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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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2.Conditions for compensation offers
(a)
A payer may submit a claim for an administration fee and interest compensation if, due to a technical malfunction of TARGET2:
(i)
a payment order was not settled on the business day on which it was accepted; or
(ii)
during the migration period a payer can show that it intended to submit a payment order to TARGET2-ECB, but was unable to do so due to the stop-sending status of a national RTGS system that had not yet migrated to TARGET2.
(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; 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.
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