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Decision of the European Central Bank of 24 July 2007 concerning the terms and conditions of TARGET2-ECB (ECB/2007/7) (2007/601/EC)
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Changes over time for: Article 26
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[F1Article 26 U.K. The ECB's rights of pledge and set-off
1. The ECB shall have a pledge over the [F2T2S DCA holder's] existing and future credit balances on its [F2T2S DCAs] , thereby collateralising any current and future claims arising out of the legal relationship between the parties.
2. On the occurrence of:
(a) an event of default referred to in Article 24(1); or
(b) any other event of default or event referred to in Article 24(2) that has led to the termination or suspension of the [F2T2S DCA holder's participation, notwithstanding the commencement of any insolvency proceedings in respect of a [F2T2S DCA holder] and notwithstanding any assignment, judicial or other attachment or other disposition of or in respect of the T2S DCA holder's] rights;
all obligations of the [F2T2S DCA holder shall be automatically and immediately accelerated, without prior notice and without the need for any prior approval of any authority, so as to be immediately due. In addition, the mutual obligations of the T2S DCA holder] and the ECB shall automatically be set off against each other, and the party owing the higher amount shall pay to the other the difference.
[F23. The ECB shall promptly give the T2S DCA holder notice of any set-off pursuant to paragraph 2 after such set-off has taken place.]
4. The ECB may without prior notice debit any [F2T2S DCA holder's] [F2T2S DCA] by any amount which the [F2T2S DCA holder owes the ECB resulting from the legal relationship between the T2S DCA holder] and the ECB.]
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