGIS in compliance with the provisions of the participation contract in
ReGIS concluded between Banca Naţională a României and the respective financial
instruments settlement system operator.
(2) Banca Naţională a României shall not be bound to ensure the settlement of net
positions on the respective settlement day unless the system operator initiates the
payment instruction for the settlement of net positions in ReGIS within the time frame
specified by the system rules and the participation contract in ReGIS concluded between
Banca Naţională a României and the respective financial instruments settlement system
operator.
Section III
Procedure for the management of settlement risk
for card payment system
Article 9. In the case of a card payment scheme, the procedure for the management of
settlement risk shall be applied in the following stages, by observing the rules of ReGIS
and SaFIR, the clauses of the participation contract in ReGIS concluded between Banca
Naţională a României and the respective system operator as well as the provisions of
Chapter III, Section II of this Regulation:
1. Where the net debit position of a clearing participant cannot be settled due to the lack
of funds available in its settlement account held with ReGIS, Banca Naţională a
României shall proceed to execution of collateral provided by the respective clearing
participant in compliance with the provisions of Chapter II, Section I of this Regulation.
2. Where the net debit position of the clearing participant cannot be settled, even after
the foreclosure on collateral set up in that system, the participant shall raise the funds
required for the settlement either by using the intraday liquidity facility granted by
Banca Naţională a României or by borrowing funds from other participants in ReGIS or
by performing other transactions on the interbank market.
3. Where the net debit position of the clearing participant still cannot be settled, even
after going through the stage referred to in point 2, the clearing participant shall use the
lending facility granted by Banca Naţională a României to clearing participants in card
payment schemes in order to ensure the settlement of net positions.
Chapter III
Facilities granted by Banca Naţională a României to the credit institutions
participating in ReGIS for the smooth settlement in this system
Section I
Intraday liquidity facility
Article 10. In order to obtain intraday liquidity for the smooth settlement in ReGIS,
eligible credit institutions can use the intraday liquidity facility granted by Banca
Naţională a României under the framework contract for repurchase transactions with
settlement on the same day, concluded between respective credit institution and Banca
Naţională a României, by observing the provisions of this Regulation and the rules of
ReGIS and SaFIR.
Article 11. A credit institution is eligible to access the intraday liquidity facility if it
fulfils each of the following conditions:
a) The credit institution participates in ReGIS and SaFIR and it is not suspended from
these systems;
b) The credit institution has concluded with Banca Naţională a României the framework
contract for repurchase transactions with settlement on the same day, referred to in
Annex No. 1.
Article 12. The assets used within the intraday liquidity facility shall be eligible assets
for collateralisation, as defined they in the regulations of Banca Naţională a României
on open market operations.
Article 13. (1) The list of assets eligible for collateralisation used in intraday liquidity
facility transactions, their value established by Banca Naţională a României, and the
haircut applied by Banca Naţională a României when calculating the value of the
collateral for these transactions shall be made available on a daily basis to the
participants in ReGIS by Banca Naţională a României, via SaFIR-specific
communication means.
(2) The repurchase price of the assets used in the intraday liquidity facility transactions
shall be the same as the initial sale price.
(3) In the case of failure to repurchase the assets used within the intraday liquidity
facility, the credit institution can request Banca Naţională a României to convert the
intraday liquidity facility into lending facility - Lombard Credit. Where the credit
institution does not require the conversion of the intraday liquidity facility into lending
facility - Lombard Credit, the eligible assets used for collateralisation remain in the
ownership of Banca Naţională a României.
(4) The conversion of the intraday liquidity facility into lending facility - Lombard
Credit shall be achieved by novation, observing the conditions in the regulations of
Banca Naţională a României on open market operations, including those referring to the
eligibility of credit institutions and the rules of SaFIR.
Article 14. Banca Naţională a României can decide to suspend or restrict the access of
an eligible credit institution to the intraday liquidity facility:
a) Where the credit institution has repeatedly failed to complete the repurchase
transaction through the repurchase of the assets used as collateral within the intraday
liquidity facility or through the conversion of the intraday liquidity facility into lending
facility - Lombard Credit;
b) Where insolvency proceedings were opened against the respective credit institution;
c) Pursuant to the decision of the Banca Naţională a României Board for prudential
reasons.
Section II
Lending facility for ensuring the settlement of net positions
Article 15. In order to obtain the necessary credit to manage the settlement risk the
clearing participant in a card payment scheme shall conclude the framework contract
with Banca Naţională a României, according to the draft contract presented in Annexes
No. 2a and 2b, respectively.
Article 16. (1) If a clearing participant in a card payment scheme lacks the funds
required for the settlement of its net debit position even after going through the stages
referred to in Article 9 points 1-2, Banca Naţională a României grants a loan to that
clearing participant guaranteed by the operator of the respective card payment scheme.
The system operator guarantees the loan granted by Banca Naţională a României by
collateral including, but without limiting to, publicly issued government securities
and/or deposits with Banca Naţională a României or with other legal persons agreed by
Banca Naţională a României.
(2) The loan granted under paragraph (1) shall not exceed the value of the uncovered net
debit position of the clearing participant in the card payment scheme.
(3) The loan referred to in paragraph (1) shall be granted for a period of 3 days.
(4) The interest rate applied to the loan referred to in paragraph (1) shall be equal to the
interest rate on the lending facility - Lombard Credit established by Banca Naţională a
României plus 3 percentage points.
(5) The interest on the loan referred to in paragraph (1) shall be paid at the same time as
the loan reimbursement.
(6) Where the loan’s maturity day is a non-operating day for ReGIS, the loan shall be
reimbursed on the next operating day of the system.
Chapter IV
Final provisions
Article 17. On the date this Regulation enters into force the provisions of Banca
Naţională a României Regulation No. 10/2005 on the facilities granted by Banca
Naţională a României for the smooth settlement in ReGIS and the provisions of Title III
of Banca Naţională a României Regulation No. 1/2005 on the payment systems
ensuring funds clearing shall be repealed.
Article 18. Annex No. 1 and Annex No. 2 are integral parts of this Regulation.
Chairman of Banca Naţională a României Board
MUGUR CONSTANTIN ISĂRESCU
Bucharest, ________.
No. ____.
Annex 1
Framework contract
for intraday repo transactions
No..........date.......
Pursuant to the provisions of Law No. 312/2004 on the Statute of Banca
Naţională a României, of Government Emergency Ordinance No. 99/2006 on Credit
Institutions and Capital Adequacy, approved as amended and supplemented by Law No.
227/2007, as subsequently amended and supplemented, of the Regulation on the
procedure for the management of settlement risk applicable to net settlement systems
and the facilities granted by Banca Naţională a României for the smooth settlement in
ReGIS, of the system rules for the financial instruments depository and settlement
system – SaFIR,
between Banca Naţională a României, with headquarters in Bucharest, Lipscani 25
street, sector 3, represented by ................and by......................
and
........................................., hereinafter credit institution, with headquarters in.................
(name of credit institution)
Street.........................., no........., registered at Registrul comerţului under no..............,
tax code no.................represented by...............................and by...........................,the
following contract was concluded:
I. Object of the contract
The object of the present contract is the sale, by the credit institution to Banca Naţională
a României, of assets eligible for collateralization, in order to obtain liquidity, and the
repurchase of the same assets, within the same transaction, at the same price, during the
same day.
II. Definitions
Throughout the present contract, the terms below have the following meanings:
1. first leg - is the sale of assets eligible for collateralization, in an intraday repo
transaction;
2. second leg - is the repurchase of assets eligible for collateralization, sold at the
first leg;
3. assets eligible for collateralization - the financial instruments defined in Banca
Naţională a României regulations on money market operations;
4. unit price for sale/repurchase - the price for one financial instrument, at which
both the sale and repurchase are executed, in an intraday repo;
5. haircut - the difference, as a percentage, between the market value of an eligible
asset for collateralization and the value at which it is accepted by Banca
Naţională a României for collateralization; the haircut is established and
communicated by Banca Naţională a României, via SaFIR;
6. market value - the value at a certain date, set and communicated by Banca
Naţională a României, via SaFIR, for each eligible asset for collateralization;
7. amount to settle - the amount of money credited to the account of the credit
institution at the first leg in an intraday repo, and respectively to the Banca
Naţională a României account at the second leg of the transaction.
III. Moment when an intraday repo is executed
1. An intraday repo is accepted by Banca Naţională a României at the moment
when the instruction is sent by the participant in SaFIR, without any other
formalities being necessary regarding quotations or transaction approvals.
2. Unless expressly specified, for transactions under the present contract, the lack
of any formalities, other than those specified in the present contract, do not
affect the validity of transactions.
IV. Rights and obligations of the parties
1. Rights and obligations of the credit institution
1.1. The credit institution has the right to receive intraday liquidity through the sale
to Banca Naţională a României, within repo transactions, of assets eligible for
collateralization.
1.2. The credit institution is obliged:
1.2.1. to initiate repo transactions from the evidence account for financial
instruments held in its own name, opened in SaFIR;
1.2.2. to initiate repo transactions only with assets eligible for collateralization,
specified and communicated via SaFIR, at the price communicated by
Banca Naţională a României and according to the timetable provided in the
system rules;
1.2.3. to hold, in the evidence account for financial instruments held in its own
name, the necessary amount of eligible assets for the settlement of the first
leg;
1.2.4. to hold, in its settlement account in ReGIS, at the time of settlement, the
amount of money necessary for the settlement of the second leg;
1.2.5. to transfer to Banca Naţională a României’s property the assets eligible
for collateralization;
1.2.6. to fully repurchase from Banca Naţională a României the assets sold at
the first leg, by paying the repurchase price during the same day according
to SaFIR system rules or to initiate the procedure to transform the intraday
liquidity facility into a lending facility (lombard credit), according to SaFIR
system rules.
1.3. The credit institution guarantees that the assets eligible for collateralization sold
are its property, are not pledged or put under distraint and fall due after the
maturity of the operation.
2. Banca Naţională a României’s rights and obligations
2.1. Banca Naţională a României has the right:
2.1.1. to receive the repurchase price of the assets, as well as the commissions
stipulated in the SaFIR system rules;
2.1.2. to decide the suspension or restriction of the access of a credit institution
to the intraday liquidity facility in any of the following situations:
a) the credit institution was suspended or removed from ReGIS and/or
SaFIR;
b) if the credit institution repeatedly does not finalize the repo operation,
by repurchasing the assets used for the intraday liquidity facility or for
the lombard credit into which the intraday liquidity facility was
transformed;
c) for prudential reasons, pursuant to the decision of Banca Naţională a
României’s Board.
2.2. Banca Naţională a României is obliged to:
2.2.1. communicate daily, via means specific to SaFIR, the list of assets
eligible for collateralization, their market value and haircut applied by
Banca Naţională a României to obtain their collateral value for repo
operations;
2.2.2. to accept intraday repos, initiated by the credit institution via messages
sent to SaFIR, based on the fulfillment of the obligations stipulated in the
present contract and in the Regulation on the settlement risk management
procedure applicable to net settlement systems and the facilities granted by
Banca Naţională a României for the smooth settlement in ReGIS,of the
system rules for the financial instruments depository and settlement system
– SaFIR.
V. Timetable for initiating repo transactions with settlement on the same day
Repo transactions with settlement on the same day can be initiated by the credit
institution within the timeframe of the “delivery versus payment” service, as specified
in SaFIR system rules.
VI. Price and amount to be settled
1. The unit sell price for the first leg and the unit repurchase price for the second leg
are equal and represent the market value minus the haircut, as defined in the present
contract and SaFIR system rules.
2. The amount to be settled for the first leg and the amount to be settled for the second
leg are equal. The settlement amount will be smaller or equal to the product between
the number of financial instruments and their market value less the haircut.
VII. Settlement
1. Repo transactions with settlement on the same day are settled in real time, based on
the principle of “delivery versus payment”, according to SaFIR system rules.
2. Delivery of financial instruments by the credit institution to Banca Naţională a
României, and respectively by Banca Naţională a României to the credit institution,
according to the present contract, is performed through the transfer of the property
right.
3. According to SaFIR system rules, participants can set a deadline for the second leg
before the cutoff time of the service “delivery versus payment”.
4. For repo transactions with settlement on the same day, for which the first leg was
settled, the change of eligibility criteria during the day does not impede the
settlement of the second leg.
5. For repo transactions with settlement on the same day, no other ancillary operations
are permitted, such as substitutions, margin calls, maturity modification, as defined
in SaFIR system rules.
6. If a credit institution that entered into a repo transaction with Banca Naţională a
României cannot perform the second leg of the repo, the credit institution has the
choice to request to Banca Naţională a României a transformation of the intraday
liquidity facility into a lending facility (lombard credit). Otherwise, the assets
transacted under the contract remain in Banca Naţională a României’s property. The
transformation of intraday credit facility in lombard credit shall be done, according
to SaFIR system rules, through novation.
VIII. Commissions
The commissions owed by the credit institution for repo transactions with settlement on
the same day are those specified in annex no. 9 to SaFIR system rules.
IX. Force majeure
Parties of this contract are not liable for improper/delayed execution – fully or in part –
of obligations arising from this contract, if due to force majeure.
X. Litigations
Disagreements between parties shall be settled amiably. If that is not possible, parties
shall address the competent judicial authority.
XI. Final provisions
1. This contract is governed by Romanian law. Any change in the regulatory
framework, including in the model for the framework contract, and/or the system
rules of SaFIR, shall lead to the corresponding revision of the present contract.
2. This contract shall enter into force on .............
3. This contract was concluded today..............., in two copies, one for each party.
BANCA NAŢIONALĂ A ROMÂNIEI ....................................
Authorized signatures (name of credit institution)
Authorized signatures
Annex 2a
Framework contract
regarding loans granted for the settlement of net debit positions
No. ...... of ............
Pursuant to the provisions of the Law No. 312/2004 on the Statute of Banca Naţională a
României, of the Emergency Ordinance of the Romanian Government No. 99/2006 on
credit institutions and capital adequacy, approved with amendments and supplements by
the Law No. 227/2007, as subsequently amended and supplemented, of the Regulation
on the procedure for the management of settlement risk applicable to net settlement
systems and the facilities granted by Banca Naţională a României aiming at smoothing
the settlement in the ReGIS system, and of the ReGIS system rules.
Between Banca Naţională a României, with headquarters in Bucharest, 25 Lipscani
Street, Sector 3, represented by ...................... and by ....................,
and
......... .................................................. hereinafter “credit institution” with
(name of the credit institution)
headquarters in ......................, Street ........................ no. ......, registered in Registrul
Comerţului under No. ................., fiscal code ................., represented by .....................
and by ..................., the present contract has been concluded.
I. Object of contract
The object of the present contract is the granting of a collateralised credit by Banca
Naţională a României for the final settlement in the ReGIS system of the net debit
position of the credit institution, in case that, at the moment established in the ReGIS
system rules, the credit institution does not hold the funds necessary for the settlement
in ReGIS of its net debit position, as calculated by the card payment system
administrated by VISA Europe.
II. Lending requirements
1. The credit granted shall not exceed the value of the uncovered net debit position of
the credit institution, calculated by the card payment system administrated by VISA
Europe.
2. The credit granted by the Banca Naţională a României shall be guaranteed by VISA
Europe according to the contract between Banca Naţională a României and VISA
Europe.
3. The credit period is 3 calendar days.
4. The interest rate on this loan shall be the interest rate for the Lombard credit, as
published on the Banca Naţională a României contributor’s pages in Reuters and
Telerate systems, plus 3 percentage points.
5. The interest on this loan shall be paid at the time of the loan reimbursement.
6. In case the maturity date of the loan is a non-operating day for the ReGIS system, the
loan shall be reimbursed on the next operating day of the system.
III. Rights and obligations of the parties
1. The credit institution has the right to receive funds from Banca Naţională a României
through the lending facility for ensuring the settlement of net debit positions and the
obligation to reimburse those funds, under the conditions agreed by the parties in this
contract.
2. Banca Naţională a României has the obligation to grant the loan at the end of the
ReGIS operating day and the right to be reimbursed at the maturities and under the
terms of this contract.
3. In case that the credit institution fails to reimburse the loan and the interest, fully and
on term, Banca Naţională a României has the right to inform VISA Europe of this fact.
IV. Force majeure
Parties of this contract are not liable for improper/delayed execution – fully or in part –
of obligations arising from this contract, if due to force majeure.
V. Litigation
Disagreements between parties shall be settled amiably. If that is not possible, parties
shall address the competent judicial authority.
VI. Final provisions
1. This contract is governed by the Romanian law. Any change in the legal framework,
including the framework contract, shall result in amending this contract accordingly.
2. This contract comes into force at ...... (date)........ .
3. This contract has been concluded today ..........(date)............. in two copies, one for
each party.
BANCA NAŢIONALĂ A ROMÂNIEI …...……..….............................................
(name of the credit institution)
Authorised signatures Authorised signatures
Annex 2b
Framework contract
regarding loans granted for the settlement of net debit positions
No. ...... of ............
Pursuant to the provisions of the Law No. 312/2004 on the Statute of Banca Naţională a
României, of the Emergency Ordinance of the Romanian Government No. 99/2006 on
credit institutions and capital adequacy, approved with amendments and supplements by
the Law No. 227/2007, as subsequently amended and supplemented, of the Regulation
on the procedure for the management of settlement risk applicable to net settlement
systems and the facilities granted by Banca Naţională a României aiming at smoothing
the settlement in the ReGIS system, and of the ReGIS system rules.
Between Banca Naţională a României, with headquarters in Bucharest, 25 Lipscani
Street, Sector 3, represented by ...................... and by ....................,
and
......... .................................................. hereinafter “credit institution” with
(name of the credit institution)
headquarters in ......................, Street ........................ no. ......, registered in Registrul
Comerţului under No. ................., fiscal code ................., represented by .....................
and by ..................., the present contract has been concluded.
I. Object of contract
The object of the present contract is the granting of a collateralised credit by Banca
Naţională a României for the final settlement in the ReGIS system of the net debit
position of the credit institution, in case that, at the moment established in the ReGIS
system rules, the credit institution does not hold the funds necessary for the settlement
in ReGIS of its net debit position, as calculated by the card payment system
administrated by MasterCard International.
II. Lending requirements
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1. The credit granted shall not exceed the value of the uncovered net debit position of
the credit institution, calculated by the card payment system administrated by
MasterCard International.
2. The credit granted by the Banca Naţională a României shall be guaranteed by
MasterCard International according to the contract between Banca Naţională a
României and MasterCard International.
3. The credit period is 3 calendar days.
4. The interest rate on this loan shall be the interest rate for the Lombard credit, as
published on the Banca Naţională a României contributor’s pages in Reuters and
Telerate systems, plus 3 percentage points.
5. The interest on this loan shall be paid at the time of the loan reimbursement.
6. In case the maturity date of the loan is a non-operating day for the ReGIS system, the
loan shall be reimbursed on the next operating day of the system.
III. Rights and obligations of the parties
1. The credit institution has the right to receive funds from Banca Naţională a României
through the lending facility for ensuring the settlement of net debit positions and the
obligation to reimburse those funds, under the conditions agreed by the parties in this
contract.
2. Banca Naţională a României has the obligation to grant the loan at the end of the
ReGIS operating day and the right to be reimbursed at the maturities and under the
terms of this contract.
3. In case that the credit institution fails to reimburse the loan and the interest, fully and
on term, Banca Naţională a României has the right to inform MasterCard International
of this fact.
IV. Force majeure
Parties of this contract are not liable for improper/delayed execution – fully or in part –
of obligations arising from this contract, if due to force majeure.
V. Litigation
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Disagreements between parties shall be settled amiably. If that is not possible, parties
shall address the competent judicial authority.
VI. Final provisions
1. This contract is governed by the Romanian law. Any change in the legal framework,
including the framework contract, shall result in amending this contract accordingly.
2. This contract comes into force at ...... (date)........ .
3. This contract has been concluded today ..........(date)............. in two copies, one for
each party.
BANCA NAŢIONALĂ A ROMÂNIEI …...……..….............................................
(name of the credit institution)
Authorised signatures Authorised signatures