Decree of the State Bank of Czechoslovak No. 51 / 1992 Coll.
Decree of the Czechoslovak State Bank on payment and settlement between banks
Valid
Effective from 01.02.1992
51
DECLARATION
Czechoslovak State Banks
of 22 January 1992
on payment and settlement between banks
According to § 43 paragraph 2 (a) of Act No. 22 / 1992 Coll., on the State Bank of Czechoslovak:
Subject matter and scope of the adjustment
(1) This decree regulates the mutual payment and settlement between the Czechoslovak and Banks1 State Bank (hereinafter "the Bank ') carried out in the territory of the Czech and Slovak Federal Republic (hereinafter" interbank payment transactions').
(2) Payment and settlement of foreign banks are governed by special regulations (2) and by mutual agreements.
Establishment, management and cancellation of accounts
The banks make interbank payments exclusively through the CSK settlement centre (hereinafter referred to as the settlement centre).
(1) The settlement centre shall set up each bank an account of payment in Czechoslovak crowns and in the following foreign currencies: US dollar (USD), English pound (GBP), European Community unit (ECU), French franc (FRF), German mark (DEM), Austrian shilling (ATS), Swiss franc (CHF) (hereinafter referred to as "payment account"). The settlement centre may set up payment accounts in other foreign currencies.
(2) Before the payment account is opened, banks are obliged to settle the settlement centre
(a) submit an extract from the Commercial Register;
(b) submit a signature of the persons authorised to sign the written settlement instructions and contracts with the settlement centre (§ 6); the signature model must be signed by the statutory authority of the bank,
(c) to communicate specific codes of access to payment accounts.
Banks are required to notify the settlement centre without delay of any changes to the data transmitted to it when the payment account is opened (in particular the change in the name, seat of the bank, persons entitled to dispose of the payment account, the establishment of a liquidator).
If the bank ceases to exist or ceases to exercise payment and settlement, the settlement centre shall cancel its payment accounts.
Before or at the same time as the payment account is opened, the settlement centre shall conclude a written agreement with the bank to transfer payment data, which shall include:
(a) the place, manner and time of transmission of payment data;
(b) the formalities, format and structure of payment dates;
(c) the nominal identification of the persons responsible at the bank and the clearing centre for the completeness and correctness of the payment dates transmitted;
(d) the conditions for the remuneration of payment accounts, if the remuneration has not been waived;
(e) the fixing of remuneration for the execution of interbank payments and the method of their collection.
Interbank payment
Banks shall keep accounts in their accounts corresponding to payment accounts (mirror accounts). In these accounts, banks are required to account in both time and value terms with payment accounts.
(1) Banks shall transmit to the settlement centre payment dates via technical data media or remote data transmission. On the forms, banks only transmit orders for mutual transfers of funds (bank transfers).
(2) The formalities, format and structure of payment dates are determined by the Czechoslovak State Bank.
(3) The payment data transmitted to the clearing centre by means of technical data media or remote transmission shall be ensured against misuse in accordance with the payment data transmission technique. The forms transmitted to the clearing centre shall bear two signatures of the persons indicated in the bank's signature.
(4) Banks are required to transmit to the settlement centre for processing the payment date, which can be clearly distinguished by the identification of the initial document (ID).
Interbank payment shall take the form of:
(a) the recovery order;
(b) the recovery order (Section 10);
(c) a third party order under the conditions laid down by the Czechoslovak State Bank.
The recovery order shall be authorised by the banks:
(a) on the basis of a recovery order taken from its client, provided that the recovery method of payment has been agreed between the payer and his bank or laid down specific provisions; (3) the right to use the recovery order shall be verified by the payer's bank;
(b) if this method has been agreed in writing between the banks;
(c) on the basis of a final and enforceable decision of the competent national authorities.
The settlement centre shall only carry out a formal check and examine the completeness of the data transmitted. The settlement centre shall not examine in particular:
(a) the right to use the recovery order;
(b) the maturity of the data transmitted;
(c) the correctness of the banking link (§ 12) and other settlement data.
(1) For the purposes of this Order, a bank connection means an account number and a bank identification code, or client identification, as appropriate, and a bank identification code.
(2) The account numbers used in interbank payments shall contain a maximum of 16 numerical characters per part containing a maximum of 6 numerical characters and a maximum of 10 numerical characters; These parts are separately provided by a control digit per modulo 11.
(1) The settlement centre is responsible for clearing only payments covered by the balance in the payment account.
(2) The settlement centre shall account for the payment data transmitted by the bank up to the credit balance of the payment account or up to the limit of the debit balance authorised by the Czechoslovak State Bank.
(1) Banks are required to provide sufficient funds in their payment accounts to offset their liabilities.
(2) If the settlement centre finds that there is insufficient money in the payment account, it shall invite the bank to obtain the funds needed to settle its liabilities. At the same time, the settlement centre shall cease to make payments against the payment account until the lack of funds has been settled; payments to that account are normally made.
(3) If the bank does not have sufficient funds in the payment account at the time of the daily accounts (Paragraph 18 (1)), the settlement centre shall return the settlement instructions to the bank without execution.
(1) The Bank may agree by the settlement centre that, in the absence of funds in the payment account, funds will automatically be transferred to that account from another account of the same or other bank held with the Czechoslovak State Bank. The Bank shall be entitled to agree with the settlement centre the minimum amount of such transfer of funds.
(2) The bank may agree by the settlement centre that the credit balance of the payment account or part thereof shall be transferred automatically after the end of the daily accounts to another account of the same or other bank held with the Czechoslovak State Bank.
The settlement centre shall not carry out transfers of funds between payment accounts in different currencies or conversions from one currency to another.
(1) The settlement centre shall account for the items received on payment accounts. The processed items shall be transmitted by the settlement centre to the banks which keep the accounts of the beneficiaries.
(2) The payment dates to be settled for the account of the other bank shall be transmitted by the acquiring bank in a non-accounting manner. The receiving bank shall settle these payment dates as initial settlement (new operations).
(1) Banks may transmit payment dates to the settlement centre during its operational period. The daily accounts on payment accounts are carried out at the agreed time (Section 6), the payment dates transmitted after that period are processed by the settlement centre as the dates transmitted on the following working day. At the date of availability of the funds in the account (value), the settlement centre shall not take into account.
(2) The banks shall transmit payment dates to the settlement centre no later than the following working day after their settlement in their accounts. The settlement centre shall carry out settlement on payment accounts on the same day, irrespective of the maturity of the settlement instructions. Banks shall settle payment dates in their accounts no later than the following working day after their settlement at the settlement centre.
(1) The documentation for the payments transmitted to the clearing centre shall be kept by the bank that took over the clearing initiative.
(2) The transferring bank shall keep files of the transmitted payment data for at least 15 working days from the settlement date by the settlement centre. The settlement centre shall store the files of the transmitted payment data for a period of six months from the settlement date by the settlement centre. In the event of a settlement defect, the transferring bank or settlement centre shall, upon request, document the data transmitted within these time limits.
The payment dates to be settled in the previous year may be transmitted by the banks to the settlement centre during the additional period by 15 January of the current year, marked "Appendices' together with the dates of the current year. The settlement centre processes this data as the current year's dates.
Accounting reconciliation of payment dates transmitted and notification of defects
The full payment data transmitted between banks and the settlement centre shall be provided by a checksum. The incomplete or incorrect payment dates shall not be processed by the settlement centre or by the bank. Both the settlement centre and the bank will return such data without execution with justification.
(1) Banks are required to agree on the completeness and regularity of the one-day settlement in relation to the settlement centre (§ 24).
(2) The malfunctions identified at the settlement centre shall be reported to the settlement centre within five working days of receipt of the settlement report.
(1) Where a non-existing bank connection is indicated in the settlement order, the receiving bank shall inform the transmitting bank of the replacement settlement within three working days of receipt of the payment account data from the settlement centre.
(2) The transferring bank may request the receiving bank to make an accounting correction to an item directed at a non-existing bank link. Pending the implementation of the accounting correction, the receiving bank shall use the funds freely, unless otherwise agreed between the banks.
Settlement reports
(1) The settlement centre shall be required to inform banks of the state of the funds and of the movements in their payment accounts by a settlement message.
(2) The settlement reports on accounts held in Czechoslovak crowns and accounts held in foreign currency on the relevant day of movement shall be transmitted to the Bank at least once a day.
(3) The Bank may ask the settlement centre at any time during its operating period for information on the state of the funds in its payment account, and the settlement centre shall provide that information to the Bank.
The bank shall check in the settlement report the continuity of the order numbers, the balance of the previous day and the turnover of the relevant day. The bank shall notify the settlement centre of its findings within the time limit set in Section 22 (2).
Final provision
This Decree shall take effect on 1 February 1992.
Chairman of the Czechoslovak State Bank:
Ing. Tošovský v. r.
1) § 1 of Act No. 21 / 1992 Coll., on Banks.
2) Commercial Code No. 513 / 1991 Coll. Foreign exchange Act No 528 / 1990 Coll.
3) E.g. Decree of the Ministry of Transport No. 132 / 1964 Coll., on Railway Transport Regulations, Act No. 110 / 1964 Coll., on Telecommunications.
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Regulation Information
| Citation | Decree of the State Bank of Czechoslovakia No. 51 / 1992 Coll., on payment and settlement between banks |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 31.01.1992 |
|---|---|
| Effective from | 01.02.1992 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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