and ii ) the payment is processed through a net settlement system operating in the national monetary unit .

a description of the applicant 's structural organisation and , where applicable , of its cooperation with a national or international payment system

Settlement account an account held by a direct participant in a national RTGS system with the central bank for the purpose of processing payments . Settlement agent an institution which manages the settlement process ( e.g. the determination of settlement positions , the monitoring of payment exchanges , etc .) for transfer systems or other arrangements requiring settlement .

Reserve requirement the requirement for credit institutions to hold minimum reserves with the central bank .

Securities settlement system ( SSS ) a system which permits the holding and transfer of securities or other financial assets , either free of payment ( FOP ) or against payment ( delivery versus payment ) .

Solvency risk the risk of loss owing to the failure ( bankruptcy ) of an issuer of a financial asset or to the insolvency of the counterparty .

According to the Core Principles report , a payment system is considered to be systemically important if it is capable of triggering disruptions or transmitting shocks across the financial system domestically or even internationally .

The establishment of the National System of Public Security.

They normally end on the day preceding the similar settlement day in the following month .

Each national Parliament shall have two votes, shared out on the basis of the national Parliamentary system.

However , the current payment system has high cost .

Redenomination refers to a procedure through which the original denomination of a security , issued in national currency , is changed into the euro at the irrevocably fixed conversion rate . Reference period time intervals specified in Article 104c ( 2a ) of the Treaty and in Protocol No. 6 on the convergence criteria for examining progress towards convergence .

to extend participation in the Sistema Nacional de Compensación Electrónica , ( SNCE , the Spanish system for retail transactions ) or other systems managed by Sociedad Española de Sistemas de Pago , S.A. ( Iberpay ) to institutions authorised to operate in the EEA

ECB Opinion on the Portuguese National Statistical System

Well you have to allocate dollars for that system and for that incentive pay.

and ii ) the payment needs to be processed through a net settlement system .

Operation and supervision of payment systems payment systems are a means to transfer money within the banking system .

When assessing , for the purpose of complying with paragraph 1 , the level of charges for a cross border payment , a payment service provider shall identify the corresponding domestic payment .

In the event of the participant 's insolvency , the AS related payment instruction for the squaring of the participant 's settlement obligation shall be a first demand for payment under the guarantee

The business activities of authorised payment institutions shall be non exclusive and shall not be restricted to payment services , having regard to the applicable national and Community law .

The DINI is a government agency under the National Intelligence System.

A modern and technology based economy needs an efficient and modern payment system .

Another challenge to the international monetary system lies in the proliferation of bilateral payment agreements.

The business activities of authorised payment institutions Deletion shall be non exclusive and shall not be restricted to payment services , having regard to the applicable national and Community law .

B Article 22 Entry of payment orders into the system and their irrevocability 1 .

The electricity generated at the Tongariro Power Scheme goes into the national grid.

Example 1 Assume that i ) a customer sends a payment order in the national monetary unit to his bank

This risk may comprise both credit and liquidity risk . Stability and Growth Pact consists of two EU Council Regulations on ( i ) the strengthening of the surveillance of budgetary positions and the surveillance and co ordination of economic policies and on ( ii ) speeding up and clarifying the implementation of the excessive deficit procedure , and of a European Council Resolution on the Stability and Growth Pact adopted at the Amsterdam summit on 17 June 1997 .

This may prevent parties from referring to national currency units in payment instruments since such payment instruments would have to be performed in the euro unit rather than in the relevant national currency unit .

There is no netting between different equity shares or between different equity funds

intermediaries involved in the execution of a transaction . Thirdly , the large number of payment transactions carried out makes it easier for the provider to mutualise the risk of errors or malfunctions in the payment system and to reflect that risk in its charges .

In the case of a bicameral Parliamentary system, each of the two chambers shall have one vote.

Example 2 Assume that i ) a customer sends a payment order in the national monetary unit to his bank

Net settlement system ( NSS ) a funds transfer system , the settlement operations of which are completed on a bilateral or multilateral net basis . Quick tender a tender procedure to be used by the ESCB for fine tuning operations when it is deemed desirable to have a rapid impact on the liquidity situation in the market .

However , insofar as payment instruments such as cheques and payment orders would be denominated in the national currency unit , this may create some inconvenience for payment operators as they would need to ensure that conversion from the national currency unit to the euro unit takes place before a transaction is performed .

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Pooling system Second , it is assumed that the transactions are carried out with a national central bank using a pooling system .

3 Pooling system Second , it is assumed that the transactions are carried out with a national central bank using a pooling system .

( b ) the payment instruction complies with the formatting rules and conditions of the ASCB 's TARGET2 component system

Confidential records of the national statistical system shall only be provided to the Commission ( Eurostat ) .

6.5 Finally , Article 10 ( 3 ) of the proposed directive states that the activities of payment institutions are not to be restricted to offering payment services subject to applicable national and Community law .

account .

Marginal lending facility a standing facility of the Eurosystem which counterparties may use to receive overnight credit from a national central bank at a pre specified interest rate . Marginal swap point quotation the swap point quotation at which the total tender allotment is exhausted .

In fact, the architect of our national accounting system, Simon Kuznets, in the 1930s, said that, A nation's welfare can scarcely be inferred from their national income.