Intraday Delivery Pension Agreement within the Real-Time Gross Settlement System (RBTR/RTGS Guinea)

REPUBLIC OF GUINEA CENTRAL BANK

INTRADAY DELIVERY PENSION AGREEMENT WITHIN THE REAL-TIME GROSS SETTLEMENT SYSTEM (RBTR/RTGS GUINEA)

Between the undersigned:

1) The Central Bank of the Republic of Guinea, hereinafter referred to as "the BCRG" on the one hand,

2) The participants in the Real-Time Gross Settlement System (RBTR/RTGS Guinea), hereinafter referred to as "the Participant(s)" on the other hand,

Preamble: The BCRG manages and controls the Real-Time Gross Settlement System (RBTR/RTGS Guinea) for large-value and urgent payments, operating through the execution of Transfer Orders charged in real time to a Settlement Account holding sufficient funds.

A participant in this system must hold negotiable public or private securities as specified in Article 2 of this Agreement.

The Participants have agreed to this framework agreement, the "Intraday Delivery Pension Convention (IDPC)", to govern current and future intraday delivery pensions concluded in order to make the necessary liquidity available to the Beneficiary for settling its operations within the Real-Time Gross Settlement System (RBTR/RTGS Guinea) managed by the Central Bank, to consolidate it, and to benefit from all applicable legislative provisions.

Article 1: Intraday delivery pensions are governed by the provisions of Law No. L/2014/016/AN of July 2, 2014, establishing the status of the Central Bank of the Republic of Guinea, particularly its Articles 10 and 21.

Article 2: The Beneficiary may deliver securities in pension to the BCRG:

• negotiable public securities, including Treasury Bills, Treasury Bonds, Monetary Regulation Securities, and State Securities;
• private securities, including promissory notes, bills of exchange, export credit instruments, receivable subsidies, and securities with strong signatures from the banking system, and receive in exchange liquidity equivalent to their transfer price as intraday advances intended to ensure the fluidity of its payments within the Real-Time Gross Settlement System (RBTR/RTGS Guinea).

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All securities deliveries must be carried out in accordance with prevailing practices and regulations, and allow the BCRG to obtain full ownership of the delivered securities.

Article 3: Participants who do not hold securities as specified in Article 2 of this Agreement or who are not entitled to Central Bank refinancing may, to cover any payment shortfall identified in their settlement account, conclude a representation agreement with one or more participants meeting the conditions for obtaining intraday advances.

In this case, the advance request must be submitted by the beneficiary participant on behalf of the represented participant, and include the latter's references within the Real-Time Gross Settlement System (RBTR/RTGS Guinea).

Article 4: Parties that have signed a representation agreement must communicate the terms of this agreement to the Central Bank before exercising such representation.

Article 5: The amount of the intraday advance granted to a beneficiary Participant or on behalf of a represented Participant is credited to the settlement account of the beneficiary Participant.

Article 6: The intraday advance carries no interest. Consequently, the BCRG's return of securities to the beneficiary Participant takes place upon repayment of this advance.

Article 7: Securities delivered in pension are transferred from the beneficiary Participant's securities account held by the securities depository to the BCRG's securities account, in accordance with the conditions and procedures for delivering securities within purchase operations involving an obligation to resell securities.

Article 8: The beneficiary Participant must, at the end of each day, communicate to the Central Bank:

• the status of its securities portfolio that may be allocated to cover projected intraday advance needs for the following day;
• a copy of the transfer orders for the corresponding securities sent to this effect to the securities depository.

Article 9: The beneficiary Participant may, during the day, proceed with the delivery in pension of additional securities to meet its supplementary liquidity needs in the form of intraday advances.

To this effect, a copy of the transfer orders for the additional securities, sent to the securities depository, must be communicated to the BCRG.

The amount of intraday advances is updated by the Real-Time Gross Settlement System (RBTR/RTGS Guinea) based on the actual delivery of securities to the benefit of the BCRG, in accordance with the conditions set out in Article 7 above.

Article 10: Securities are evaluated by the BCRG at their nominal value. However, the Issuing Institute has the discretion to use any other method for valuing securities placed in pension.

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Article 11: When the value of the securities is lower than the amount of the requested advance, the request is rejected.

When the value of the securities is higher than the amount of the requested advance, the advance is granted for the requested amount.

Article 12: The beneficiary Participant may request intraday advances from the opening of the Real-Time Gross Settlement System (RBTR/RTGS Guinea) until its provisional closure.

Article 13: The beneficiary Participant may order the repayment of obtained advances during the day. Repayment orders are executed in priority as long as the settlement account balance permits.

Securities are returned to the beneficiary Participant by the securities depository upon instruction from the BCRG.

Partial settlement of an intraday advance is not permitted. In the absence of a sufficient credit balance, repayment orders are queued by the Real-Time Gross Settlement System (RBTR/RTGS Guinea) until the beneficiary Participant's settlement account position shows a sufficient credit balance. To this end, it is up to the beneficiary Participant to transfer the necessary funds to its settlement account.

Before the final closure of the day, an automatic process is executed by the Real-Time Gross Settlement System (RBTR/RTGS Guinea) to recover unrepaid advances. Until the charge on the settlement account is completed, the advance remains unsettled and the securities remain the property of the BCRG.

Article 14: In case of technical incidents or malfunctioning of the exchange or teletransmission systems, securities remain held by the securities depository to the benefit of the BCRG until the processing systems resume and operations are settled.

Article 15: In case of non-repayment of intraday advances by the beneficiary Participant, the BCRG may:

• either convert these intraday advances into a money market intervention operation remunerated at market conditions;
• or treat these intraday advances as a current account advance calculated at the Central Bank's intervention rate on the money market, increased by the money market penalty rate;
• or alternatively proceed to the outright and definitive purchase of securities placed in pension.

Article 16: The setup and settlement costs of the intraday delivery pension are borne by the beneficiary Participant, particularly those for transferring securities through the securities depository.

Article 17: This Agreement is concluded without a time limit. It may be terminated at any time by each party, by registered letter with acknowledgment of receipt; said termination takes effect upon the expiration of a period of nine (9) calendar days following its receipt.

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This Agreement shall nevertheless continue to govern the relations between the parties for all intraday delivery pensions concluded before the effective date of such termination.

Article 18: This Agreement is governed by Guinean Law and enters into force from its date of signature.

Done in Conakry on, 09 / October / 2017

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INTRADAY DELIVERY PENSION AGREEMENT

List of Participants

No.	Participant	Name and Surname	Signature	Date
1	BCRG
2	BICIGUI
3	SGBG
4	BIG
5	ORABANK
6	BPMG
7	FBNBANK
8	ECOBANK
9	FI BANK
10	SKYE BANK
11	BSIC
12	UBA
13	NSIA
14	BCI
15	AFRILAND
16	BNG
17	BDG

Done in Conakry on, 09 / October / 2017