Full text of Decision No. 6/2026 of the National Bank of Slovakia amending Decision No. 10/2022 on the new generation of the Trans-European Automated Real-time Gross settlement Express Transfer System (TARGET-SK)

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________________________________________________________________________________________ 6/2026 Full text of the decision of the National Bank of Slovakia No. 10/2022 of 20 June 2022 on the new generation of the Trans-European Automated Real-time Gross settlement Express Transfer System (TARGET-SK) in the wording of subsequent regulations

The Governor of the National Bank of Slovakia proclaims the full text of Decision No. 10/2022 of the National Bank of Slovakia of 20 June 2022 on the new generation of the Trans-European Automated Real-time Gross settlement Express Transfer System (TARGET-SK) as it results from amendments and supplements made by Decision No. 15/2022, Decision No. 9/2023, Decision No. 6/2024, Decision No. 6/2025 and Decision No. 5/2026 of the NBS.

The National Bank of Slovakia, pursuant to Section 6(2)(g) of Act No. 566/1992 Coll. on the National Bank of Slovakia as amended, and pursuant to Section 45(1) of Act No. 492/2009 Coll. on Payment Services and amending certain laws (hereinafter referred to as the "Payment Services Act"), has decided:

PART ONE
GENERAL PROVISIONS

Section 1
Subject matter
This decision regulates the mutual rights and obligations of holders of MCA accounts, RTGS DCA accounts, T2S DCA accounts and TIPS DCA accounts in TARGET-SK and the National Bank of Slovakia. The conditions regulated in the individual parts of this decision apply to participants who decide to open one or more accounts according to the individual parts and these accounts are provided to them. Part One and Part Eight of this decision apply to all participants of TARGET-SK.

Section 2
Definition of terms
(1) A group of monitored accounts means a group of two or more MCA or DCA accounts, in respect of which one participant, which is the main entity, has an overview of the balance on each TARGET account in the group.

(2) An addressable BIC holder means an entity which a) is the holder of a Business Identifier Code (hereinafter referred to as "BIC"), and b) is a correspondent or client of the holder of an RTGS DCA account or a branch of the holder of an RTGS DCA account and is able to submit payment orders to the system which is part of TARGET, and to receive payments from this system through such holder of an RTGS DCA account.

(3) An associated system means a system operated by an entity with its registered office in the European Union or in the European Economic Area, which is subject to the supervision of the competent authority and meets the supervisory requirements concerning the location of infrastructure for the provision of services in euros, as these requirements are continuously changed and published on the website of the European Central Bank (hereinafter referred to as "ECB"), and in which payments or financial instruments are exchanged or settled or recorded, and in which a) monetary obligations resulting in payment orders for the transfer of funds

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________________________________________________________________________________________ are settled in TARGET, or b) funds are held in TARGET in accordance with this decision.

(4) An associated system guarantee fund account means a technical account used for the purpose of holding guarantee funds to support the settlement procedures of associated systems for real-time gross settlement of payments RTGS AS - A (§ 83) and RTGS AS - B (§ 84).

(5) An associated system settlement procedure means the TIPS AS settlement procedure or the RTGS AS settlement procedure.

(6) An associated system transfer order means an order for the transfer of funds, submitted by an associated system for the purpose of the RTGS AS settlement procedure.

(7) Autocolateralisation means an intraday credit provided by a national central bank of the euro area in central bank money, which is used when the holder of a T2S DCA account does not have sufficient funds to settle transactions with securities, whereby such an intraday credit is secured either by the purchased securities or by securities held by the holder of the T2S DCA account on its account in favour of the national central bank of the euro area and provided by them as collateral. An autocolateralisation transaction consists of two separate transactions, one being the provision of autocolateralisation and the other being its repayment. It may also include a third transaction for the possible transfer of collateral. For the purposes of Section 18, all three transactions enter the system and become irrevocable at the same moment as the transaction consisting of the provision of autocolateralisation.

(8) An automated liquidity transfer order means an automatically generated order for the transfer of liquidity, by which an instruction is given to transfer funds from a designated RTGS DCA account to an MCA account of a participant in the event that there are insufficient funds in this MCA account to settle central bank operations.

(9) Available liquidity means the credit balance on a participant's account and, if applicable, any intraday credit line provided to the MCA account by the relevant national central bank of the euro area in relation to such an account, which has not yet been drawn down or, if applicable, has been reduced by the amount of any processed liquidity reservations or by the amount of blocking of funds on MCA accounts or DCA accounts.

(10) A banking group means a) a grouping of banks included in the consolidated financial statements of the parent company, if the parent company is required to submit consolidated financial statements in accordance with International Accounting Standard 271) and consists of

a parent company and one or more subsidiary companies, or
two or more subsidiary companies of the parent company,
b) a grouping of banks under letter a), if the parent company does not submit consolidated financial statements in accordance with International Accounting Standard 271), but may meet the criteria defined in International Accounting Standard 271) for inclusion in the consolidated financial statements subject to verification by the central bank of the participant, c) a bilateral or multilateral network of banks which is considered an entity forming a group upon application approved by the Governing Council and is
organised through a legal framework establishing the affiliation of a bank to such a network, or
characterised by a separately created cooperation mechanism (enforcement, support and representation of the commercial interests of its members) or economic solidarity which exceeds the framework of standard cooperation common between banks, if such cooperation and solidarity is permitted by the internal regulations or statutes of the participating banks or established on the basis of special agreements.

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________________________________________________________________________________________ (11) A branch means a branch of a foreign bank,2) a branch of another bank,3) a branch of a foreign securities dealer,4) a branch of a payment institution, a foreign branch of a payment institution, a branch of an electronic money institution or a foreign branch of an electronic money institution.4a)

(12) A broadcast message means information simultaneously made available to all participants or a selected group of participants.

(13) A business day or a TARGET business day means any day on which MCA accounts, RTGS DCA accounts or T2S DCA accounts are available for the settlement of payment orders for the transfer of funds.

(14) BIC means a code defined by ISO standard No. 9362.

(15) A suitability opinion means a specific opinion concerning a participant, which contains an assessment of its legal capacity to accept and fulfil its obligations under this decision.

(16) A payment order for the transfer of funds means an instruction of a participant or a person acting on its behalf to provide a monetary amount to a recipient through an entry from one account to another account, whereby this instruction is an associated system transfer order, a liquidity transfer order, an instant payment order, a positive response to a cancellation or an order.

(17) A central bank means a central bank of the Eurosystem or an affiliated national central bank.

(18) A central bank operation means an order or a liquidity transfer order submitted by a central bank on an MCA account opened in a system which is part of TARGET.

(19) An affiliated national central bank means a national central bank which is not a national central bank of the euro area and which is connected to TARGET on the basis of a special agreement.

(20) A contingency solution means a function which allows central banks and participants to process payment orders for the transfer of funds in the event that normal operation of MCA accounts or RTGS DCA accounts or technical accounts of RTGS AS is not possible.

(21) CMB means a credit informational balance, i.e. a limit set by the holder of a TIPS DCA account for the use of liquidity on the TIPS DCA account by a certain available party.

(22) System-to-system settlement means the settlement of transfer orders of associated systems through an entry to the debit of the technical account of RTGS AS or a sub-account of a bank for the settlement of one associated system using the RTGS AS settlement procedure – C (§ 85) or RTGS AS - D (§ 86) and an entry to the credit of the technical account of RTGS AS or a sub-account of a bank for the settlement of another associated system using the RTGS AS settlement procedure – C (§ 85) or RTGS AS - D (§ 86).

(23) A DCA account means a purpose money account, i.e. an RTGS DCA account, a T2S DCA account or a TIPS DCA account.

(24) The interest rate for one-day sterilisation operations means the sterilisation rate applied for one-day sterilisation operations.

(25) A one-day sterilisation operation means an automatic operation offered by the Eurosystem which contracting parties may use to deposit one-day deposits at the national central bank of the Eurosystem, whereby these deposits are interest-bearing at a pre-determined interest rate.

(26) A national central bank of the euro area means a national central bank of a Member State of the European Union whose currency is the euro.

(27) The SEPA Instant Credit Transfer System of the European Payments Council or the SCT Inst system means an automated open standards system which establishes a set of interbank rules to be observed by participants of the SCT Inst system and which allows payment service providers in the Single Euro Payments Area (hereinafter referred to as "SEPA") to offer an automated instant euro credit transfer product within SEPA.

(28) The OCT Inst system means an open standards system which establishes a set of interbank rules, standards and procedures to be observed by participants of the OCT Inst system and which allows payment service providers in SEPA to achieve interoperability in securing and executing that part of the international instant payment order which takes place in euros.

(29) The Eurosystem central bank means the ECB or a national central bank of the euro area.

(30) An event of default means an impending or existing fact, the occurrence of which may endanger the fulfilment of obligations by a participant under this decision or any other rules which apply to the relationship between this participant and the National Bank of Slovakia or any other central bank, including the case, a) when a participant ceases to meet the access criteria under Section 4 or the requirements under Section 5(1)(a), b) when insolvency proceedings5) have been initiated against a participant, c) when a proposal concerning insolvency proceedings5) is submitted, d) when a participant issues a written declaration of its inability to repay all debts or part thereof or to fulfil its obligations arising from an intraday credit, e) when a general agreement or an agreement of a participant with its creditors is concluded, f) when a participant is insolvent or unable to repay its debts or if its central bank considers it to be such, g) if the credit balance on any TARGET account of a participant or all assets of a participant, or a substantial part thereof, is subject to an order for freezing, attachment or security or is subject to any other proceedings the purpose of which is the protection of public interest or the protection of the rights of creditors of a participant, h) if a participant's participation in another system which is part of TARGET or in an associated system has been suspended, or if a participant's participation in another system which is part of TARGET or in an associated system has been terminated, i) if any material assurances or other pre-contractual statements made by a participant or presumed to have been made by a participant under the applicable law are incorrect or untrue, j) when all assets of a participant or a substantial part thereof are assigned.

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________________________________________________________________________________________ (31) Guarantee funds mean funds provided by participants of an associated system, which are to be used if one or more participants fail to fulfil their payment obligations in the associated system.

(32) An instant payment order, in accordance with the SCT Inst system or the OCT Inst system, means a payment order for the transfer of funds, which can be executed 24 hours a day on any calendar day of the year with immediate or near-immediate settlement and notification to the payer, and which includes instant payment orders from a) a TIPS DCA account to a TIPS DCA account, b) a TIPS DCA account to a technical TIPS AS account, c) a technical TIPS AS account to a TIPS DCA account, d) a technical TIPS AS account to a technical TIPS AS account.

(33) An order submitting party means an entity which has been designated as the order submitting party by the holder of a TIPS DCA account or the holder of a technical TIPS AS account and which may, on behalf of such account holder or the available party of such account holder, send instant payment orders or liquidity transfer orders or receive instant payment orders or liquidity transfer orders.

(34) An intraday credit means a credit provided for a period shorter than one business day.

(35) A securities dealer means a securities dealer6) and a foreign securities dealer7) except for a person under a special regulation,8) provided that this securities dealer a) has permission from the competent supervisory authority and the competent authority exercises supervision over it, b) is authorised to carry out activities under a special regulation.9)

(36) Level 3 national central banks mean Deutsche Bundesbank, Banque de France, Banca d'Italia and Banco de España as central banks which develop and operate the TARGET system in favour of the Eurosystem.

(37) A liquidity transfer order means a payment order for the transfer of funds, by which an instruction is given to transfer a certain amount of funds for the purpose of liquidity management.

(38) The interest rate for one-day refinancing operations means the one-day refinancing rate applied to one-day refinancing operations.

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________________________________________________________________________________________ (39) A one-day refinancing operation means an automatic operation offered by the Eurosystem which contracting parties may use to obtain a one-day credit from the national central bank of the Eurosystem at a pre-determined interest rate and which is subject to the requirement to provide sufficient acceptable assets as collateral.

(40) MPL service means a mobile lookup service which allows holders of TIPS DCA accounts, associated systems using technical TIPS AS accounts and available parties, who receive a request from their clients to execute an instant payment order in favour of a recipient identified by a lookup identifier (e.g. by a mobile phone number), to obtain the relevant IBAN and BIC of the recipient from the MPL service register, which are to be used to credit the amount in favour of the relevant settlement account for instant payments in the TIPS service.

(41) A near-instant payment means a payment order for the transfer of funds which is in accordance with the SEPA Instant Processing Standards or in accordance with the OCT Inst system.

(42) A network service provider means a company to which the Eurosystem has granted a concession to provide connection services to TARGET services through a single access point of the Eurosystem market infrastructure.

(43) An unsettled payment order for the transfer of funds means a payment order for the transfer of funds which is not settled on the same business day on which it is received.

(44) A participant means a) an entity which is the holder of at least one MCA account and to which may be the holder of one or more DCA accounts in the TARGET system, b) an associated system.

(45) A payment recipient, in addition to the use of this term in Section 104, means a participant in favour of whose MCA account or DCA account a certain amount is credited as a result of the settlement of a payment order for the transfer of funds.

(46) A payer, in addition to the use of this term in Section 104, means a participant on whose MCA account or DCA account a certain amount is debited as a result of the settlement of a payment order for the transfer of funds.

(47) An order means an instruction of a participant or a person acting on its behalf to provide a monetary amount to a recipient through an entry from one account to another account, whereby this instruction is not an associated system transfer order, a liquidity transfer order, an instant payment order or a positive response to a cancellation.

(48) A positive response to a cancellation, in accordance with the SCT Inst system, means a payment order for the transfer of funds initiated by the recipient of a cancellation request in response to a cancellation request and in favour of the sender of this cancellation request.

(49) A public sector entity means an entity which is part of the public sector under a special regulation.10)

(50) An available party means an entity which
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________________________________________________________________________________________ a) is a holder of a BIC, b) is designated as an available party by the holder of a TIPS DCA account or an associated system which is the holder of a technical TIPS AS account, c) is a correspondent, client or branch of the holder of a TIPS DCA account or is a participant of an associated system, or a correspondent, client or branch of a participant of an associated system which is the holder of a technical TIPS AS account, and d) is addressable through the TIPS platform and is able to submit payment orders for the transfer of funds and receive payment orders for the transfer of funds either through the holder of a TIPS DCA account or an associated system which is the holder of a technical TIPS AS account or directly, if permitted by the holder of a TIPS DCA account or an associated system which is the holder of a technical TIPS AS account.

(51) The RTGS AS settlement procedure means one of several specific, pre-defined services for submitting and settling transfer orders of associated systems related to the settlement of associated systems on RTGS DCA accounts and technical RTGS AS accounts.

(52) A technical RTGS AS account means a technical account for real-time gross settlement of payments, the holder of which is an associated system or a central bank which maintains it on behalf of an associated system in its system which is part of TARGET and which an associated system uses within the RTGS AS settlement procedure.

(53) A cancellation request means a message from the holder of an RTGS DCA account, the holder of a TIPS DCA account or the holder of a technical TIPS AS account, by which the return of the amount of a settled order or the amount of a settled instant payment order is requested.

(54) A liquidity transfer order under the rules means a liquidity transfer order which is activated if a) the balance on an MCA account, RTGS DCA account or TIPS DCA account has fallen below a pre-determined lower limit or exceeded the upper limit of the amount of funds, or b) there are insufficient funds on the RTGS DCA account to cover urgent orders, associated system transfer orders or high-priority orders in the waiting queue.

(55) A bank settlement account group means a list of RTGS DCA accounts or sub-accounts established in connection with the settlement of an associated system which uses RTGS AS settlement procedures.

(56) A settlement bank means the holder of an RTGS DCA account, the RTGS DCA account or sub-account of which is used for the settlement of transfer orders of associated systems submitted by an associated system using RTGS AS settlement procedures.

(57) Suspension means the temporary freezing of the rights and obligations of a participant for a period determined by the National Bank of Slovakia.

(58) A TARGET account means an account opened in a system which is part of TARGET.

(59) A system which is part of TARGET means any of the central bank systems which are part of TARGET.

(60) The TARGET Coordinator means a person appointed by the ECB to ensure the management of the daily operation of TARGET, to manage and coordinate activities in the event of

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________________________________________________________________________________________ unforeseen situation and for coordinating the dissemination of information to participants.
(61) By the TIPS AS settlement procedure is meant the settlement procedure of the associated system for the settlement of instant payments TARGET as a pre-defined service for placing and settling liquidity transfer orders and instant payment orders related to the settlement of associated systems on TIPS DCA accounts and technical TIPS AS accounts. (62) By a technical TIPS AS account is meant an account of the associated system for the settlement of instant payments TARGET, the owner of which is the associated system or the central bank, which maintains it on behalf of the associated system in its system, which is part of TARGET and which the associated system uses for the purposes of settling instant payments or near-instant payments in its accounting books. (63) By the TARGET settlement manager is meant a person appointed by the central bank of the Eurosystem to monitor the operations of its system, which is part of TARGET. (64) T2S means a set of hardware, software and other elements of technical infrastructure, through which the Eurosystem provides services to central securities depositories and central banks of the Eurosystem, which allow basic and neutral settlement of securities transactions in central bank money by means of delivery versus payment regardless of borders. (65) By TARGET technical malfunction is meant a failure or malfunction of the technical infrastructure or computer systems used by the relevant system, which is part of TARGET, or any other fact that prevents the execution and completion of the processing of money transfer orders in accordance with this decision in the relevant system, which is part of TARGET. (66) By a credit for central counterparties is meant a credit established for the purpose of providing a one-day loan to authorized central counterparties under Section 36(6) and Section 38a(2), if in extreme market conditions the central counterparty suffers from a liquidity shortage. (67) By an authorized central counterparty is meant a central counterparty with its registered office in the euro area, which meets the requirements for access to credit for central counterparties.

§ 3
TARGET Payment System

(1) TARGET represents a set of payment systems consisting of all systems that are part of TARGET. TARGET-SK is a payment system operated by the National Bank of Slovakia under Section 45(3)(a) of the Payment Services Act and is part of TARGET.

(2) TARGET consists of payment systems providing services in euros, which carry out settlement in central bank money and provide central liquidity management services, real-time gross settlement of payments and services for the settlement of associated systems and allow cash payments in relation to the settlement of securities transactions and the settlement of instant payments.

(3) TARGET allows sending or receiving instant payments related to currency conversion to interoperable authorized payment systems in other currencies, which operate in central bank money and use the TIPS platform. Authorized payment systems in other currencies are payment systems owned or operated by central banks that have signed a currency participation agreement with the central banks of the Eurosystem, on the basis of which they can use the TIPS platform as the technical basis for the settlement of instant payments.

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________________________________________________________________________________________ central banks that have signed a currency participation agreement with the central banks of the Eurosystem, on the basis of which they can use the TIPS platform as the technical basis for the settlement of instant payments.

(4) TARGET for the settlement of transactions provides a) MCA accounts for the settlement of central bank operations, b) RTGS DCA accounts for real-time gross settlement of high-value payments and sub-accounts, if necessary for the settlement of associated systems, c) T2S DCA accounts for cash payments related to the settlement of securities transactions, d) TIPS DCA accounts for the settlement of instant payments and e) accounts for the settlement of associated systems, namely technical RTGS AS accounts, associated system guarantee fund accounts and technical TIPS AS accounts.

(5) Each account in TARGET-SK is identified by a unique account number consisting of elements according to Annex No. 1.

(6) The use of trademarks associated with TARGET services by participants and third parties is not permitted. The National Bank of Slovakia may request the body for technical and operational management10a) for permission for a participant or third party to use such trademarks.

§ 4
Access Criteria

(1) Participation in TARGET-SK is permitted for a) banks,11) foreign banks or credit institutions under a special regulation12) provided that they are subject to supervision comparable to that carried out by the National Bank of Slovakia (hereinafter referred to as "bank"), with their registered office in the European Union or the European Economic Area including those acting through a branch in the European Union or the European Economic Area, or without establishing a branch on the basis of notification under a special regulation,13) b) banks with their registered office outside the European Economic Area provided that they act through a branch in the European Union or the European Economic Area, c) national central banks of member states of the European Union and the ECB.

(2) Entities under paragraph 1(a) and (b) are eligible for participation in TARGET-SK provided that restrictive measures14) have not been adopted against them by the Council of the European Union or member states of the European Union, the application of which results in the suspension or imposition of restrictions on transfers or payments in favor of such an entity or from such an entity similar to the suspension of participation or imposition of restrictions in bankruptcy proceedings.

(3) The National Bank of Slovakia may, at its own discretion, also recognize as participants a) treasury administrations of central or regional governments of member states of the European Union, 10a) Decision of the European Central Bank (EU) 2019/166 of 25 January 2019 on the Market Infrastructure Council, repealing Decision ECB/2012/6 on the establishment of the TARGET2-Securities Council (ECB/2019/3) (OJ EU L 32, 4.2.2019). 11) Art. 4(1) point 1 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ EU L 176, 27.6.2013) in force. 12) Art. 123(2) of the Treaty on the Functioning of the European Union (consolidated version) (OJ EU C 202, 07.06.2016). 13) Section 11 of Act No. 483/2001 Coll. as amended. 14) E.g. Art. 65(1)(b), Art. 75 or Art. 215 of the Treaty on the Functioning of the European Union (consolidated version) (OJ EU C 202, 07.06.2016).

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________________________________________________________________________________________ b) public sector entities15) of member states of the European Union, which are authorized to maintain accounts for clients, c) securities dealers with their registered office

in the European Union or the European Economic Area including those acting through a branch with their registered office in the European Union or the European Economic Area,
outside the European Economic Area provided that they act through a branch with their registered office in the European Union or the European Economic Area,
d) entities that manage associated systems and which act in this capacity, e) banks or entities under letters a) to d), if they have their registered office in a country with which the European Union has concluded a currency agreement allowing such entities access to payment systems in the European Union, subject to the conditions established in this currency agreement and provided that the relevant legal framework applicable in that country corresponds to the relevant legislation of the European Union, f) non-bank payment service providers under a special regulation15a) with their registered office in the European Union or the European Economic Area including their branches with their registered office in the European Union or the European Economic Area.

§ 5
Proceedings on Application

(1) In order for an applicant to become a participant in TARGET-SK, it must be an eligible entity under Section 4(1) or an entity that the National Bank of Slovakia may recognize as a participant under Section 4(3) and must simultaneously a) install, manage, operate, monitor and secure the IT infrastructure for connecting to TARGET-SK and be able to place money transfer orders into TARGET-SK; applicants may, at their own responsibility, involve third parties in the performance of these activities, b) carry out tests required by the National Bank of Slovakia, c) be the owner of an MCA account or open an MCA account at the National Bank of Slovakia, in the case of an applicant for the opening of an RTGS DCA account, T2S DCA account or TIPS DCA account, d) submit to the National Bank of Slovakia an opinion on competence in the form according to Annex No. 3, if the National Bank of Slovakia has not already received in another context information and statements that are to be provided in such an opinion on competence, e) submit to the National Bank of Slovakia a national opinion in the form according to Annex No. 3, if the National Bank of Slovakia has not already received in another context information and statements that are to be provided in such a national opinion, in the case of entities under Section 4(1)(b) or (3)(c) second point, f) apply the SCT Inst system by signing an agreement on the application of the SEPA Instant Credit Transfer system and, if applicable, the OCT Inst system by signing an agreement on the application of the OCT Inst system, in the case of an applicant for the opening of a TIPS DCA account, g) provide the National Bank of Slovakia with evidence that an information sheet has been provided to the European Payments Council, stating the applicant's intention to become a settlement and clearing mechanism in accordance with the SCT Inst system and, if applicable, the applicant's intention to become a settlement and clearing mechanism in accordance with the OCT Inst system, in the case of an applicant for the opening of a technical TIPS AS account, h) comply with the conditions under a special regulation15b) and procedures under a special regulation,15c) if the applicant is an entity under Section 4(3)(f).

(2) Applicants submit an application to the National Bank of Slovakia, attaching a) completed forms for collecting reference data, which are provided by the National Bank of Slovakia, b) an opinion on competence and a national opinion according to Annex No. 3, if required by the National Bank of Slovakia, c) evidence that the applicant has proceeded to apply the rules of the SCT Inst system by signing an agreement on the application of the SEPA Instant Credit Transfer system and, if applicable, evidence that the applicant has proceeded to apply the OCT Inst system by signing an agreement on the application of the OCT Inst system, in the case of an applicant for the opening of a TIPS DCA account, d) evidence that the applicant has provided an information sheet to the European Payments Council, stating the applicant's intention to become a settlement and clearing mechanism in accordance with the SCT Inst system and, if applicable, the applicant's intention to become a settlement and clearing mechanism in accordance with the OCT Inst system, if the applicant applies for the use of the TIPS AS settlement procedure, e) evidence that the payment agent has agreed to be designated as a payment agent, if the applicant designates a payment agent, f) an opinion issued by the relevant national authority or a signed statement approved by the relevant governing body of the entity under Section 4(3)(f) confirming compliance with the conditions under a special regulation15b) and procedures under a special regulation,15c) if the applicant is an entity under Section 4(3)(f).

(3) Applicants who are already participants in TARGET and apply for the opening of a new RTGS DCA account, T2S DCA account, TIPS DCA account, technical RTGS AS account or technical TIPS AS account must comply with the provisions of paragraphs 1 and 2 to the extent relevant to the new account for which they apply.

(4) The National Bank of Slovakia may also require additional information, which it considers necessary to decide on the application for the opening of a TARGET account.

(5) The National Bank of Slovakia rejects the application if a) the applicant is not an eligible entity under Section 4(1) nor an entity that the National Bank of Slovakia may recognize as a participant under Section 4(3), b) at least one participation condition under paragraph 1 is not met or c) based on the assessment of the National Bank of Slovakia, such participation would endanger the overall stability, reliability and safety of TARGET-SK or any system that is part of TARGET, or would endanger the performance of the tasks of the National Bank of Slovakia under special regulations16) or if such participation represents a risk due to prudence.

(6) The National Bank of Slovakia notifies the applicant of its decision on the application to become a participant in TARGET-SK within one month from the receipt of the application by the National Bank of Slovakia. If the National Bank of Slovakia requires additional information under paragraph 4, it notifies the decision within one month from the receipt of such information by the National Bank of Slovakia from the applicant. Each rejection decision must contain the reasons for rejection.

15c) Section 48(3) of Act No. 492/2009 Coll. as amended by Act No. 334/2024 Coll. 16) Act of the National Council of the Slovak Republic No. 566/1992 Coll. on the National Bank of Slovakia as amended. Protocol on the Statute of the European System of Central Banks and of the European Central Bank attached to the Treaty on the Functioning of the European Union (consolidated version) (OJ EU C 202, 07.06.2016).

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________________________________________________________________________________________ § 6 Participants

(1) Participants who are not associated systems are obliged to have at least one MCA account at the National Bank of Slovakia and may also have one or more RTGS DCA accounts, T2S DCA accounts or TIPS DCA accounts at the National Bank of Slovakia.

(2) For associated systems using RTGS AS settlement procedures or TIPS AS settlement procedures, the conditions established in this part of the decision apply, as well as the conditions established in the sixth or seventh part of this decision. Associated systems may be owners of one or more MCA accounts, T2S DCA accounts and, in exceptional cases, if approved by the National Bank of Slovakia, one or more RTGS DCA accounts, with the exception of the settlement of instant payments in accordance with the SCT Inst system. If an associated system is the owner of an RTGS DCA account or T2S DCA account, it is obliged to have at least one MCA account at the National Bank of Slovakia. If an associated system is the owner of one or more MCA accounts or RTGS DCA accounts or T2S DCA accounts, the relevant parts of this decision also apply to it.

§ 7
Access to Participant's Account by Entities Other Than Participants

(1) If technically possible, a participant may provide access to its TARGET accounts to one or more entities designated by it, for the purpose of placing money transfer orders and performing other activities.

(2) Money transfer orders placed or money received by an entity designated by a participant under paragraph 1 are considered to be placed or received by the participant itself.

(3) A participant is bound by such money transfer orders and by any other actions performed by an entity under paragraph 1 regardless of their content or any possible violation of contractual or other agreements between the participant and the entity under paragraph 1.

§ 8
Billing

(1) The National Bank of Slovakia identifies billable items according to Annex No. 6 and assigns each of them to the participant from whom this billable item originates.

(2) Each fee payable in connection with a money transfer order placed by an associated system or cash received by an associated system regardless of whether it uses RTGS AS settlement procedures or an RTGS DCA account is charged exclusively to this associated system.

(3) Billable items resulting from actions of entities under Section 7, as well as from actions of central banks acting on behalf of participants, are credited to the participant.

(4) The National Bank of Slovakia issues a separate invoice to the participant for each service under this decision concerning RTGS DCA accounts, T2S DCA accounts, TIPS DCA accounts, RTGS AS settlement procedures and TIPS AS settlement procedures.

(5) The National Bank of Slovakia settles each invoice through collection from the MCA

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________________________________________________________________________________________ account maintained by the participant, if the participant has not designated another participant in the TARGET system (which may be a participant in TARGET-SK or another system that is part of TARGET) as a payment agent and has not given the National Bank of Slovakia an instruction to charge the MCA account of this payment agent. Such an instruction does not relieve the participant of the obligation to pay each invoice.

(6) If a participant has designated a payment agent, it provides the National Bank of Slovakia with evidence that the payment agent has agreed to act in this capacity.

(7) For the purposes of this article, each associated system is treated separately, even if two or more of them are operated by the same legal entity, and regardless of whether the associated system has been designated as a payment system under Section 45(3)(a) and (b) of the Payment Services Act. In the case of an associated system that has not been designated as a system under Section 45(3)(a) and (b) of the Payment Services Act, the system is designated as an associated system if a) it is a formal arrangement between participants and the system operator, which is based on a contractual relationship or legislative instrument, b) it has more participants, c) it has common rules and standardized procedures, d) it was created for the purpose of settling, netting or settling payments or securities transactions between participants.

§ 9
Billing Groups

(1) At the request of a participant, the National Bank of Slovakia creates a billing group to enable its members to benefit from declining pricing, which applies to RTGS DCA accounts. Only owners of RTGS DCA accounts belonging to the same banking group, from one or more systems that are part of the TARGET system, may be members of a billing group.

(2) At the request of the owner of an RTGS DCA account, the National Bank of Slovakia adds this owner of an RTGS DCA account, who may be in TARGET-SK or in any other system that is part of TARGET, to a billing group or removes him from it. The owner of an RTGS DCA account informs all other members of the billing group of his application before submitting it.

(3) The National Bank of Slovakia invoices owners of RTGS DCA accounts belonging to a billing group individually according to Section 8.

§ 10
Obligations of the National Bank of Slovakia and Participants

(1) The National Bank of Slovakia offers the services listed in the second to seventh parts of this decision, if the participant has chosen an account listed in the second to seventh parts of this decision and this account has been provided to him. The National Bank of Slovakia will use within its authority all appropriate means to fulfill its obligations under this decision without guaranteeing the result, unless otherwise provided by this decision or generally binding legal regulations.

(2) The National Bank of Slovakia is the service provider under this decision. The actions of national central banks at level 3 and their failure to act are considered as actions and failure to act of the National Bank of Slovakia, for which it assumes responsibility under Section 22. Participation in TARGET-SK under this decision does not establish a contractual relationship between participants and national central banks at level 3, if any of these national central banks acts as a national central bank at level 3. Instructions, messages or information that a participant receives from the TARGET system or sends to the TARGET system, concerning services provided under this decision, are considered to be received or sent by the National Bank of Slovakia.

(3) Participants pay fees to the National Bank of Slovakia according to Section 8.

(4) A participant ensures that it is technically connected to TARGET-SK according to the TARGET operating schedule according to Annex No. 5. This obligation may also be fulfilled through a designated entity under Section 7(1).

(5) A participant declares and guarantees to the National Bank of Slovakia that by fulfilling its obligations under this decision, it does not violate any law, other legal regulation or internal regulation applicable to it, nor any agreement by which it is bound.

(6) A participant pays all relevant fees or taxes, as well as any other costs incurred by the participant in opening, maintaining or closing his TARGET account.

(7) A participant under Section 4(3)(f) submits to the National Bank of Slovakia once a year a signed statement approved by the relevant governing body of the participant under Section 4(3)(f) confirming continuous compliance with the conditions under a special regulation,15b) procedures under a special regulation15c) and requirements for implementing adequate security control mechanisms to protect its systems from unauthorized access and use under Section 20(1); the National Bank of Slovakia is entitled to verify the information contained in such a statement and to request from a participant under Section 4(3)(f) any documentation that it reasonably considers necessary.

§ 11
Cooperation and Information Exchange

(1) In fulfilling obligations and exercising rights under this decision, the National Bank of Slovakia and participants cooperate closely with each other to ensure the stability, reliability and safety of TARGET-SK. The National Bank of Slovakia and participants provide each other with all information or documents related to the fulfillment of obligations and the exercise of rights under this decision, unless such information or documents are subject to bank secrecy.

(2) The National Bank of Slovakia provides system support for the purpose of assisting participants in resolving difficulties arising in connection with the operation of TARGET-SK.

(3) Updated information on the operational status of all services is available in the TARGET information system on a special ECB website.

(4) The National Bank of Slovakia may send messages to participants through a broadcast message or, if this means is not available, through any other suitable communication means.

(5) Participants are responsible for the timely update of existing reference data collection forms and for providing new reference data collection forms to the National Bank of Slovakia. Participants verify the accuracy of the information concerning them that the National Bank of Slovakia enters into TARGET-SK.

(6) A participant hereby authorizes the National Bank of Slovakia to notify

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________________________________________________________________________________________ national central banks at level 3 any information concerning participants that national central banks at level 3 may need, in accordance with agreements concluded between national central banks at level 3 and Eurosystem central banks governing the provision of services by national central banks at level 3. (7) Participants shall without delay inform the National Bank of Slovakia of any changes regarding their legal capacity or relevant legislative changes affecting matters regulated by the national opinion according to Annex No. 3. (8) The National Bank of Slovakia may at any time request an update or renewal of national opinions or opinions on eligibility according to Section 5(1)(d) and (e). (9) Participants shall immediately inform the National Bank of Slovakia if a case of non-performance under Section 2(30) applies to them or if crisis prevention measures or crisis management measures under a special regulation17) or legal provisions concerning the resolution of crisis situations apply to them.

Section 12
Interest on Accounts
(1) MCA accounts, DCA accounts and their sub-accounts are credited with interest at the rate specified in a special regulation,18) unless they are used to maintain required minimum reserves or excess reserves.
(2) If MCA accounts, DCA accounts and their sub-accounts are used to maintain required minimum reserves or excess reserves, their interest is regulated by special regulations.19) (3) One-day balances on the technical account TIPS AS or on the technical account RTGS AS for the RTGS AS - D settlement procedure (Section 86) and guarantee funds of financial market infrastructures of the European Economic Area, including those held on the account of the guarantee fund of an affiliated system, are credited with interest at the rate specified in a special regulation.19a) (4) Government deposits19b) are credited with interest in accordance with the rules set out in a special regulation.19c)

Section 13
Account Management
(1) Participants monitor and manage liquidity on their accounts in accordance with the TARGET operating schedule according to Annex No. 5 and perform reconciliation at the transaction level at least once a day. This obligation may also be fulfilled through an appointed entity under Section 7(1).
(2) A participant uses the tools provided by the National Bank of Slovakia for reconciliation purposes, in particular the daily account statement available to each participant. This obligation may also be fulfilled through an appointed entity under Section 7(1).
(3) Participants shall immediately inform the National Bank of Slovakia if any discrepancy arises in connection with any of their accounts.

Section 13a
Upper Limits on the Amount of Funds Held by Participants’ Accounts under Section 4(3)(f) and Sanctions for Their Breach (1) The total amount of funds that a participant under Section 4(3)(f) holds at the end of a working day on all accounts held at the National Bank of Slovakia must not exceed the upper limit of funds calculated pursuant to paragraph 2. The funds referred to in the first sentence do not include funds that a participant under Section 4(3)(f) holds on accounts held for the purpose of the RTGS AS - D settlement procedure (Section 86) or the TIPS AS settlement procedure. (2) The upper limit of funds referred to in paragraph 1 is calculated as follows:
a) the upper limit of funds is twice the highest value of settled outgoing payment orders of the participant under Section 4(3)(f) on any working day during the preceding 12 calendar months, including transfer orders of the affiliated system, excluding liquidity transfers, if the participant under Section 4(3)(f) carried out activity during the 12 months prior to submitting the application under Section 5; the participant under Section 4(3)(f) shall include a detailed calculation of such an upper limit of funds in the application under Section 5, b) the upper limit of funds is twice the expected total highest value of outgoing payment orders of the participant under Section 4(3)(f), including transfer orders of the affiliated system, excluding liquidity transfers, if the participant under Section 4(3)(f) did not carry out activity during the 12 months prior to submitting the application under Section 5; the participant under Section 4(3)(f) shall include a detailed calculation of such an upper limit of funds in the application under Section 5, c) the National Bank of Slovakia recalculates every month during the first quarter and subsequently every quarter the upper limit of funds for the participant under Section 4(3)(f) using the actual highest value of settled outgoing payment orders, including transfer orders of the affiliated system, excluding liquidity transfers, in the first 12 months following the opening of the first active account of the participant under Section 4(3)(f) in TARGET-SK; this recalculated upper limit of funds applies from the next working day after the National Bank of Slovakia notifies the recalculation to the concerned participant until the next recalculation, d) the National Bank of Slovakia recalculates the upper limit of funds for the participant under Section 4(3)(f) once a year after the expiry of the first 12 months following the opening of the first active account of the participant under Section 4(3)(f) in TARGET-SK, using the actual total highest value of all outgoing payment orders of the participant under Section 4(3)(f), including transfer orders of the affiliated system, excluding liquidity transfers, during the preceding 12 months and the amount of the upper limit of funds under letters a) and b), e) the National Bank of Slovakia may recalculate the upper limit of funds under letter b) if it expects an imminent significant change in the settlement values of the participant under Section 4(3)(f) or if such a significant change has already occurred, which could cause failure to comply with the relevant upper limit of funds.

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________________________________________________________________________________________ (3) A participant under Section 4(3)(f) must immediately reduce the amount of funds in its accounts if the total amount of funds in its accounts exceeds the upper limit of funds calculated pursuant to paragraph 2; if such reduction is not possible due to an incoming payment shortly before the end of the working day, the reduction shall be made without delay after the start of the next working day. (4) A participant under Section 4(3)(f), which is a direct participant of a payment system that is an affiliated system and uses the RTGS AS - D settlement procedure (Section 86) or the TIPS AS settlement procedure, must report to the National Bank of Slovakia once a month the highest daily one-day balances and average daily one-day balances on the relevant technical accounts of the affiliated system and the highest daily amounts and average daily amounts relating to settlement liabilities processed in the affiliated system. (5) If a participant under Section 4(3)(f) fails to comply with the requirements under paragraphs 1 to 3, the National Bank of Slovakia shall impose a penalty fee of 0.03% of the total amount exceeding the upper limit of funds held by the participant at the end of the working day in TARGET and an additional penalty fee of EUR 1,000 per day for each day of failure to comply with the requirements under paragraphs 1 to 3. (6) The accounts referred to in paragraph 1 and the methods for calculating the upper limit of funds under paragraph 2 are reviewed in accordance with a special regulation.19d)

Section 14
Required Minimum Reserves
(1) Upon application by a participant subject to the requirement to maintain required minimum reserves, the National Bank of Slovakia designates in TARGET-SK one or more MCA accounts or DCA accounts belonging to that participant in TARGET-SK as being held for the purpose of meeting the required minimum reserve requirements. (2) For the purpose of meeting the required minimum reserve requirements, where applicable to a participant, the sum of end-of-day balances on all accounts of the participant at the National Bank of Slovakia designated for this purpose is taken into account.

Section 15
Lower and Upper Limits on the Amount of Funds
(1) A participant may establish monitoring of the lower and upper limits of the amount of funds on its MCA accounts or DCA accounts.
(2) A participant may decide to receive a notification if the established lower limit of the amount of funds is breached or if the upper limit of the amount of funds determined under paragraph 1 is exceeded. Furthermore, in the case of MCA accounts, RTGS DCA accounts or TIPS DCA accounts, the participant may choose the option that such an excess activates a liquidity transfer order according to the rules. (3) Settlement of a liquidity transfer order does not lead to checking whether the established lower limit has been breached or the upper limit of the amount of funds has been exceeded.

Section 16
Group of Monitored Accounts
(1) The owner of an MCA account may create one or more groups of monitored accounts for the purpose of monitoring liquidity on multiple MCA accounts or DCA accounts, in which it will act in the position of the main entity for the group of monitored accounts it creates.
(2) A participant may add any of its MCA accounts or DCA accounts opened within TARGET-SK or any other system that is part of TARGET to one or more groups of monitored accounts, thereby becoming a member of this group of monitored accounts. A member of a group of monitored accounts may initiate the removal of its account from this group of monitored accounts at any time. The participant informs the main entity of the group of monitored accounts before adding an account to or removing an account from this group of monitored accounts. (3) Balances on all accounts belonging to this group of monitored accounts are available only to the main entity of the group of monitored accounts. (4) The main entity may dissolve the group of monitored accounts and, prior to such dissolution, informs the other members of the group of monitored accounts.

Section 17
Acceptance and Rejection of Payment Orders
(1) Payment orders entered by participants are considered accepted by the National Bank of Slovakia if a) the transfer message complies with the TARGET technical requirements according to Annex No. 1, b) the transfer message complies with the TARGET formatting rules and conditions according to Annex No. 1, c) the transfer message passes the duplicate entry check according to Annex No. 1, d) explicit consent of the central bank of the participant whose participation was suspended has been delivered, in cases where the payer’s participation was suspended, if it concerns debiting its account, or where the payee’s participation was suspended, if it concerns crediting its account, e) the participant’s account is included in the group of bank accounts for settlement as requested by the affiliated system under Section 81(7), in cases where the payment order is prepared as part of the RTGS AS settlement procedure, f) the affected affiliated system is part of a settlement agreement between systems, as regulated in Section 89, in the case of settlement between systems, as part of RTGS AS settlement procedures. (2) The National Bank of Slovakia shall immediately reject any payment order that does not meet the conditions under paragraph 1. The National Bank of Slovakia informs the participant about any rejection of a payment order according to Annex No. 1.

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Section 18
Acceptance of Payment Orders by the System and Their Irrevocability (1) According to Section 51(1) and (3) and Section 51a(2)(b) of the Payment Services Act:
a) upon acceptance and irrevocability of all payment orders by the TARGET–SK system, except for cases under letters b) to d), is the moment of debiting the relevant account of the participant in TARGET, b) upon acceptance and irrevocability of instant payment orders by the TARGET-SK system is the moment of reserving the relevant funds of the participant on its TIPS DCA account or on its technical account TIPS AS, c) in the case of transactions settled on T2S DCA accounts, which are subject to matching of two separate transfer orders

upon acceptance of such transfer orders by the TARGET-SK system, except for cases under point 2, is the moment when their platform T2S declares them compatible with T2S technical rules and they become irrevocable at the moment when the relevant transaction obtains the status “matched” on the T2S platform,
if transactions involve one participating central securities depository with a separate matching component and transfer orders are sent directly to this participating central securities depository to be matched within its separate matching component, upon acceptance of such transfer orders by the TARGET-SK system is the moment when this participating central securities depository declares them compatible with T2S technical rules and they become irrevocable at the moment when the relevant transaction obtains the status “matched” on the T2S platform; the list of participating central securities depositories to which the procedure under the previous sentence applies is stated on the ECB website,
d) upon acceptance of payment orders in connection with settlement procedures of the RTGS AS system by a system that is part of TARGET, in which the account to be debited is located, is the moment when these payment orders are accepted by this system that is part of TARGET, and from this moment they are irrevocable. (2) Paragraph 1 does not affect any rules of affiliated systems establishing the moment of acceptance of transfer orders by the affiliated system or the irrevocability of transfer orders entered into such an affiliated system as a time point occurring earlier than the moment of acceptance of the corresponding transfer orders of the affiliated system that is part of TARGET. (3) Payment orders that are included in the algorithm cannot be revoked while the algorithm is running.

Section 19
Recovery of Operations and Emergency Procedures (1) In the event of an unforeseen external event or any other fact that affects transactions on TARGET accounts, the procedures according to Annex No. 4 related to recovery of operations and emergency operations apply.
(2) The TARGET operating schedule may be changed under exceptional circumstances, in which case the National Bank of Slovakia informs participants.
(3) An affiliated system may, under exceptional circumstances, request the National Bank of Slovakia to change the TARGET operating schedule.
(4) If an event under paragraph 1 occurs, the Eurosystem provides an emergency solution. Joining and using the emergency solution is mandatory for all affiliated systems, for all holders of RTGS DCA accounts, for participants whom the National Bank of Slovakia considers critical, and for participants who settle very critical transactions according to Annex No. 4. Other participants may join the emergency solution upon their own request.

Section 20
Security Requirements
(1) Participants implement appropriate security control mechanisms to protect their systems from unauthorized access and use. Participants are solely responsible for adequate protection of the confidentiality, integrity and availability of their systems.
(2) Participants shall immediately notify the National Bank of Slovakia of any security incident in their technical infrastructure and, as necessary, incidents threatening security that occur in the technical infrastructure of providers who are third parties. The National Bank of Slovakia may require further information about the incident referred to in the previous sentence, and if necessary, require the participant to take measures necessary to prevent recurrence of such an incident. (3) The National Bank of Slovakia may establish additional security requirements for all participants or some participants whom it considers critical, particularly with regard to cybersecurity or fraud prevention. (4) Participants shall provide the National Bank of Slovakia with a) permanent access to their confirmation of compliance issued by their chosen endpoint network service provider for security, b) a declaration of self-certification for TARGET, which is required for the types of accounts they own and which is published in English on the website of the National Bank of Slovakia and on the ECB website, annually. (5) The National Bank of Slovakia assesses the participant’s declaration of self-certification regarding the level of compliance with each of the requirements set out in the self-certification requirements for TARGET according to Annex No. 7. (6) The participant’s level of compliance with the self-certification requirements for TARGET is categorized in ascending order of severity as follows:
a) full compliance, if the participant complies with 100% of the requirements, b) less severe non-compliance, if the participant complies with less than 100%, but not less than 66% of the requirements, c) severe non-compliance, if the participant complies with less than 66% of the requirements.
(7) If a participant proves that a certain requirement does not apply to it, for the purpose of categorization this is considered as fulfilling the relevant requirement. A participant that does not achieve full compliance under paragraph 6(a) shall submit an action plan demonstrating how it intends to achieve full compliance. The National Bank of Slovakia informs the relevant supervisory authorities about the status of fulfillment of requirements by such a participant. (8) If a participant refuses to provide permanent access to its confirmation of compliance issued by its chosen endpoint network service provider for security or fails to provide self-certification for TARGET, the participant’s level of compliance is categorized as severe non-compliance under paragraph 6(c). (9) The National Bank of Slovakia reassesses the compliance level of participants annually. (10) The National Bank of Slovakia may impose corrective measures on participants whose compliance level was assessed as less severe non-compliance under paragraph 6(b) or severe non-compliance under paragraph 6(c) in ascending order of severity as follows:
a) enhanced monitoring, whereby the participant submits a monthly progress report on resolving the non-compliance to the National Bank of Slovakia, signed by a managerial employee of the participant, with an additional monthly penalty fee of EUR 1,000 imposed for each affected account; this corrective measure may be imposed if the participant’s compliance level was assessed as less severe non-compliance twice in a row or was assessed as severe non-compliance, b) suspension of participation, whereby the participant’s participation in TARGET-SK may be suspended under Section 25(2)(b) or (c), deviating from Section 25, a notice period of 3 months applies to the suspension of the participant’s participation, and the National Bank of Slovakia imposes a monthly penalty fee of EUR 2,000 on the participant for each suspended account; this corrective measure may be imposed if the participant’s compliance level was assessed as severe non-compliance twice in a row, c) termination of participation, whereby participation in TARGET-SK may be terminated under Section 25(2)(b) or (c), deviating from Section 25, a notice period of 3 months applies to the termination of the participant’s participation, and the National Bank of Slovakia imposes an additional penalty fee of EUR 1,000 on the participant for each cancelled account; this corrective measure may be imposed if the participant has not made the correction deemed sufficient by the National Bank of Slovakia within three months from the suspension of its participation. (11) Participants who, in accordance with Section 7(1), allow third parties access to their TARGET accounts, as well as participants who, in accordance with Section 41, registered address-holders of BIC, are obliged to take measures regarding the risk arising from allowing such access in accordance with the security requirements under paragraphs 1 to 9.

Section 21
Compensation System
If a payment order cannot be settled on the same working day it was accepted or cannot be entered due to technical malfunction of TARGET, the National Bank of Slovakia offers compensation to the affected participant according to Annex No. 2.

Section 22
Liability
(1) The National Bank of Slovakia and participants, in fulfilling obligations under this decision, are bound by the duty of mutual care.
(2) The National Bank of Slovakia is liable for all losses of participants resulting from the operation of TARGET-SK in cases of intentional conduct, including fraud, and in cases of gross negligence. In cases of ordinary negligence, the liability of the National Bank of Slovakia is limited to the direct losses of the participant, i.e., the value of the relevant transaction or loss of interest, excluding any consequential loss.

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________________________________________________________________________________________ Footnotes:
17) Act No. 371/2014 Coll. on the Resolution of Crisis Situations on the Financial Market and Amending Certain Acts in the latest version.
18) Art. 2(3)(b) of Decision of the European Central Bank (EU) 2024/1209 of 16 April 2024 on the crediting of deposits unrelated to monetary policy held at national central banks and at the European Central Bank (ECB/2024/11) (OJ EU L, 2024/1209, 3.5.2024).
19) Council Regulation (EC) No 2531/98 of 23 November 1998 concerning the application of reserves by the European Central Bank (OJ EC L 318, 27.11.1998) in the current version.
Regulation of the European Central Bank (EU) 2021/378 of 22 January 2021 on the application of required minimum reserve requirements (ECB/2021/1) (OJ EU L 73, 3.3.2021).
Decision of the European Central Bank (EU) 2019/1743 of 15 October 2019 on the crediting of excess reserves and certain deposits (consolidated version) (ECB/2019/31) (OJ EU L 267, 21.10.2019) in the current version.
19a) Art. 2(3)(c) of Decision (EU) 2024/1209.
19b) Art. 2(5) of Guideline of the European Central Bank (EU) 2019/671 of 9 April 2019 on domestic asset and liability management operations by national central banks (consolidated version) (ECB/2019/7) (OJ EU L 113, 29.4.2019) in the current version.
19c) Art. 2(3)(a) of Decision (EU) 2024/1209.
19d) Art. 4(7) of Decision (EU) 2025/222 in the current version.

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________________________________________________________________________________________ (3) The National Bank of Slovakia is not liable for losses suffered by participants arising from the malfunction or failure of technical infrastructure (including the computer infrastructure of the National Bank of Slovakia, software, data, applications or networks), if such malfunction or failure occurs despite the fact that the National Bank of Slovakia has taken measures that are reasonably necessary to protect the technical infrastructure against malfunction or failure and measures to eliminate the consequences of malfunction or failure of the technical infrastructure, including initiating and completing procedures under Annex No. 4 related to the restoration of operations and emergency operations. (4) The National Bank of Slovakia is not liable to the extent that the loss is caused by a participant or if the loss was caused by circumstances that the National Bank of Slovakia cannot influence or prevent (force majeure). (5) Paragraphs 1 to 4 apply to the extent that the liability of the National Bank of Slovakia can be excluded under special regulations.20) (6) The National Bank of Slovakia and participants shall take all measures to reduce damages or losses in accordance with paragraphs 2 to 4. (7) In fulfilling its obligations under this Decision, the National Bank of Slovakia may authorize third parties to act on its behalf, in particular telecommunications operators and other network providers or other entities, if necessary, to fulfill the obligations of the National Bank of Slovakia. The obligation of the National Bank of Slovakia is limited to the proper selection and authorization of a third party in accordance with the preceding sentence, and the liability of the National Bank of Slovakia is correspondingly limited. For the purposes of this paragraph, national central banks at Level 3 are not considered third parties.

§ 23
Evidence
(1) All payment orders and related reports, such as debit or credit confirmations or account balance reports between the National Bank of Slovakia and participants, are sent through the relevant network service provider, unless otherwise provided in this Decision.
(2) Electronic or written records of messages kept by the National Bank of Slovakia or the relevant network service provider are considered evidence of the execution of payments processed by the National Bank of Slovakia. A stored or printed version of the original message of the relevant network service provider is considered evidence regardless of the form of the original message. (3) If the connection of a participant to the network service provider fails, the participant uses alternative means for transmitting messages agreed with the National Bank of Slovakia. In such cases, the stored or printed version of the message prepared by the National Bank of Slovakia has the same evidentiary value as the original message regardless of its form. (4) The National Bank of Slovakia keeps complete records of payment orders entered by participants and payments received by participants for a period of ten years from their settlement, this period being calculated from the day such payment orders are entered and payments are received, provided that in the case of a participant in TARGET, which is monitored in connection with restrictive measures adopted by the Council of the European Union or Member States of the European Union, the period is at least five years or if special regulations require a longer period. (5) The accounting books and records of the National Bank of Slovakia in any form are considered means of evidence to prove the obligations of participants and to prove any facts and events on which a party relies.

§ 24
Duration of participation, ordinary termination and cancellation of accounts (1) Without prejudice to § 25, participation in TARGET-SK is for an indefinite period.
(2) A participant may at any time terminate with a notice period of 14 working days, unless a shorter notice period is agreed with the National Bank of Slovakia, a) terminate its participation in TARGET-SK in its entirety, except in the case where the participant is an institution under a special regulation;20a) in such a case, the participant remains the owner of at least one MCA account for the purpose of complying with the requirements for mandatory minimum reserves, provided that the participant continues to meet the criteria and requirements under § 4 and 5, b) cancel one or more of its DCA accounts, technical RTGS AS accounts or technical TIPS AS accounts, c) cancel one or more of its MCA accounts, except in the case where the participant is an institution under a special regulation;20a) in such a case, the participant remains the owner of at least one MCA account for the purpose of complying with the requirements for mandatory minimum reserves, provided that the participant continues to meet the criteria and requirements under § 4 and 5. (3) The National Bank of Slovakia may at any time terminate with a notice period of three months, unless a different notice period is agreed with the relevant participant, a) terminate the participation of a participant in TARGET-SK in its entirety, except in the case where the participant is an institution under a special regulation;20a) in such a case, the National Bank of Slovakia continues to provide at least one MCA account for the purpose of complying with the requirements for mandatory minimum reserves, provided that the participant continues to meet the criteria and requirements under § 4 and 5, b) cancel one or more DCA accounts, technical RTGS AS accounts or technical TIPS AS accounts of the participant, c) cancel one or more MCA accounts of the participant, provided that the participant remains the owner of at least one MCA account. (4) In the event of termination of participation, the obligations regarding confidentiality set out in § 103 remain in force for a period of five years from the date of termination of participation. (5) In the event of termination of participation, the National Bank of Slovakia closes all accounts of the affected participant held in TARGET in accordance with § 26, except for MCA accounts of which the participant remains the owner in accordance with paragraph 2 letter a) or which the National Bank of Slovakia continues to provide in accordance with paragraph 3 letter a).

§ 25
Suspension of participation and extraordinary termination of participation (1) The participation of a participant in TARGET-SK is terminated or suspended without prior notice immediately if one of the cases of non-performance occurs, namely the commencement of insolvency proceedings or if the participant ceases to meet the access criteria under § 4. The adoption of measures to prevent and resolve crisis situations under a special regulation17) against a participant is not automatically considered the commencement of insolvency proceedings. (2) The National Bank of Slovakia may terminate or suspend the participation of a participant in TARGET-SK without prior notice if a) one or more cases of non-performance other than those referred to in paragraph 1 occur, b) the participant has seriously violated a provision of this Decision, c) the participant has failed to fulfill a material obligation to the National Bank of Slovakia, d) the participant no longer has a valid agreement with the network service provider for the provision of the necessary connection to TARGET, e) another fact occurs relating to the participant and, based on the assessment of the National Bank of Slovakia, could endanger the overall stability, reliability and security of TARGET-SK or any other system that is part of TARGET, or could endanger the fulfillment of the tasks of the National Bank of Slovakia under special regulations16) or if such participation represents a risk for prudential reasons, f) the central bank suspends or terminates the participant's access to intraday credit including auto-collateralization under § 39, g) the participant has been excluded from one of the closed groups of users of the network service provider, or its membership in it has ceased in another way. (3) In exercising its powers under paragraph 2, the National Bank of Slovakia takes into account, inter alia, the seriousness of the violations under paragraph 2 letters a) to c). (4) If the National Bank of Slovakia suspends or terminates the participation of a participant in TARGET-SK in accordance with paragraph 1 or paragraph 2, it shall without delay inform the affected participant, other central banks and participants in all systems that are part of TARGET of the suspension or termination of participation via a broadcast message or via any other suitable communication means. This message is considered a message issued by the central bank of the affected participant. (5) If participants receive a message sent in accordance with paragraph 4, they are deemed to be informed of the termination or suspension of the participation of a participant in TARGET-SK or in another system that is part of TARGET. Participants bear all losses arising from the entry of a payment order in favor of participants whose participation has been suspended or whose participation has been terminated, if such a payment order was entered into TARGET-SK after the receipt of the message in accordance with paragraph 4. (6) If a
participant under § 4 paragraph 3 letter f) does not remedy the serious non-compliance with the requirements under § 13a, the National Bank of Slovakia may terminate its participation in TARGET-SK in accordance with paragraph 2 letter b) or letter c) with a one-month notice period and impose an additional one-time sanction fee of 1,000 EUR for each cancelled account. Serious non-compliance with the requirements under § 13a is considered in particular a) systematic or repeated violation of the upper limit of the amount of funds, including cases of violation involving an amount that significantly exceeds the upper limit of the amount of funds, b) failure to fulfill the obligation to reduce the volume of funds under § 13a paragraph 3, c) failure to comply with the reporting obligation under § 13a paragraph 4. (7) The National Bank of Slovakia may terminate the participation of a participant under § 4 paragraph 3 letter f) in TARGET-SK in accordance with paragraph 2 letter b) or letter c), even if this participant does not meet the conditions under a special regulation,15b) procedures under a special regulation15c) and requirements for the implementation of appropriate security control mechanisms to protect its systems against unauthorized access and use under § 20 paragraph 1; for such a participant, a one-month notice period applies.

§ 26
Cancellation of accounts
In the event of termination of participation of a participant in TARGET-SK under § 24 or § 25, the National Bank of Slovakia cancels the TARGET accounts of the affected participant after settling or rejecting payment orders in the queue and using its right of subrogation and right of set-off under § 102.

SECOND PART
SPECIAL CONDITIONS FOR MAIN CASH ACCOUNTS (MCA ACCOUNTS)

§ 27
Opening and maintenance of an MCA account
(1) The National Bank of Slovakia opens and maintains at least one MCA account for each participant, except in the case where the participant is an affiliated system that is not an authorized central counterparty and which uses only RTGS or TIPS AS settlement procedures, in which case the use of an MCA account by the affiliated system is voluntary. (2) For the purpose of settling monetary policy operations under a special regulation21) and settling interest on monetary policy operations under a special regulation21) and other operations with the National Bank of Slovakia, a participant designates a primary MCA account held at the National Bank of Slovakia. (3) Primary MCA accounts designated in accordance with paragraph 2 are also used for a) crediting accounts under § 12, if the participant has not designated another participant in TARGET-SK for this purpose, b) the provision of intraday credit, c) the provision of one-day credit to authorized central counterparties through credit for central counterparties. (4) A negative balance on the primary MCA account must not be lower than the credit line, if provided. On an MCA account that is not a primary MCA account, there may be no debit balance.

§ 28
Joint management of an MCA account
(1) At the request of the owner of an MCA account, the National Bank of Slovakia shall allow the MCA account of this owner to be jointly managed with another owner of an MCA account in TARGET-SK or with an owner of an MCA account in another system that is part of TARGET.
(2) If the owner of an MCA account is the owner of more than one MCA account, each MCA account of which he is the owner may be jointly managed with another co-manager. The co-manager has the same rights and privileges with respect to the MCA account that he jointly manages as with respect to his own MCA account. (3) The owner of an MCA account provides the National Bank of Slovakia with evidence of the consent of the co-manager to act in this capacity. (4) The owner of an MCA account, acting as a co-manager, is obliged to fulfill the obligations of the owner of an MCA account with respect to the jointly managed MCA account under § 5 paragraph 1 letter a), § 10 paragraph 4 and § 106 paragraphs 1 and 2. (5) The owner of a jointly managed MCA account is obliged to fulfill the obligations of a participant under the first and second parts of this Decision with respect to the jointly managed MCA account. If the owner of an MCA account does not have a direct technical connection to TARGET, § 5 paragraph 1 letter a), § 10 paragraph 4 and § 106 paragraphs 1 and 2 do not apply. (6) The owner of an MCA account who designates a subject to act as a co-manager of the MCA account of the owner of an MCA account is subject to § 7. (7) The owner of an MCA account shall immediately notify the National Bank of Slovakia if the co-manager ceases to act as a co-manager or if the agreement on joint management between the owner of an MCA account and the co-manager is terminated.

§ 29
Group for liquidity transfer between MCA accounts (1) At the request of the owner of an MCA account, the National Bank of Slovakia shall create a group for liquidity transfer between MCA accounts for the purpose of enabling the processing of liquidity transfer orders between MCA accounts.
(2) At the request of the owner of an MCA account, the National Bank of Slovakia shall add one of the MCA accounts of the owner of an MCA account to an existing group for liquidity transfer between MCA accounts created in TARGET-SK or another system that is part of TARGET, or remove such an account from it. The owner of an MCA account informs all other owners of MCA accounts in the specified group for liquidity transfer between MCA accounts before submitting such a request.

§ 30
Transactions processed on an MCA account
On an MCA account in TARGET-SK, the following are processed a) central bank operations, b) liquidity transfer orders to accounts for one-day sterilization operations opened by the National Bank of Slovakia on behalf of the participant, as well as liquidity transfer orders from such accounts, c) liquidity transfer orders to another MCA account within the same group for liquidity transfer between MCA accounts, d) liquidity transfer orders to a T2S DCA account, TIPS DCA account or RTGS DCA account or sub-account.

§ 31
Liquidity transfer orders
The owner of an MCA account may enter for liquidity transfer a) an immediate liquidity transfer order, which is an instruction for immediate execution, b) a standing liquidity transfer order, which is an instruction for repeated execution of a transfer of a specified amount in the event of the occurrence of a predetermined event every working day.

§ 32
Liquidity transfer orders according to rules
(1) The owner of an MCA account may set monitoring of the lower and upper limits of the amount of funds on his MCA account.
(2) By setting the upper limit of the amount of funds and choosing a liquidity transfer order according to rules, if after the settlement of the order the upper limit of the amount of funds is exceeded, the owner of the MCA account gives the National Bank of Slovakia an instruction to execute a liquidity transfer order according to rules, by which the affected amount is credited in favor of an RTGS DCA account or another MCA account within the same group for liquidity transfer between MCA accounts designated by this owner of an MCA account. The RTGS DCA account or MCA account in favor of which the affected amount is credited may be held in TARGET-SK or in another system that is part of TARGET. (3) By setting the lower limit of the amount of funds and choosing a liquidity transfer order according to rules, if after the settlement of the order the balance falls below the lower limit of the amount of funds, an instruction is entered to execute a liquidity transfer order according to rules, by which the affected amount is debited to an RTGS DCA account or another MCA account designated by this owner of an MCA account within the same group for liquidity transfer between MCA accounts. The RTGS DCA account or MCA account to which the affected amount is debited may be held in TARGET-SK or in another system that is part of TARGET. The owner of the RTGS DCA account or MCA account to which the affected amount is to be debited must allow the debit to his account in this way. (4) The owner of an MCA account may allow the debit to his MCA account in the event that the balance falls below the lower limit of the amount of funds on one or more designated RTGS DCA accounts, TIPS DCA accounts or MCA accounts within the same group for liquidity transfer in TARGET-SK or in another system that is part of TARGET. By allowing the debit to his account, the owner of an MCA account gives the National Bank of Slovakia an instruction to execute a liquidity transfer order according to rules, which is credited in favor of an RTGS DCA account, TIPS DCA account or MCA account whenever the amount of funds falls below the lower limit. (5) The owner of an MCA account may allow the debit to his MCA account in the event that on an RTGS DCA account designated for the purpose of automated liquidity transfer orders under § 40 paragraphs 5 and 6, there is insufficient liquidity to settle urgent orders, transfer orders of affiliated systems or high-priority orders. By allowing the debit to his account, the owner of an MCA account gives the National Bank of Slovakia an instruction to execute a liquidity transfer order according to rules, which is credited in favor of his RTGS DCA account.

§ 33
Processing of payment orders
(1) Payment orders on MCA accounts are settled immediately upon receipt, provided that liquidity is available on the payer's MCA account.
(2) If there are insufficient funds on the MCA account to effect settlement a) the order on the MCA account is rejected if it was initiated by the National Bank of Slovakia and would lead to a change in the participant's intraday credit line and to the corresponding debit or credit to his MCA account; all other instructions must be in the queue, b) an immediate liquidity transfer order is rejected without partial settlement or any further attempt to settle, c) a standing liquidity transfer order is partially settled without any further attempt to settle, d) a liquidity transfer order according to rules is partially settled without any further attempt to settle, e) a liquidity transfer order to an account for one-day sterilization operations is rejected without partial settlement or any further attempt to settle. (3) All payment orders in the queue are processed on a "first in, first out" (hereinafter "FIFO") basis without preference or change of order. (4) Payment orders in the queue at the end of the working day are rejected.

§ 34
Liquidity reservation orders
(1) The owner of an MCA account may instruct the National Bank of Slovakia to reserve a certain volume of liquidity on his MCA account for the purpose of settling central bank operations or liquidity transfer orders to accounts for one-day sterilization operations, namely a) a standard liquidity reservation order, which has immediate effect on a normal working day of TARGET, b) a standing liquidity reservation order, which is to be executed at the beginning of each working day of TARGET. (2) In the event that the amount of liquidity that has not been reserved is insufficient to fulfill the standard order or the standing liquidity reservation order, the National Bank of Slovakia executes the liquidity reservation order partially. The National Bank of Slovakia is authorized to execute further liquidity reservation orders until the amount to be reserved is reached. Unprocessed liquidity reservation orders are rejected at the end of the working day. (3) Central bank operations are settled using liquidity reserved in accordance with paragraph 1 and other payment orders are settled only using liquidity available after deducting the reserved amount. (4) Without prejudice to paragraph 3, if there is insufficient unreserved liquidity on the primary MCA account of the owner of an MCA account for the purpose of reducing the intraday credit line of the owner of an MCA account, the National Bank of Slovakia uses the reserved liquidity.

§ 35
Processing of payment orders in the event of suspension or termination of participation (1) In the event of termination of participation of a participant in TARGET-SK, the National Bank of Slovakia does not accept new payment orders from such a participant. Payment orders in the queue, stored payment orders or new payment orders in favor of such participants are rejected. (2) If a participant's participation in TARGET-SK is suspended for reasons other than the commencement of insolvency proceedings, the National Bank of Slovakia delays all incoming and outgoing payment orders on his MCA account and submits them for settlement

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________________________________________________________________________________________ until their explicit approval by the central bank of the participant whose participation was suspended.
(3) If a participant’s participation in TARGET-SK was suspended due to the commencement of insolvency proceedings, outgoing payment orders from the participant’s MCA account shall be processed only on the instructions of its representatives, including representatives appointed by the relevant authority or court, such as the insolvency administrator of the participant, or on the basis of an enforceable decision of the relevant authority or court containing instructions on how payment orders shall be processed. All incoming payment orders for the transfer of funds shall be processed in accordance with paragraph 2. § 36 Eligible Entities for Providing Intraday Credit (1) The National Bank of Slovakia provides intraday credit to banks with headquarters in the European Union or the European Economic Area, which are eligible contractual parties for Eurosystem monetary policy operations and have access to one-day refinancing operations, even if these banks act through a branch established in the European Union or the European Economic Area, including branches established in the European Union or the European Economic Area of banks having headquarters outside the European Economic Area, provided that these branches are established in the Slovak Republic. No intraday credit may be provided to entities subject to restrictive measures adopted by the Council of the European Union or Member States of the European Union,14) the application of which, in the opinion of the National Bank of Slovakia, is incompatible with the smooth functioning of TARGET. (2) Eligible entities with headquarters in the Slovak Republic, to whom the National Bank of Slovakia may provide intraday credit, are a) banks with headquarters in the European Union or the European Economic Area, which are not eligible contractual parties for Eurosystem monetary policy operations or do not have access to one-day refinancing operations, even if these banks act through a branch established in the European Union or the European Economic Area, including branches established in the European Union or the European Economic Area of banks having headquarters outside the European Economic Area, b) the State Treasury22) and a public sector entity authorized to maintain accounts for clients,10) c) securities dealers with headquarters in the European Union or the European Economic Area, if they have concluded an agreement with the entity referred to in paragraph 1 with the aim of ensuring that all persistent debit positions are covered at the end of the relevant day, and d) other entities than those referred to in point a) which manage an ancillary system and act in that capacity. (3) The National Bank of Slovakia shall not provide intraday credit to a participant whose access to Eurosystem monetary policy operations as a contractual party has been suspended or terminated. (4) The National Bank of Slovakia may provide intraday credit only on TARGET working days. (5) If it concerns an eligible entity
according to paragraph 2 points a) to d) and in accordance with a special regulation23) the intraday credit is limited to the same day on which it was provided and it is not
22) Act No. 291/2002 Coll. on the State Treasury and amending certain laws as amended. 23) § 29 of Decision No. 2/2015 of the NBS as amended.

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________________________________________________________________________________________ possible to extend it to a one-day credit.
(6) The National Bank of Slovakia may allow access to one-day credits to an eligible central counterparty24) according to special regulations,25) which at the time a) is authorized to act as a central counterparty in accordance with special regulations,26) b) is an eligible entity according to paragraph 2 point d), c) has its headquarters in the euro area, d) has access to intraday credit, e) complies with requirements regarding financial health guarantees according to a special regulation,26a) f) meets requirements regarding guarantees for reliable liquidity risk management according to a special regulation.26b) § 37 Acceptable Collateral for Intraday Credit Intraday credit and access to credit for central counterparties must be secured by acceptable collateral. Acceptable collateral consists of the same assets as acceptable assets for Eurosystem monetary policy operations and is subject to the same valuation and risk control rules.27) § 38 Procedure for Providing Intraday Credit (1) Intraday credit is provided interest-free and may be provided to a participant only on its primary MCA account. (2) Failure to repay intraday credit by an eligible entity according to § 36 paragraph 1 at the end of the day shall be automatically considered as a request by the eligible entity to use a one-day refinancing operation. If the eligible entity according to § 36 paragraph 1 is the owner of more than one MCA account or one or more DCA accounts, any balance on these accounts at the end of the day shall be taken into account for the purpose of calculating the amount in which the said eligible entity will use the automatic one-day refinancing operation. The consequence is not the equivalent release of assets previously deposited as acceptable collateral for unpaid intraday credit. (3) If an eligible entity according to § 36 paragraph 2 points a), c) and d) fails for any reason to repay intraday credit at the end of the day, the National Bank of Slovakia shall impose a sanction in the form of a penalty interest a) calculated at five percentage points above the interest rate for one-day refinancing operations on the amount of this debit balance, if the eligible entity has a debit balance on its account at the end of the day for the first time during any twelve-month period, b) according to point a) increased by a further 2.5 percentage points each time such a debit balance occurs during the said twelve-month period, if the subject
24) E.g. Art. 2(1) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ EU L 201, 27.7.2012) in the version in force. 25) Art. 139(2)(c) of the Treaty on the Functioning of the European Union (consolidated version) in conjunction with Articles 18 and 42 of the Protocol on the Statute of the European System of Central Banks and of the European Central Bank (OJ EU C 202, 07.06.2016).
§1(1) of Decision No. 2/2015 of the NBS as amended. 26) E.g. Regulation (EU) No 648/2012 of the European Parliament and of the Council in the version in force. 26a) Art. 2 of Decision (EU) 2025/1734 of the European Central Bank (EU) of 31 July 2025 on guarantees concerning access of central contractual parties to one-day credits of the Eurosystem in TARGET (ECB/2025/29) (OJ EU L, 2025/1734, 13.8.2025). 26b) Art. 3 of Decision (EU) 2025/1734. 27) § 23 of Act No. 566/1992 Coll. of the National Council of the Slovak Republic as amended. Decision No. 3/2025 of the NBS of 9 May 2025 on collateral management in Eurosystem credit operations in the Slovak Republic.

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________________________________________________________________________________________ entity has a debit balance on its account at the end of the day repeatedly during the same twelve-month period.
(4) The Governing Council may decide to forgive or reduce the sanction according to paragraph 3, if the debit balance of the relevant participant at the end of the day was caused by force majeure or technical malfunction of TARGET according to § 2 paragraph 65.
§ 38a
Procedure for Providing Credit to Central Counterparties (1) The interest rate for credit to central counterparties is the interest rate for one-day refinancing operations.
(2) If an eligible central counterparty, which is not an acceptable contractual party for Eurosystem monetary policy operations and does not have access to one-day refinancing operations, fails to repay intraday credit at the end of a TARGET working day, this shall be automatically considered as a request by this eligible central counterparty for access to credit for central counterparties; if this eligible central counterparty is the owner of more than one MCA account and one or more DCA accounts, any balance at the end of a TARGET working day on these accounts shall be taken into account for the purpose of calculating the amount in which this central counterparty will use credit for central counterparties, the consequence of which is not the equivalent release of assets previously deposited as collateral for unpaid intraday credit. (3) If a central counterparty according to paragraph 2 fails to repay a one-day credit, the National Bank of Slovakia shall impose a sanction on it in the form of a penalty interest a) calculated at 5 percentage points above the interest rate for one-day refinancing operations on the amount of this debit balance, if the eligible central counterparty fails to repay a one-day credit for the first time during any twelve-month period, b) according to point a) increased by a further 2.5 percentage points each time such a debit balance occurs during the same twelve-month period, if the eligible central counterparty fails to repay a one-day credit repeatedly during the same twelve-month period. (4) The Governing Council may decide to forgive or reduce the sanction according to paragraph 3, if the failure to repay a one-day credit by an eligible central counterparty is caused by force majeure or technical malfunction of TARGET. (5) The National Bank of Slovakia may provide the ECB and relevant national authorities with information on the amount of intraday credit and one-day credit provided to an eligible central counterparty. § 39 Suspension, Restriction or Termination of Provision of Intraday Credit (1) The National Bank of Slovakia shall suspend or terminate access to intraday credit if a) the participant’s primary MCA account at the National Bank of Slovakia was suspended or cancelled, b) the concerned participant ceases to meet any of the conditions according to § 36 for the provision of intraday credit, c) the relevant authority issued a decision commencing liquidation proceedings against the participant, or appointing a liquidator or officer whose status is comparable to that of a liquidator, or commencing any other comparable

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________________________________________________________________________________________ proceedings, d) the participant has frozen funds or the European Union has adopted other measures restricting its ability to use its own funds.
(2) The National Bank of Slovakia shall restrict, suspend or terminate access to intraday credit if access a) of a participant to Eurosystem monetary policy operations as a contractual party, b) of an eligible central counterparty to credit for central counterparties, has been restricted, suspended or terminated. (3) The National Bank of Slovakia may suspend or terminate access to intraday credit if the central bank suspends or terminates a participant’s participation in the TARGET system for reasons other than the commencement of insolvency proceedings or the reason that the participant ceased to meet the criteria for access to TARGET. (4) The National Bank of Slovakia may decide to suspend, restrict or terminate a participant’s access to intraday credit if it considers the participant to be an entity posing a risk for prudential reasons. The National Bank of Slovakia shall immediately notify the ECB, the national central banks of the euro area and the connected central banks in writing of such a case. The Governing Council shall, if necessary, decide on the uniform implementation of measures taken in all systems that are part of TARGET. (5) The decision of the National Bank of Slovakia on the suspension, restriction or termination of a participant’s access to intraday credit according to paragraph 4 shall enter into force on the day of its approval by the Governing Council. (6) For urgent reasons, the National Bank of Slovakia may suspend a contractual party’s monetary policy access to intraday credit with immediate effect. In such a case, the National Bank of Slovakia shall without delay notify the Governing Council in writing of this fact. The Governing Council is authorized to change the decision of the National Bank of Slovakia. If the Governing Council does not deliver a notification of a change to its decision to the National Bank of Slovakia within ten working days from the day of delivery of the notification, it shall be deemed that the ECB has approved the decision of the National Bank of Slovakia. THIRD PART SPECIAL CONDITIONS FOR PURPOSE-BUILT CASH ACCOUNTS FOR REAL-TIME GROSS SETTLEMENT (RTGS DCA ACCOUNTS) § 40 Opening and Maintenance of RTGS DCA Account (1) The National Bank of Slovakia, upon the request of the owner of an MCA account, shall open and maintain one or more RTGS DCA accounts and one or more sub-accounts, if necessary for the settlement of ancillary systems. If the owner of an MCA account has opted into the application of the SCT Inst system by signing an agreement on the application of the SEPA Instant Credit Transfer system, it may not have an RTGS DCA account or sub-accounts opened or maintained for this account, except in cases where the owner of an MCA account is constantly available, either as the owner of a TIPS DCA account or as an available party through the owner of a TIPS DCA account. (2) The National Bank of Slovakia, upon the request of the owner of an RTGS account, shall add an RTGS DCA account or its
sub-account to a group of bank accounts for settlement for the purpose of settling ancillary systems. The owner of an RTGS DCA account shall provide the National Bank of Slovakia with all relevant documents duly signed by this owner of an RTGS DCA account and the ancillary system.

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________________________________________________________________________________________ (3) There may be no debit balance on an RTGS DCA account or its sub-accounts.
(4) Sub-accounts of an RTGS DCA account must have a zero balance overnight.
(5) The owner of an RTGS DCA account shall designate one of its RTGS DCA accounts in TARGET-SK as an account serving for the purpose of processing automated liquidity transfer orders. By this designation, the owner of an RTGS DCA account gives the National Bank of Slovakia an instruction to execute an automated transfer of liquidity, which shall be credited to the benefit of the MCA account in case there are insufficient funds on its primary MCA account to settle orders that are central bank operations. (6) A participant who is the owner of two or more RTGS DCA accounts and two or more MCA accounts shall designate one of its RTGS DCA accounts in TARGET-SK, which is not yet designated for its primary MCA account, for the purpose of processing automated liquidity transfer orders in case there are insufficient funds on one of its other MCA accounts to settle orders that are central bank operations. § 41 Addressable BIC Holders (1) Owners of RTGS DCA accounts, who are banks according to § 4 paragraph 1 points a) and b) or according to § 4 paragraph 3 point e), may register addressable BIC holders. Owners of RTGS DCA accounts may register addressable BIC holders who have opted into the application of the SCT system by signing an agreement on the application of the SEPA Instant Credit Transfer system, only if these entities are constantly available, either as owners of a TIPS DCA account, or as available parties through the owner of a TIPS DCA account. (2) Owners of RTGS DCA accounts, who are entities according to § 4 paragraph 3 points a) to d), may register as addressable BIC holders only BICs belonging to the same legal entity. (3) An addressable BIC holder may issue payment orders and receive payment orders through the owner of an RTGS DCA account. (4) An addressable BIC holder may not be registered by more than one owner of an RTGS DCA account. (5) Payment orders issued by addressable BIC holders or funds received by them shall be considered as issued or received by the participant itself. (6) The participant is bound by such payment orders and by any other acts performed by addressable BIC holders regardless of their content or any possible breach of contractual and other agreements between the participant and the entity. § 42 Multi-Address Access (1) The owner of an RTGS DCA account, who is a bank according to § 4 paragraph 1 points a) and b), may provide access to its RTGS DCA account for the purpose of issuing or receiving payment orders directly through multi-address access to several a) banks according to § 4 paragraph 1 points a) and b), which belong to the same banking group as the owner of an RTGS DCA account, b) branches of this owner of an RTGS DCA account,

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________________________________________________________________________________________ c) other branches or headquarters of the same legal entity as the owner of an RTGS DCA account.
(2) Access to an RTGS DCA account through multi-address access provided by the owner of an RTGS DCA account to entities according to paragraph 1 point a), who have opted into the application of the SCT Inst system by signing an agreement on the application of the SEPA Instant Credit Transfer system, is provided only if the entities according to paragraph 1 point a) are available either as owners of a TIPS DCA account, or as available parties through the owner of a TIPS DCA account. (3) Owners of RTGS DCA accounts, who provide access to their RTGS DCA account through multi-address access, are subject to § 7. § 43 RTGS Group for Liquidity Transfer (1) Upon the request of the owner of an RTGS DCA account, the National Bank of Slovakia shall create an RTGS group for liquidity transfers for the purpose of enabling the processing of liquidity transfer orders between RTGS DCA accounts. (2) Upon the request of the owner of an RTGS DCA account, the National Bank of Slovakia shall add one of the RTGS DCA accounts of the owner of an RTGS DCA account to an existing RTGS group for liquidity transfers created in TARGET-SK or another system that is part of TARGET, or remove such an account from it. The owner of an RTGS DCA account shall inform all other owners of RTGS DCA accounts in the said RTGS group for liquidity transfers before submitting such a request. § 44 Transactions Processed on an RTGS DCA Account and its Sub-accounts (1) Orders to other RTGS DCA accounts and orders to transfer funds to ancillary system guarantee funds shall be processed on an RTGS DCA account in TARGET-SK. (2) Payment transfer orders concerning RTGS AS settlement procedures shall be settled through an RTGS DCA account or its sub-accounts in TARGET-SK. (3) On an RTGS DCA account or its sub-accounts in TARGET-SK, the following shall be processed:
a) payment transfer orders resulting from deposits and withdrawals, b) liquidity transfer orders to another RTGS DCA account within the same RTGS group for liquidity transfer, c) liquidity transfer orders to a TIPS DCA account or MCA account, d) liquidity transfers to accounts for one-day sterilization operations. (4) Liquidity transfer orders to T2S DCA accounts may be processed on an RTGS DCA account in TARGET-SK. § 45 Liquidity Transfer Orders (1) The owner of an RTGS DCA account may issue for liquidity transfer a) an order for immediate liquidity transfer, which is an instruction for immediate execution, b) a standing order for liquidity transfer, which is an instruction for repeated execution of the transfer of a specified amount in the event of a pre-determined event every working day. (2) A standing order for liquidity transfer may be issued or modified by the owner of an RTGS DCA account

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________________________________________________________________________________________ at any time during a working day and shall enter into force on the following working day.
(3) An order for immediate liquidity transfer may be issued by the owner of an RTGS DCA account at any time during a working day. An order for immediate liquidity transfer for processing in accordance with RTGS AS - C (§ 85) or RTGS AS - D (§ 86) settlement procedures may also be issued by the relevant ancillary system on behalf of the settlement bank. § 46 Liquidity Transfer Orders According to Rules (1) The owner of an RTGS DCA account may set monitoring of the lower and upper limits of the amount of funds on its RTGS DCA account a) by setting an upper limit of the amount of funds and selecting an order for liquidity transfer according to rules; if after the settlement of an order or transfer order of an ancillary system the upper limit of the amount of funds is exceeded, the owner of an RTGS DCA account gives the National Bank of Slovakia an instruction to execute an order for liquidity transfer according to rules, by which the concerned amount shall be credited to the benefit of the MCA account designated by this owner of an RTGS DCA account, the MCA account to the benefit of which the concerned amount was credited may belong to another participant in TARGET-SK or be maintained in another system that is part of TARGET, b) by setting a lower limit of the amount of funds and selecting an order for liquidity transfer according to rules, if after the settlement of an order or transfer order of an ancillary system the balance falls below the lower limit of the amount of funds, an instruction is issued to execute an order for liquidity transfer according to rules, by which the concerned amount shall be charged to the MCA account, to the charge of which the owner of an MCA account authorized the accounting, the MCA account to the charge of which the concerned amount was charged may belong to another participant in TARGET-SK or be maintained in another system that is part of TARGET and the owner of an MCA account, to the charge of which the concerned amount shall be charged, must authorize the accounting to the charge of its MCA account in this manner. (2) The owner of an RTGS DCA account may authorize accounting to the charge of its RTGS DCA account in case the balance falls below the lower limit of the amount of funds on one or more designated MCA accounts in TARGET-SK or in another system that is part of TARGET. By authorizing accounting to the charge of its account, the owner of an RTGS DCA account gives the National Bank of Slovakia an instruction to execute an order for liquidity transfer according to rules, whereby liquidity shall be credited to the benefit of the MCA account whenever the amount of funds falls below the lower limit. (3) The owner of an RTGS DCA account may authorize accounting to the charge of its MCA account designated for the purpose of automated liquidity transfer orders according to § 40 paragraphs 5 and 6 in case there is insufficient liquidity on its RTGS DCA account to settle urgent orders, transfer orders of ancillary
systems, or high-priority orders. § 47 Rules for Determining Priority (1) The order of priority for processing payment transfer orders in descending urgency is a) urgent, b) high priority, c) normal. (2) Priority “urgent” shall be automatically assigned a) to transfer orders of ancillary systems,

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________________________________________________________________________________________ b) a liquidity transfer order, including automated liquidity transfer orders, c) an order to transfer funds to the technical account of an ancillary system for the RTGS AS - D settlement procedure (§ 86).

(3) All orders to transfer funds not listed in paragraph 2 are automatically assigned the priority "normal", except for orders that the holder of the RTGS DCA account has designated as high-priority orders at their own discretion.

§ 48
Processing of orders to transfer funds on RTGS DCA accounts

(1) Orders to transfer funds on RTGS DCA accounts are settled immediately upon receipt, or later if determined by the holder of the RTGS DCA account pursuant to § 55 or § 56, if a) liquidity is available on the payer's RTGS DCA account, b) there are no orders to transfer funds in the queue with the same or higher priority, and c) all limits for orders to transfer funds according to § 54 are observed.

(2) If, in connection with an order to transfer funds, any of the conditions according to paragraph 1 letters a) to c) are not met, a) the National Bank of Slovakia is authorized to execute an automated liquidity transfer order partially and to execute further liquidity transfers whenever liquidity is available, up to the amount of the original automated liquidity transfer order, b) the National Bank of Slovakia rejects an immediate liquidity transfer order without partial settlement or any further settlement attempt, unless the order is initiated by an ancillary system, in which case it is settled partially without any further settlement attempt, c) a standing liquidity transfer order or a liquidity transfer order according to the rules of the National Bank of Slovakia is settled partially without any further settlement attempt; a standing liquidity transfer order activated through the mandatory settlement procedures of RTGS AS - C (§ 85) or RTGS AS - D (§ 86) for which there are insufficient funds on the RTGS DCA account is settled after proportional reduction of all orders; a standing liquidity transfer order activated through the optional settlement procedure of RTGS AS - C (§ 85) for which there are insufficient funds on the RTGS DCA account is rejected.

(3) Other orders to transfer funds on the RTGS DCA account, other than orders according to paragraph 2, are in the queue and are processed according to § 49.

§ 49
Management of the queue and optimization of settlement

(1) Orders to transfer funds on RTGS DCA accounts that are in the queue according to § 48 paragraph 3 are processed according to their priority. Taking into account paragraphs 2 to 5, the FIFO principle is applied within each category or subcategory of priority of orders to transfer funds as follows:
a) in the case of urgent orders to transfer funds, automated liquidity transfer orders are placed in the queue first, and transfer orders of ancillary systems and other urgent orders to transfer funds are placed in the queue next, b) orders to transfer funds with high priority are not settled while there are urgent orders to transfer funds in the queue, c) normal orders to transfer funds are not settled while there are urgent orders to transfer funds or orders to transfer funds with high priority in the queue.

(2) The payer may change the priority of their orders to transfer funds, except for urgent orders to transfer funds.

(3) The payer may change the position of their orders to transfer funds in the queue. The payer may move such orders to transfer funds either behind automated liquidity transfer orders in the queue or to the end of the respective queue with immediate effect at any time during the settlement time for client and interbank payments according to Annex No. 5.

(4) In order to optimize the settlement of orders to transfer funds in the queue, the National Bank of Slovakia may a) use optimization procedures according to Annex No. 1, b) settle orders to transfer funds of lower or equal priority that were received later before orders to transfer funds of higher or equal priority that were received earlier, if the orders to transfer funds of lower priority would be offset against payments to be received and the result would be an increase in the payer's liquidity, c) settle orders to transfer funds with normal priority before other payments with normal priority in the queue received earlier, provided that sufficient funds are available and regardless of the fact that this may be contrary to the FIFO principle.

(5) Orders to transfer funds in the queue are rejected if they cannot be settled by the time for ending settlement designated for the respective type of management according to Annex No. 5.

(6) Further details of the settlement of orders to transfer funds are set out in Annex No. 1.

§ 50
Orders to reserve liquidity

(1) The holder of the RTGS DCA account may instruct the National Bank of Slovakia to reserve a certain amount of liquidity on their RTGS DCA account a) by a standard order to reserve liquidity, which has immediate effect on the current TARGET working day, b) by a standing order to reserve liquidity, which is to be executed at the beginning of each TARGET working day.

(2) The holder of the RTGS DCA account assigns to a standard order or standing order to reserve liquidity a) high priority, which allows the use of liquidity for urgent orders to transfer funds and for orders to transfer funds with high priority, b) urgent priority, which allows the use of liquidity only for urgent orders to transfer funds.

(3) If the amount of liquidity that has not been reserved is insufficient to fulfill a standard or standing order to reserve liquidity, the National Bank of Slovakia executes the order to reserve liquidity partially. The National Bank of Slovakia is authorized to execute further orders to reserve liquidity until the amount to be reserved is reached. Unexecuted orders to reserve liquidity are rejected at the end of the working day.

(4) By requesting the reservation of a certain amount of liquidity for urgent orders to transfer funds, the holder of the RTGS DCA account instructs the National Bank of Slovakia to settle priority and standard orders to transfer funds only if available liquidity is available after deducting the amount reserved for urgent orders to transfer funds.

(5) By requesting the reservation of a certain amount of liquidity for priority orders to transfer funds, the holder of the RTGS DCA account instructs the National Bank of Slovakia to settle standard orders to transfer funds only if available liquidity is available after deducting the amount reserved for urgent and priority orders to transfer funds.

§ 51
Request for cancellation and response thereto

(1) The holder of the RTGS DCA account may submit a request for cancellation, requesting the return of the amount of a settled order.

(2) The request for cancellation is forwarded to the recipient of the payment of the settled order, who may respond with a positive or negative response. A positive response does not initiate the return of funds.

§ 52
RTGS Directory

(1) The RTGS Directory is a list of BIC codes used for directing information and contains BIC codes a) of holders of RTGS DCA accounts, b) of entities with multi-address access, c) of addressable holders of BIC codes.

(2) The RTGS Directory is updated daily.

(3) If the holder of the RTGS DCA account does not request otherwise, their BIC codes are published in the RTGS Directory.

(4) The RTGS Directory may be distributed by holders of RTGS DCA accounts only to their branches and entities with multi-address access.

(5) Holders of RTGS DCA accounts agree to the publication of their names and BIC codes by the National Bank of Slovakia and other central banks. In addition, the names and BIC codes of addressable holders of BIC codes or entities with multi-address access may be published, with holders of RTGS DCA accounts ensuring that addressable holders of BIC codes or entities with multi-address access agree to such publication.

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________________________________________________________________________________________ § 53 Processing of orders to transfer funds in the event of suspension or termination of participation

(1) In the event of the termination of participation of the holder of the RTGS DCA account in TARGET-SK, the National Bank of Slovakia does not accept any new orders to transfer funds from such holder of the RTGS DCA account. Orders to transfer funds in the queue, stored orders to transfer funds, or new orders to transfer funds in favor of such holder of the RTGS DCA account are rejected by the National Bank of Slovakia.

(2) If the participation of the holder of the RTGS DCA account in TARGET-SK has been suspended for reasons other than the commencement of insolvency proceedings, the National Bank of Slovakia defers all incoming and outgoing orders to transfer funds on their RTGS DCA account and submits them for settlement only after their explicit approval by the central bank of the holder of the RTGS DCA account whose participation has been suspended.

(3) If the participation of the holder of the RTGS DCA account in TARGET-SK has been suspended due to the commencement of insolvency proceedings, outgoing orders to transfer funds from the RTGS DCA account of such holder of the RTGS DCA account are processed only based on instructions from their representatives, including representatives appointed by the relevant authority or court, such as the insolvency administrator of the holder of the RTGS DCA account, or based on an enforceable decision of the relevant authority or court containing instructions on how orders to transfer funds are to be processed. All incoming orders to transfer funds are processed according to paragraph 2.

§ 54
Limits for the use of liquidity

(1) The holder of the RTGS DCA account may limit the use of available liquidity on orders on their individual RTGS DCA account in relation to other RTGS DCA accounts, except for any of the central banks, by establishing bilateral or multilateral limits. Such limits may be established only in relation to standard orders.

(2) By establishing a bilateral limit, the holder of the RTGS DCA account instructs the National Bank of Slovakia not to settle a received order if the amount of their outgoing standard orders to the RTGS DCA account of another holder of the RTGS DCA account, reduced by the amount of all incoming urgent, priority, and standard payments from such RTGS DCA account (net bilateral position), exceeds such bilateral limit.

(3) If the holder of the RTGS DCA account has established at least one bilateral limit, they may establish a multilateral limit for any relationship not subject to a bilateral limit. If the holder of the RTGS DCA account establishes a multilateral limit, they instruct the National Bank of Slovakia not to settle a received order if the amount of their outgoing standard orders to all RTGS DCA accounts of holders of RTGS DCA accounts, in relation to which no bilateral limit has been established, reduced by the amount of all incoming urgent, priority, and standard payments from such RTGS DCA accounts (net multilateral position), exceeds this multilateral limit.

(4) Limits may be changed in real time with immediate effect or with effect from the next working day. If a limit is changed to zero, it cannot be changed again on the same working day. A new bilateral or multilateral limit can only be established with effect from the next working day.

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________________________________________________________________________________________ § 55 Instructions of participants regarding settlement time

(1) The holder of the RTGS DCA account may specify the earliest time before which an order cannot be settled or the latest time after which an order will be rejected, by using the earliest posting time indicator on the account or the latest posting time indicator on the account, or by specifying a time range during which the order is settled using both indicators. The holder of the RTGS DCA account may also use the latest posting time indicator on the account only as a warning indicator, in which case the relevant order is not rejected.

(2) If an order has not been settled 15 minutes before the specified latest posting time on the account, the system notifies the affected holder of the RTGS DCA account.

§ 56
Orders entered in advance

(1) Orders may be entered up to 10 calendar days before the specified settlement date (hereinafter "stored orders").

(2) Stored orders are received and entered for processing at the date specified by the holder of the RTGS DCA account at the beginning of the settlement time for client and interbank payments on the given day according to Annex No. 5. These orders are placed before orders of the same priority.

§ 57
Collection

(1) The payer (holder of the RTGS DCA account) may grant permission to the recipient of the payment (another holder of the RTGS DCA account) in TARGET-SK or in another system that is part of TARGET, to credit a certain amount to the payer's RTGS DCA account through collection.

(2) To enable such an agreement, the payer provides the National Bank of Slovakia in advance with permission authorizing the National Bank of Slovakia to credit a certain amount to the payer's RTGS DCA account upon receipt of a collection order.

(3) If the recipient of the payment has been granted permission according to paragraph 1, this recipient of the payment may enter a collection order, and the central bank of the payer will credit the amount specified in this order to the payer's RTGS DCA account.

(4) The holder of the RTGS DCA account who applies to be added to the group of bank accounts for the settlement of ancillary systems is considered to have granted the National Bank of Slovakia permission, authorizing the National Bank of Slovakia to credit a certain amount to the RTGS DCA account and sub-account of the holder of the RTGS DCA account upon receipt of a valid collection order from this ancillary system.

§ 58
Backup function for payments
The holder of the RTGS DCA account may, in the event of failure of their payment infrastructure, request the National Bank of Slovakia to activate the backup function for payments. This allows the holder of the RTGS DCA account to enter certain orders through a graphical user interface (hereinafter "GUI").

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________________________________________________________________________________________ § 59 Rights regarding collateral in relation to funds on sub-accounts

(1) The National Bank of Slovakia holds collateral on the balance of the sub-account of the holder of the RTGS DCA account, which was opened based on an agreement between the relevant ancillary system and its central bank regarding the settlement of transfer orders concerning the ancillary system in accordance with the settlement procedure of RTGS AS – C (§ 85). Such balance secures the obligation of the holder of the RTGS DCA account according to paragraph 7 towards the National Bank of Slovakia in connection with settlement.

(2) After the National Bank of Slovakia receives the "start of cycle" report, the National Bank of Slovakia ensures that the balance of the sub-account of the holder of the RTGS DCA account, including increases or decreases in the balance due to the crediting of payments from inter-system settlement in favor of the sub-account or their debiting, or due to the crediting of liquidity transfers in favor of the sub-account, at the time when the ancillary system starts the settlement cycle, can only be used for the settlement of transfer orders of ancillary systems related to this settlement procedure of RTGS AS - C (§ 85). After the National Bank of Slovakia receives the "end of cycle" report, the holder of the RTGS DCA account may use the balance of the sub-account.

(3) By confirming the balance of the sub-account of the holder of the RTGS DCA account, the National Bank of Slovakia provides collateral to the ancillary system in the form of payment up to the amount of this balance. By confirming an increase or decrease in the balance after crediting payments from inter-system settlement in favor of the sub-account or their debiting, or after crediting transferred liquidity in favor of the sub-account, if applicable, the collateral is automatically increased or decreased by the value of the payment. Regardless of the aforementioned increase or decrease in collateral, the collateral is irrevocable, unconditional, and payable on first demand. If the National Bank of Slovakia is not the central bank of the ancillary system, it is deemed that the National Bank of Slovakia has received an order to pay the aforementioned collateral to the central bank of the ancillary system.

(4) If no insolvency proceedings are pending against the holder of the RTGS DCA account, transfer orders of ancillary systems to settle obligations arising for the holder of the RTGS DCA account from settlement are settled without using the collateral and without exercising the right from the collateral on the balance of the sub-account of the holder of the RTGS DCA account.

(5) In the event of payment inability of the holder of the RTGS DCA account, transfer orders of ancillary systems to settle obligations arising for the holder of the RTGS DCA account from settlement are the first call for payment of collateral; crediting the amount specified in the order to the sub-account of the holder of the RTGS DCA account and crediting this amount in favor of the technical account of the ancillary system includes the fulfillment of the obligation arising from the collateral by the National Bank of Slovakia, as well as the exercise of rights arising from the collateral in relation to the balance of the sub-account of the holder of the RTGS DCA account.

(6) The collateral expires after the National Bank of Slovakia receives the "end of cycle" report confirming that settlement has ended.

(7) The holder of the RTGS DCA account is obliged to reimburse the National Bank of Slovakia for any payment made by the central bank based on the collateral.

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________________________________________________________________________________________ FOURTH PART SPECIAL CONDITIONS FOR TARGET2 - SECURITIES TARGETED ACCOUNTS (T2S DCA)

§ 60
Opening and maintenance of T2S DCA account

(1) The National Bank of Slovakia, upon the request of the holder of the MCA account, opens and maintains one or more T2S DCA accounts.

(2) There may be no debit balance on the T2S DCA account.

(3) The holder of the T2S DCA account designates one MCA account for the purpose of processing orders to transfer liquidity between T2S DCA accounts according to § 62 paragraph 1 letter c). The designated MCA account may be held in TARGET-SK or in another system that is part of TARGET and may belong to another participant.

§ 61
Link between securities accounts and T2S DCA accounts

(1) The holder of the T2S DCA account may request the National Bank of Slovakia to link their T2S DCA account with one or more securities accounts that they own in their own name or on behalf of their clients, who hold securities accounts in one or more participating central securities depositories.

(2) Holders of T2S DCA accounts who link their T2S DCA account with one or more securities accounts on behalf of clients according to paragraph 1 are responsible for compiling and maintaining a list of linked securities accounts and, if necessary, for setting up the client collateralization function.

(3) Based on the request according to paragraph 1, it is deemed that the holder of the T2S DCA account has provided a mandate to the central securities depository in which the linked securities accounts are held, to credit amounts resulting from securities transactions carried out on these securities accounts to the T2S DCA account.

(4) Paragraph 3 applies regardless of any agreements concluded by the holder of the T2S DCA account with the central securities depository or holders of securities accounts.

§ 62
Transactions processed on T2S DCA accounts

(1) The following are processed on the T2S DCA account in TARGET-SK:
a) settlement of cash orders from the T2S platform, provided that the holder of the T2S DCA account has designated the relevant securities account according to § 61, b) orders to transfer liquidity to the RTGS DCA account, TIPS DCA account, or MCA account, c) orders to transfer liquidity between T2S DCA accounts belonging to the same participant or in connection with which the same MCA account has been designated according to § 60 paragraph 3, d) orders to transfer funds between the T2S DCA account and the T2S DCA account of the National Bank of Slovakia according to § 69 paragraphs 2 and 3.

(2) Payments resulting from corporate events may be processed on the T2S DCA account.

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________________________________________________________________________________________ § 63 Orders for Liquidity Transfer The holder of a T2S DCA account may issue orders for liquidity transfer:
a) an order for immediate liquidity transfer, which is an instruction for immediate execution, b) a standing order for liquidity transfer, which is an instruction for repeated execution

of a specified amount, or
of a transfer with the aim of reducing the balance on the T2S DCA account to a predetermined level, whereby the amount of the reduction is transferred to the RTGS DCA account, TIPS DCA account, or MCA account in the event of a predetermined event occurring every working day,
c) a pre-defined order for liquidity transfer, which is an instruction for one-time execution
of a specified amount, or
of a transfer with the aim of reducing the balance on the T2S DCA account to a predetermined level, whereby the amount of the reduction is transferred to the RTGS DCA account, TIPS DCA account, or MCA account in the event of a predetermined event occurring every working day.

§ 64
Reservation and Blocking of Liquidity
(1) Participants may reserve or block liquidity on their T2S DCA accounts, whereby reserving or blocking liquidity does not constitute a guarantee of settlement towards any third party.
(2) Based on an application for reserving or blocking liquidity, the participant instructs the National Bank of Slovakia to reduce the available liquidity by the amount specified in the application.
(3) An application for reserving liquidity is an instruction under which the reservation is processed if the available liquidity equals or exceeds the reserved amount. If the available liquidity is lower, the available liquidity is reserved, and the deficit may be settled through incoming liquidity until the full amount of the reservation is available. (4) An application for blocking liquidity is an instruction under which the application for blocking liquidity is processed if the available liquidity equals or exceeds the blocked amount. If the available liquidity is lower, no amount is blocked, and the application for blocking liquidity is resubmitted when the available liquidity can cover the application for blocking liquidity in full. (5) A participant may, at any time during the working day in which an application for reserving or blocking liquidity has been processed, instruct the National Bank of Slovakia to cancel such reservation or blocking of liquidity. Partial cancellation of an application for reserving or blocking liquidity is not permitted. (6) The validity of all applications for reserving or blocking liquidity under paragraphs 1 to 5 expires at the end of the working day.

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________________________________________________________________________________________ § 65 Processing of Orders for Liquidity Transfer on T2S DCA Accounts (1) A timestamp for processing orders for liquidity transfer is assigned in the sequence in which orders for liquidity transfer are received.
(2) All orders for liquidity transfer entered into TARGET-SK are processed on a FIFO basis without changing the order.
(3) Upon receipt of an order for liquidity transfer to a TIPS DCA account, MCA account, RTGS DCA account, or T2S DCA account under § 17, TARGET-SK checks whether the payer’s T2S DCA account has sufficient funds to execute the settlement. If sufficient funds are available, the order for liquidity transfer is settled immediately. If sufficient funds are not available:
a) an order for immediate liquidity transfer is rejected without partial settlement or any further attempt at settlement, unless such an order is initiated by a third party designated under § 7(1); if the settlement order is initiated by a third party designated under § 7(1), it is partially settled without any further attempt at settlement, b) a pre-defined or standing order for liquidity transfer is partially settled without any further attempt at settlement.

§ 66
Processing of Orders for Monetary Transfers in Case of Suspension or Termination of Participation (1) In the event of termination of participation of the holder of a T2S DCA account in TARGET-SK, the National Bank of Slovakia shall not accept any new orders for monetary transfers from such holder of a T2S DCA account. (2) If the participation of the holder of a T2S DCA account in TARGET-SK has been suspended for reasons other than the commencement of insolvency proceedings, the National Bank of Slovakia shall defer all incoming and outgoing orders for monetary transfers to his T2S DCA account and submit them for settlement only after their explicit approval by the central bank of the holder of a T2S DCA account whose participation has been suspended. (3) If the participation of the holder of a T2S DCA account in TARGET-SK has been suspended due to the commencement of insolvency proceedings, outgoing orders for monetary transfers from the T2S DCA account of such holder of a T2S DCA account shall be processed only based on instructions from their representatives, including representatives appointed by the relevant authority or court, such as the administrator of the holder of a T2S DCA account, or based on an enforceable decision of the relevant authority or court containing instructions on how orders for monetary transfers should be processed. All incoming orders for monetary transfers shall be processed in accordance with paragraph 2.

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________________________________________________________________________________________ § 67 Eligible Entities for Self-Collateralization Operations (1) The National Bank of Slovakia provides self-collateralization operations to holders of T2S DCA accounts to whom it provides intraday credit under § 36, if the holder of a T2S DCA account so requests, and if restrictive measures adopted by the Council of the European Union or Member States of the European Union,14) whose application is not, in the opinion of the National Bank of Slovakia, compatible with the smooth functioning of TARGET, are not applied to them. (2) Self-collateralization is provided only on a TARGET working day, is limited to that day, and extension to a one-day loan is not possible.

§ 68
Acceptable Collateral for Self-Collateralization Operations (1) Self-collateralization must be secured by acceptable collateral according to a special regulation.27a) (2) Acceptable collateral for self-collateralization a) may be limited by the National Bank of Slovakia excluding in advance potential collateral with close links, b) is subject to discretionary power regarding the exclusion of acceptable collateral, which is granted to national central banks of the euro area based on decisions of the Governing Council.

§ 69
Provision of Self-Collateralization and Enforcement Procedure (1) The loan obtained through self-collateralization is provided interest-free.
(2) The holder of a T2S DCA account may repay self-collateralization at any time during the day.
(3) Self-collateralization is due no later than at the time specified in Annex No. 5 and in accordance with this procedure:
a) the National Bank of Slovakia issues a repayment instruction, which is executed if funds are available to repay the unpaid self-collateralization, b) if after executing the repayment instruction under letter a) there is no balance on the T2S DCA account sufficient to repay the unpaid self-collateralization, the National Bank of Slovakia checks other T2S DCA accounts of the holder of a T2S DCA account maintained in its accounting books and transfers funds from one or all of his accounts to the T2S DCA account on which the repayment instructions are pending, c) if after executing the repayment instruction under letter a) and checking other T2S DCA accounts of the holder of a T2S DCA account under letter b) there is still no balance on the T2S DCA account sufficient to repay the unpaid self-collateralization, it shall be deemed that the holder of a T2S DCA account has instructed the National Bank of Slovakia to transfer the collateral used to obtain the unpaid self-collateralization to the collateral account of the National Bank of Slovakia; subsequently, the National Bank of Slovakia provides liquidity to repay the unpaid self-collateralization and immediately credits it to the primary MCA account of the holder of a T2S DCA account, d) the National Bank of Slovakia imposes a penalty fee of 1,000 EUR for each working day in which one or more cases of collateral transfer under letter c) occur; the penalty fee is credited to the primary MCA account of the holder of a T2S DCA account.

§ 70
Suspension, Restriction, or Termination of Self-Collateralization Operations (1) The National Bank of Slovakia suspends or terminates the holder of a T2S DCA account’s access to self-collateralization operations if it suspends or terminates the holder of a T2S DCA account’s access to intraday credit under § 39. (2) The National Bank of Slovakia restricts the holder of a T2S DCA account’s access to self-collateralization operations if it restricts the holder of a T2S DCA account’s access to intraday credit under § 39, whereby the specified limit applies jointly to the total amount of self-collateralization operations and intraday credit.

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________________________________________________________________________________________ (3) The National Bank of Slovakia may decide to suspend, restrict, or terminate a participant’s access to self-collateralization if the participant is considered an entity posing prudential risk. If the National Bank of Slovakia decides under the preceding sentence, it shall immediately notify the ECB, national central banks of the euro area, and connected central banks in writing. The Governing Council shall decide, if necessary, on the uniform implementation of measures adopted in all systems that are part of TARGET. (4) The decision of the National Bank of Slovakia on suspending, restricting, or terminating a participant’s access to self-collateralization under paragraph 3 shall take effect on the date of its approval by the Governing Council. (5) For urgent reasons, the National Bank of Slovakia may suspend the access of a counterparty of the Eurosystem’s monetary policy to self-collateralization with immediate effect. If the National Bank of Slovakia decides under the preceding sentence, it shall immediately notify the Governing Council in writing. The Governing Council is authorized to amend the decision of the National Bank of Slovakia. If the Governing Council does not notify the National Bank of Slovakia of an amendment to its decision within ten working days from the date of delivery of the notification, it shall be deemed that the ECB has approved the decision of the National Bank of Slovakia.

FIFTH PART
SPECIAL CONDITIONS FOR TARGET INSTANT PAYMENT SERVICE ACCOUNTS (TIPS DCA Accounts) § 71 Opening and Maintenance of TIPS DCA Accounts (1) The National Bank of Slovakia, upon the request of the holder of an MCA account, shall open and maintain one or more TIPS DCA accounts.
(2) The TIPS DCA account may not have a debit balance.
(3) The holder of a TIPS DCA account shall notify the National Bank of Slovakia in advance of the use of the option to receive orders for instant payment in accordance with the OCT Inst system.

§ 72
Sending and Receiving Messages
(1) The holder of a TIPS DCA account sends messages directly or through one or more parties that issue orders.
(2) The holder of a TIPS DCA account receives messages directly or through one party that issues orders.
(3) The holder of a TIPS DCA account who sends or receives messages through a party that issues orders is subject to § 7, as if the relevant holder of a TIPS DCA account were sending or receiving messages directly.

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________________________________________________________________________________________ § 73 Available Parties (1) The holder of a TIPS DCA account may designate one or more available parties and notify the National Bank of Slovakia if the designated available party receives orders for instant payment in accordance with the OCT Inst system. Available parties must adhere to the application of the SCT Inst system by signing an agreement on the application of the SEPA Instant Credit Transfer system and, if applicable, to the application of the OCT Inst system by signing an agreement on the application of the OCT Inst system. (2) The holder of a TIPS DCA account shall demonstrate to the National Bank of Slovakia that each designated available party applies the SCT Inst system and, if applicable, the OCT Inst system. (3) The holder of a TIPS DCA account shall inform the National Bank of Slovakia if any designated available party no longer applies the SCT Inst system or the OCT Inst system and shall without delay take measures to prevent such available party from accessing the TIPS DCA account. (4) The holder of a TIPS DCA account may allow its designated available parties access through one or more parties that issue orders. (5) Holders of TIPS DCA accounts who have designated available parties are subject to § 7. (6) The holder of a TIPS DCA account who has designated an available party shall ensure that such available party is always available for the purpose of receiving messages.

§ 74
Transactions Processed on TIPS DCA Accounts
The following are processed on a TIPS DCA account in TARGET-SK:
a) orders for instant payment, b) positive responses to cancellations, c) orders for liquidity transfer to technical accounts TIPS AS, MCA accounts, T2S DCA accounts, or RTGS DCA accounts, d) orders for liquidity transfer to sub-accounts, e) orders for liquidity transfer to accounts for one-day sterilization operations.

§ 75
Orders for Immediate Liquidity Transfer
The holder of a TIPS DCA account may issue orders for immediate liquidity transfer.

§ 76
Processing of Orders for Monetary Transfers on TIPS DCA Accounts (1) A timestamp for processing orders for monetary transfers is assigned in the sequence in which orders are received.
(2) All orders for monetary transfers entered into TARGET-SK are processed on a FIFO basis without changing the order.
(3) Upon receipt of an order for instant payment under § 17, TARGET-SK checks whether the payer’s TIPS DCA account has sufficient funds to execute the settlement. If sufficient funds:
a) are not available, the order for instant payment is rejected, b) are available, the corresponding amount is reserved pending the response from the payment recipient; upon receipt of an order for instant payment by the payment recipient, the order is settled and the reservation of the corresponding amount is automatically cancelled; in the event of rejection of the order for instant payment by the payment recipient or in the event of failure to provide a timely response in accordance with the SCT Inst system or the OCT Inst system, the order for instant payment is rejected and the reservation of the corresponding amount is automatically cancelled.

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________________________________________________________________________________________ (4) Funds reserved under paragraph 3(b) shall not be available for the settlement of subsequent orders for monetary transfers.
(5) The National Bank of Slovakia shall reject an order for instant payment if the amount of the order for instant payment exceeds the specified credit informative balance.
(6) Upon receipt of an order for immediate liquidity transfer under § 17, TARGET-SK checks whether the payer’s TIPS DCA account has sufficient funds. If sufficient funds are not available, the order for liquidity transfer is rejected.
(7) Upon receipt of a positive response to a cancellation under § 17, TARGET-SK checks whether sufficient funds are available on the TIPS DCA account to which the posting is executed. If sufficient funds are not available, the positive response to the cancellation is rejected. If sufficient funds are available, the positive response to the cancellation is settled immediately. (8) TARGET-SK shall reject positive responses to cancellations if the amount of the positive response to the cancellation exceeds the specified credit informative balance.

§ 77
Cancellation Request
(1) The holder of a TIPS DCA account may submit a cancellation request.
(2) The cancellation request is forwarded to the recipient of the payment of the settled order for instant payment, who may respond with a positive response to the cancellation or a negative response to the cancellation.

§ 77a
Orders for Liquidity Transfer According to Rules (1) The holder of a TIPS DCA account may set monitoring of the lower and upper limits of the amount of funds on his TIPS DCA account.
(2) By setting the upper limit of the amount of funds and selecting an order for liquidity transfer according to rules, if after the settlement of an order for instant payment, a positive response to a cancellation, or an order for liquidity transfer, the upper limit of the amount of funds is exceeded, the holder of a TIPS DCA account instructs the National Bank of Slovakia to execute an order for liquidity transfer according to rules, whereby the relevant amount is credited to the benefit of an MCA account designated by this holder of a TIPS DCA account. The MCA account to the benefit of which the relevant amount is credited may belong to another participant in TARGET-SK or in another system that is part of TARGET.

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________________________________________________________________________________________ (3) By setting the lower limit of the amount of funds and selecting an order for liquidity transfer according to rules, if after the settlement of an order for instant payment, a positive response to a cancellation, or an order for liquidity transfer, the balance falls below the lower limit of the amount of funds, an instruction is issued to execute an order for liquidity transfer according to rules, whereby the relevant amount is debited to the MCA account to the debit of which the holder of the MCA account has authorized the posting. The MCA account to the debit of which the relevant amount is debited may belong to another participant in TARGET-SK or in another system that is part of TARGET. The holder of the MCA account to the debit of which the relevant amount is to be debited must authorize the posting to the debit of his MCA account in this manner.

§ 78
TIPS Directory
(1) The TIPS directory is a list of BIC codes used for the purpose of directing information and contains the BIC codes of holders of TIPS DCA accounts and available parties. The TIPS directory contains information for each BIC code regarding whether the holder of a TIPS DCA account or available party receives orders for instant payment in accordance with the OCT Inst system. (2) The TIPS directory is updated daily. (3) Holders of TIPS DCA accounts may distribute the TIPS directory to their branches, designated available parties, and their parties that issue orders. Available parties may distribute the TIPS directory only to their branches. (4) A special BIC appears in the TIPS directory only once. (5) Holders of TIPS DCA accounts agree that the National Bank of Slovakia and other central banks may publish their names and BIC codes. The National Bank of Slovakia and other central banks may additionally publish the names and BIC codes of available parties designated by holders of TIPS DCA accounts, and holders of TIPS DCA accounts shall ensure that available parties consent to the publication.

§ 79
MPL Service Register
(1) The register for the mobile placeholder identifier (hereinafter referred to as “MPL”) service contains a table for assigning a placeholder identifier to an IBAN for the purpose of the MPL service.
(2) Each placeholder identifier may be linked to only one IBAN. An IBAN may be linked to one or more placeholder identifiers.
(3) The obligation of confidentiality under § 103 also applies to the data contained in the MPL service register.

§ 80
Processing of Orders for Monetary Transfers in Case of Suspension or Extraordinary Termination of Participation (1) In the event of termination of participation of the holder of a TIPS DCA account in TARGET-SK, the National Bank of Slovakia shall not accept any new orders for monetary transfers intended for such holder of a TIPS DCA account or incoming from such holder of a TIPS DCA account.

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________________________________________________________________________________________ (2) If the participation of the holder of a TIPS DCA account in TARGET-SK has been suspended for reasons other than the commencement of insolvency proceedings, the National Bank of Slovakia shall reject:
a) all his incoming orders for monetary transfers, b) all his outgoing orders for monetary transfers, or c) his incoming as well as outgoing orders for monetary transfers.
(3) If the participation of the holder of a TIPS DCA account in TARGET-SK has been suspended due to the commencement of insolvency proceedings, the National Bank of Slovakia shall reject all his incoming and outgoing orders for monetary transfers.
(4) The National Bank of Slovakia shall process orders for instant payment from the holder of a TIPS DCA account whose participation in TARGET-SK has been suspended or terminated under § 25(1) or (2), and in connection with which the National Bank of Slovakia has reserved funds on the TIPS DCA account under § 76(3)(b) prior to the suspension or termination of participation.

§ 80a
Broadcast Messages
(1) Holders of TIPS DCA accounts may use the broadcast message function provided by TIPS, which allows holders of TIPS DCA accounts to send messages to holders of TIPS DCA accounts and holders of technical accounts TIPS AS in the following categories:
a) immediate start of outage, b) immediate end of outage, c) planned outage.
(2) Holders of TIPS DCA accounts must not send messages with free text or messages regarding payment inability. Holders of TIPS DCA accounts utilizing the broadcast message function bear exclusive responsibility for the content of the messages they broadcast.

SIXTH PART
SPECIAL CONDITIONS FOR ATTACHED SYSTEMS
USE OF ATTACHED SYSTEM SETTLEMENT PROCEDURES FOR REAL-TIME GROSS SETTLEMENT OF PAYMENTS (RTGS AS) § 81 Opening and Operation of Technical Accounts of Attached Systems and Use of RTGS AS Settlement Procedures (1) The National Bank of Slovakia may, upon the request of an attached system, open and operate one or more technical accounts of RTGS AS to support RTGS AS settlement procedures. (2) The technical account of RTGS AS may not have a debit balance. (3) Technical accounts of RTGS AS are not published in the RTGS directory. (4) The attached system selects at least one of the RTGS AS settlement procedures – A to E (§ 83 to 87) for the purpose of processing transfer orders of attached systems. (5) RTGS AS settlement procedures are operational at the times specified in Annex No. 5. (6) The attached system shall request the National Bank of Slovakia to create a group of accounts

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________________________________________________________________________________________ settlement banks.
(7) The linked system transmits payment orders of linked systems only to accounts included in the group of settlement bank accounts referred to in paragraph 6.

§ 82
Priority of payment orders of linked systems
All payment orders of linked systems are automatically assigned the priority "urgent".

§ 83
Settlement procedure RTGS AS – A
(1) The linked system may apply for the opening of an RTGS AS technical account to support the processing of payment orders of linked systems using the RTGS AS - A settlement procedure. The balance on the account according to the preceding sentence must be zero at the end of the day.
(2) The linked system may apply for the opening of a linked system guarantee fund account to support settlement in connection with the "settlement period" service. Balances on the linked system guarantee fund account are used to settle payment orders of linked systems in the event that sufficient available liquidity is not available on the settlement bank's RTGS DCA account. The linked system guarantee fund account may be held by the National Bank of Slovakia, the linked system, or an authorized participant. The linked system guarantee fund account is not published in the RTGS directory. (3) The linked system submits payment orders of linked systems in bulk in one file, in which the sum of debits must equal the sum of credits. (4) The National Bank of Slovakia first attempts to settle payment orders of linked systems that are debited to the RTGS DCA accounts of settlement banks and credited to the RTGS AS technical account of the linked system. Only after settling all such payment orders of linked systems, including possible financing of the RTGS AS technical account from the linked system guarantee fund account, does the National Bank of Slovakia attempt to settle payment orders of linked systems that are debited to the RTGS AS technical account and credited to the RTGS DCA accounts of settlement banks. (5) If a payment order of a linked system to be debited to the RTGS DCA account of a settlement bank is in the waiting queue, the National Bank of Slovakia informs the settlement bank via a transmitted message. (6) If a linked system guarantee fund account has been opened and the settlement bank does not have sufficient funds on its RTGS DCA account, the linked system may instruct the National Bank of Slovakia to activate the guarantee fund mechanism by submitting a request to debit the linked system guarantee fund account and credit the RTGS AS technical account. If there are insufficient funds in the linked system guarantee fund account to complete the settlement, the settlement process fails. (7) If the settlement process fails, the National Bank of Slovakia rejects all unsettled payment orders of linked systems in one file according to paragraph 3 and returns all payment orders of linked systems that have already been settled.

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________________________________________________________________________________________ (8) Completion of settlement or its non-implementation is notified to the linked systems.
(9) The linked system may choose the service a) "information period" according to § 88 para. 1, b) "settlement period" according to § 88 para. 3.

§ 84
Settlement procedure RTGS AS – B
(1) The linked system may apply for the opening of an RTGS AS technical account to support the processing of payment orders of linked systems using the RTGS AS - B settlement procedure. The balance on the account according to the preceding sentence must be zero at the end of the day.
(2) The linked system may apply for the opening of a linked system guarantee fund account to support settlement in connection with the "settlement period" service. Balances on the linked system guarantee fund account are used to settle payment orders of linked systems in the event that sufficient available liquidity is not available on the settlement bank's RTGS DCA account. The linked system guarantee fund account may be held by the National Bank of Slovakia, the linked system, or an authorized participant. The linked system guarantee fund account is not published in the RTGS directory. (3) The linked system submits payment orders of linked systems in bulk in one file, in which the sum of debits must equal the sum of credits. (4) The RTGS AS - B settlement procedure operates on the "all or nothing" principle. The National Bank of Slovakia attempts to simultaneously settle all payment orders of linked systems that are debited to the RTGS DCA accounts of settlement banks and credited to the RTGS AS technical account of the linked system, and all payment orders of linked systems that are debited to the RTGS AS technical account and credited to the RTGS DCA accounts of settlement banks. If it is not possible to settle one or more payment orders of linked systems, all payment orders of linked systems are placed in the waiting queue and an optimization algorithm is used. The National Bank of Slovakia informs the settlement banks about the procedure according to the preceding sentence. (5) If a linked system guarantee fund account has been opened and the settlement bank does not have sufficient funds on its RTGS DCA account, the linked system may instruct the National Bank of Slovakia to activate the guarantee fund mechanism by submitting a request to debit the linked system guarantee fund account and credit the RTGS AS technical account. If there are insufficient funds in the linked system guarantee fund account to complete the settlement, the settlement process fails. (6) If the settlement process fails, the National Bank of Slovakia rejects all unsettled payment orders of linked systems in one file according to paragraph 3. (7) Completion of settlement or its non-implementation is notified to the linked systems. (8) The linked system may choose the service a) "information period" according to § 88 para. 1, b) "settlement period" according to § 88 para. 3.

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________________________________________________________________________________________ § 85 Settlement procedure RTGS AS – C (1) The RTGS AS - C settlement procedure supports settlement using reserved liquidity on sub-accounts. The linked system applies for the opening of an RTGS AS technical account to support the processing of payment orders of linked systems using the RTGS AS - C settlement procedure. The balance on the account according to the preceding sentence must be zero at the end of the day. This RTGS AS technical account may also be used to support the processing of payment orders of linked systems using the RTGS AS - E settlement procedure (§ 87). (2) The linked system ensures that each settlement bank opens at least one sub-account, which the linked system shall use only for the purposes of this settlement procedure. (3) The National Bank of Slovakia starts the mandatory RTGS AS - C settlement procedure automatically every TARGET working day according to Annex No. 5, activating this procedure by settling permanent orders for the transfer of liquidity created for the mandatory RTGS AS - C settlement procedure, debiting the RTGS DCA accounts of settlement banks and crediting the sub-account according to paragraph 2. (4) The RTGS AS - C settlement procedure is terminated by a termination procedure message, which the linked system may send at any time before the termination of interbank payment settlement according to Annex No. 5. If the linked system does not send a termination procedure message by the time of termination of settlement, the National Bank of Slovakia terminates the procedure at the time of termination of settlement. (5) Termination of the mandatory RTGS AS - C settlement procedure leads to the automatic transfer of liquidity from the sub-account according to paragraph 2 to the RTGS DCA account. (6) If the mandatory RTGS AS - C settlement procedure is terminated, the linked system may start an optional procedure at any time before the termination of interbank payment settlement according to Annex No. 5, activating this procedure by settling permanent orders for the transfer of liquidity established for the optional RTGS AS - C settlement procedure, debiting the RTGS DCA account of the settlement bank and crediting its RTGS sub-account. The linked system may start and close one or more consecutive optional procedures before the termination of interbank payment settlement. Termination of the optional RTGS AS - C settlement procedure leads to the automatic transfer of liquidity from the sub-account according to paragraph 2 to the RTGS DCA account. (7) The mandatory RTGS AS - C settlement procedure and any subsequent optional RTGS AS - C settlement procedure may consist of one or more cycles. (8) The linked system may start a cycle at any time after the start of the mandatory or optional RTGS AS - C settlement procedure via a "start of cycle" message. After the start of the cycle, liquidity transfers from the sub-account
according to paragraph 2 must not be executed until the linked system sends a "end of cycle" message. The balance may be changed during the cycle due to payments from system-to-system settlement or in the event that a settlement bank transfers liquidity to its sub-account. The National Bank of Slovakia notifies the linked system of a decrease or increase in liquidity on sub-accounts due to payments from system-to-system settlement. The National Bank of Slovakia also informs the linked system of an increase in liquidity on sub-accounts due to the transfer of liquidity by the settlement bank, if the linked system requests it. (9) The linked system may enter payment orders of linked systems in bulk in one or more files while the cycle is open. Orders for the transfer

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________________________________________________________________________________________ of funds are entered to effect the accounting to the debit of a) sub-accounts of settlement banks and credit to the RTGS AS technical account, b) the RTGS AS technical account and credit to the sub-accounts of settlement banks, c) the RTGS AS technical account and credit to the RTGS DCA accounts of settlement banks. (10) The National Bank of Slovakia immediately settles those payment orders of linked systems that can be settled. Payment orders of linked systems that cannot be settled immediately must be in the waiting queue and an optimization algorithm is used. Payment orders of linked systems that remain unsettled at the time of closing the cycle are rejected. (11) The status of individual payment orders of linked systems is notified to the linked system no later than at the end of the cycle.

§ 86
Settlement procedure RTGS AS – D
(1) The RTGS AS - D settlement procedure supports settlement using prefinancing. The linked system applies for the opening of an RTGS AS technical account to support the processing of payment orders of linked systems using the RTGS AS - D settlement procedure.
(2) The RTGS AS technical account may only have a zero or positive balance. Liquidity may remain on the RTGS AS technical account overnight and is interest-bearing according to § 12 para. 2.
(3) The National Bank of Slovakia notifies the linked system of liquidity transfers debiting the RTGS DCA accounts of settlement banks and crediting the RTGS AS technical account. These liquidity transfers may be executed every TARGET working day in accordance with the schedule set out in Annex No. 5. The linked system may enter orders for the immediate transfer of liquidity, debiting the RTGS AS technical account and crediting the RTGS DCA accounts of settlement banks.

§ 87
Settlement procedure RTGS AS - E
(1) The RTGS AS - E settlement procedure supports bilateral settlement and individual processing of payment orders of linked systems. The linked system may use the RTGS AS - E settlement procedure without an RTGS AS technical account for bilateral settlement. The linked system applies for an RTGS AS technical account to support the processing of payment orders of linked systems using the RTGS AS - E settlement procedure if it decides on individual processing of payment orders of linked systems. The balance on this RTGS AS technical account must be zero at the end of the day. This RTGS AS technical account may also be used for the RTGS AS - C settlement procedure (§ 85). (2) The linked system may enter payment orders of linked systems in bulk in one or more files between a) RTGS DCA accounts of settlement banks and the RTGS AS technical account, if used, and b) RTGS DCA accounts of settlement banks. (3) The linked system is responsible for ensuring the correct ordering of payment orders of linked systems in the file to ensure smooth settlement. (4) The National Bank of Slovakia immediately settles those payment orders of linked systems that can be settled. Payment orders of linked systems that cannot be settled immediately must remain in the waiting queue. If a payment order of a linked system to be debited to the RTGS DCA account of a settlement bank is in the waiting queue, the settlement bank is informed via a transmitted message. (5) The linked system may choose the service a) "information period" according to § 88 para. 1, b) "settlement period" according to § 88 para. 3. (6) The linked system is informed about the status of individual entered payment orders of linked systems.

§ 88
Information period and settlement period
(1) The "information period" service allows the linked system to inform its settlement banks about the liquidity required to ensure successful settlement. This optional service allows the linked system to define a period before the start of settlement of payment orders of linked systems. During this period and at the request of the settlement bank, the linked system may withdraw either individual payment orders of linked systems (for the RTGS AS - E settlement procedure (§ 87) or files with payment orders of linked systems for the RTGS AS – A (§ 83) and RTGS AS - B (§ 84) settlement procedures). The linked system may also request the National Bank of Slovakia to effect such withdrawal on its behalf. (2) In the event that the linked system or the National Bank of Slovakia on its behalf withdraws individual payment orders of linked systems for the RTGS AS - E settlement procedure (§ 87) or files with payment orders of the linked system for the RTGS AS - A (§ 83) and RTGS AS - B (§ 84) settlement procedures during the "information period", the processing of payment orders of linked systems is cancelled. (3) The "settlement period" service allows the linked system to define a period within which the settlement of payment orders of linked systems may take place. This service is a condition for using the guarantee fund account and is optional for using the technical accounts of the linked system. (4) During the "settlement period", the linked system or the National Bank of Slovakia on its behalf may withdraw either individual payment orders of linked systems for the RTGS AS – E settlement procedure (§ 87), or files with payment orders of the linked system for the RTGS AS - A (§ 83) and RTGS AS - B (§ 84) settlement procedures, which do not have final status if a) the RTGS AS settlement procedure according to § 87 is used for bilateral settlement, the relevant payment orders of linked systems are returned, b) the RTGS AS - E settlement procedure (§ 87) is not used for bilateral settlement or if within the RTGS AS – A settlement procedure (§ 83) the entire settlement fails, all payment orders of linked systems in the file are settled and the linked system and all settlement banks are informed via a transmitted message, c) the RTGS AS - B settlement procedure (§ 84) is used, the entire settlement fails and the linked system and all settlement banks are informed via a transmitted message.

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________________________________________________________________________________________ § 89 System-to-system settlement (1) System-to-system settlement allows the linked system to credit the RTGS AS technical account of another linked system or the sub-account of a settlement bank of another linked system and is available for the linked system using the RTGS AS - C settlement procedure (§ 85) or RTGS AS - D (§ 86). (2) The National Bank of Slovakia will, at the request of the linked system, allow system-to-system settlement between this linked system and another linked system in TARGET-SK or in another system that is part of TARGET. The requesting linked system provides the National Bank of Slovakia with consent from the second linked system. (3) System-to-system settlement may be initiated only if both linked systems have started the settlement procedure. If system-to-system settlement is initiated by a linked system using the RTGS AS - C settlement procedure (§ 85), the settlement cycle must also be open for this linked system. (4) The linked system, which uses the RTGS AS – C settlement procedure (§ 85) in system-to-system settlement, enters payment orders of linked systems only individually to the debit of the sub-account of one of its settlement banks. These payment orders of linked systems are credited to the sub-account of the receiving settlement bank of the linked system, if this receiving linked system uses the RTGS AS – C settlement procedure (§ 85), or are credited to the RTGS AS technical account of the receiving linked system, if this linked system uses the RTGS AS - D settlement procedure (§ 86). (5) The linked system, which uses the RTGS AS – D settlement procedure (§ 86) in system-to-system settlement, enters payment orders of linked systems only individually to the debit of the RTGS AS technical account. These payment orders of linked systems are credited to the sub-account of the receiving settlement bank of the linked system, if this receiving linked system uses the RTGS AS – C settlement procedure (§ 85), or are credited to the RTGS AS technical account of the receiving linked system, if this linked system uses the RTGS AS - D settlement procedure (§ 86). (6) The linked system using system-to-system settlement will be informed via a transmitted message about the settlement or rejection of payment orders of linked systems.

§ 90
Effects of suspension or termination
If the linked system suspends or terminates the use of linked system settlement procedures during the settlement cycle of payment orders of linked systems, the National Bank of Slovakia is authorized to complete the settlement cycle on behalf of the linked system.

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________________________________________________________________________________________ SEVENTH PART SPECIAL CONDITIONS FOR LINKED SYSTEMS USING THE LINKED SYSTEM SETTLEMENT PROCEDURE TO SETTLE INSTANT PAYMENTS TARGET (TIPS AS SETTLEMENT PROCEDURE)

§ 91
Opening and maintenance of the TIPS AS technical account (1) The National Bank of Slovakia may, at the request of a linked system that settles instant payments in accordance with the SCT Inst system or OCT Inst system, or near-instant payments in its own accounting books, open and maintain one or more TIPS AS technical accounts. If the owner of the TIPS AS technical account uses the option to receive instant payment orders in accordance with the OCT Inst system, it shall notify the National Bank of Slovakia. (2) The TIPS AS technical account may not have a debit balance. (3) The linked system uses the TIPS AS technical account to concentrate the liquidity required, which was allocated by its settlement members to cover their positions. (4) The linked system may decide to receive notifications of credits to its TIPS AS technical account and debits to it. If the linked system chooses this service, notifications are provided without undue delay after the debit to the TIPS AS technical account or after the credit to it. (5) The linked system may send instant payment orders and positive cancellation responses to any owner of a TIPS DCA account or owner of a TIPS AS technical account and may send instant payment orders in accordance with the OCT Inst system to any owner of a TIPS DCA account or owner of a TIPS AS technical account that has decided to receive them. (6) The linked system may receive and process instant payment orders, cancellation requests, and positive cancellation responses from any owner of a TIPS DCA account or owner of a TIPS AS technical account. If the linked system has notified the National Bank of Slovakia of its use of the option according to paragraph 1, it shall accept instant payment orders in accordance with the OCT Inst system from any owner of a TIPS DCA account or owner of a TIPS AS technical account that has decided to send them.

§ 92
Sending and receiving messages
(1) The owner of the TIPS AS technical account sends messages directly or through one or more parties entering the order.
(2) The owner of the TIPS AS technical account receives messages directly or through one party entering the order.
(3) The owner of the TIPS AS technical account, who sends or receives messages through a party entering the order, is subject to § 7, as if the relevant owner of the TIPS AS technical account sent or received messages directly.

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________________________________________________________________________________________ § 93 Orders for immediate transfer of liquidity The holder of a TARGET-SK technical account may issue orders for the immediate transfer of liquidity.

§ 94
Processing of orders for the transfer of funds on TARGET-SK technical accounts (1) A timestamp for processing orders for the transfer of funds is assigned in the sequence in which the orders are received.
(2) All orders for the transfer of funds entered into TARGET-SK are processed on a FIFO basis without changing the order.
(3) Upon receiving an order for an instant payment pursuant to § 17(1) of TARGET-SK, the National Bank of Slovakia checks whether sufficient funds are available on the payer’s TARGET-SK technical account to execute the settlement. If sufficient funds a) are not available, the order for the instant payment is rejected, b) are available, the corresponding amount is reserved until a response from the payee is awaited; upon acceptance by the payee, the order for the instant payment is settled and the reservation of the corresponding amount is automatically released; in the event of rejection of the order for the instant payment by the payee or in the event of failure to provide a timely response in accordance with the SCT Inst or OCT Inst systems, the order for the instant payment is rejected and the reservation of the corresponding amount is automatically released. (4) Funds reserved pursuant to paragraph 3(b) shall not be available for the settlement of subsequent orders for the transfer of funds. (5) The National Bank of Slovakia shall reject orders for instant payments if the amount of the order for the instant payment exceeds the established credit informative balance. (6) Upon receiving an order for the transfer of liquidity from the TARGET-SK technical account to the TARGET DCA account pursuant to § 17(1), the National Bank of Slovakia checks whether sufficient funds are available on the payer’s TARGET-SK technical account. If sufficient funds are not available, the order for the transfer of liquidity is rejected. If sufficient funds are available, the order for the transfer of liquidity is settled immediately. (7) Upon receiving a positive cancellation response pursuant to § 17, the National Bank of Slovakia checks whether sufficient funds are available on the TARGET-SK technical account against which the posting is made. If sufficient funds are not available, the positive cancellation response is rejected. If sufficient funds are available, the positive cancellation response is settled immediately. (8) The National Bank of Slovakia shall reject positive cancellation responses if the amount of the positive cancellation response exceeds the established credit informative balance.

§ 95
Request for cancellation
(1) The holder of a TARGET-SK technical account may submit a request for cancellation.

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________________________________________________________________________________________ (2) The request for cancellation is forwarded to the payee of the settled order for the instant payment, who may respond with a positive or negative cancellation response.

§ 96
TARGET-SK settlement procedure
The TARGET-SK settlement procedure is operational during the times specified in Annex No. 5.

§ 97
Available parties via the TARGET-SK technical account (1) The holder of a TARGET-SK technical account may designate one or more available parties. Available parties must adhere to the application of the SCT Inst system by signing an agreement on the application of the SEPA Instant Credit Transfer System and, if applicable, the application of the OCT Inst system by signing an agreement on the application of the OCT Inst system, and if they are addressable in TARGET as holders of RTGS DCA accounts, addressable holders of BIC, or as entities pursuant to § 42(1)(a) who have been permitted to use an RTGS DCA account via multi-address access, they must be holders of a TARGET DCA account or be available via a TARGET DCA account. (2) The holder of a TARGET-SK technical account demonstrates to the National Bank of Slovakia that each designated available party applies the SCT Inst system and, if applicable, the OCT Inst system. (3) The holder of a TARGET-SK technical account informs the National Bank of Slovakia if any designated available party no longer applies the SCT Inst system and without undue delay takes measures to prevent such an available party from accessing the TARGET-SK technical account. (4) The holder of a TARGET-SK technical account notifies the National Bank of Slovakia if any designated available party no longer applies the OCT Inst system. (5) The holder of a TARGET-SK technical account may allow access for its designated available parties through one or more parties issuing orders. (6) The associated system, which has designated available parties, is subject to § 7. (7) The holder of a TARGET-SK technical account, which has designated an available party, ensures that this available party is always available for the purpose of receiving messages.

§ 98
Transactions processed on TARGET-SK technical accounts The following are processed on the TARGET-SK technical account:
a) orders for instant payments, b) positive cancellation responses, c) orders for the transfer of liquidity to TARGET DCA accounts.

§ 99
(1) Holders of TARGET-SK technical accounts may distribute the TARGET directory pursuant to § 78 to their designated available parties and to their parties issuing orders. Available parties may distribute the TARGET directory only to their branches.

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________________________________________________________________________________________ (2) Holders of TARGET-SK technical accounts agree that the National Bank of Slovakia and other central banks may publish the names and BIC codes of available parties designated by holders of TARGET-SK technical accounts, and holders of TARGET-SK technical accounts ensure that available parties agree to such publication.

§ 100
The MPL service register pursuant to § 79 applies mutatis mutandis to holders of TARGET-SK technical accounts.

§ 101
Processing of orders for the transfer of funds in the event of suspension or extraordinary termination of participation (1) In the event of termination of participation of the holder of a TARGET-SK technical account in TARGET-SK, the National Bank of Slovakia shall not accept any new orders for the transfer of funds directed to this holder of a TARGET-SK technical account or originating from this holder of a TARGET-SK technical account. (2) If the participation of the holder of a TARGET-SK technical account in TARGET-SK has been suspended for reasons other than the commencement of insolvency proceedings, the National Bank of Slovakia shall reject a) all its incoming orders for the transfer of funds, b) all its outgoing orders for the transfer of funds, or c) its incoming as well as outgoing orders for the transfer of funds. (3) If the participation of the holder of a TARGET-SK technical account in TARGET-SK has been suspended due to the commencement of insolvency proceedings, the central bank of the holder of a TARGET-SK technical account, whose participation has been suspended, shall reject all incoming and outgoing orders for the transfer of funds. (4) The National Bank of Slovakia shall process orders for instant payments from the holder of a TARGET-SK technical account, whose participation in TARGET-SK has been suspended or terminated pursuant to § 25(1) or (2), and in respect of which the National Bank of Slovakia has reserved funds on the TARGET-SK technical account pursuant to § 94(3)(b) prior to the suspension or termination of participation.

§ 101a
(1) Holders of TARGET-SK technical accounts may use the broadcast message function pursuant to § 80a, which is provided by TIPS and which allows holders of TARGET-SK technical accounts to send messages to holders of TARGET DCA accounts and holders of TARGET-SK technical accounts in these categories:
a) immediate start of outage, b) immediate end of outage, c) planned outage.
(2) Holders of TARGET-SK technical accounts must not send messages with free text or messages regarding payment inability. Holders of TARGET-SK technical accounts utilizing the message broadcasting function bear exclusive responsibility for the content of the messages they broadcast.

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________________________________________________________________________________________ EIGHTH PART FINAL PROVISIONS

§ 102
Security transfer of rights and right of set-off (1) A participant agrees that, to secure current and future claims of the National Bank of Slovakia arising from the legal relationship between the participant and the National Bank of Slovakia, it transfers to the benefit of the National Bank of Slovakia the right to its current and future credit balances on TARGET accounts. For the purpose of exercising the security transfer of rights, credit balances are deemed effectively transferred by the mere crediting of funds to the participant’s accounts in the TARGET system. (2) The National Bank of Slovakia is entitled to the right pursuant to paragraph 1 even if the claims are conditional or not yet due. (3) A participant acting as a holder of a TARGET account hereby confirms the security transfer of rights to its current and future credit balances on TARGET accounts to the benefit of the National Bank of Slovakia, with which it has opened these accounts. This confirmation is deemed an agreement on the security transfer of rights pursuant to a special regulation.28) All amounts paid into a TARGET account, the balance of which is subject to the security transfer of rights, become subject to the security transfer of rights by virtue of the transfer without limitation. (4) In the event of non-performance pursuant to § 25(1) or any other case of non-performance or circumstance pursuant to § 25(2), which led to the termination or suspension of the participant’s participation in TARGET-SK, all obligations of the participant, regardless of the commencement of insolvency proceedings against the participant and regardless of any assignment, judicial or other seizure, or other disposal of the participant’s rights or with respect to them, automatically and immediately become due without prior notice and without the need for prior consent of any authority. The mutual obligations of the participant and the National Bank of Slovakia are set off against each other, and the party owing the higher amount shall pay the difference to the other party. At the same time, the National Bank of Slovakia may assert claims from the security transfer pursuant to paragraphs 1 to 3. (5) The National Bank of Slovakia shall notify the participant of the set-off pursuant to paragraph 4 without delay after its implementation. (6) The National Bank of Slovakia may, without prior notice, charge any amount owed by the participant to the National Bank of Slovakia based on the legal relationship between the participant and the National Bank of Slovakia to the debit of any of the participant’s TARGET accounts. (7) The provisions of paragraphs 1 to 6 do not establish any rights, security interests, right to assert claims, or right to set off claims with respect to a) TARGET accounts used in accordance with the settlement procedures of associated systems pursuant to the sixth or seventh part of this decision, b) TARGET accounts of associated systems pursuant to the second to fifth part of this
decision, if funds held in these accounts do not belong to the associated systems but are held on behalf of their clients or are used to settle orders for the transfer of funds on behalf of their clients.
28) §§ 553 to 554 of the Civil Code.

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________________________________________________________________________________________ § 103 Duty of confidentiality (1) The National Bank of Slovakia observes the duty of confidentiality with respect to all confidential information or data, including those relating to payments, technical or organizational information concerning the participant, participants from the same group, or clients of the participant, except in cases where the participant or its client has given written consent for publication, or if such publication is permitted or required by special regulations,29) unless paragraphs 2, 3, and 5 provide otherwise. (2) The participant agrees that information on measures taken pursuant to § 25 is not considered confidential. (3) The participant agrees that the National Bank of Slovakia may publish payment, technical, or organizational information concerning the participant, participants from the same group, or clients of the participant, which it obtained in the course of operating TARGET-SK, a) to other central banks or third parties involved in the operation of TARGET-SK to the extent necessary for the effective functioning of TARGET or for monitoring the exposure of the participant or its banking group, b) to other central banks for the purpose of conducting analyses necessary for market operations, monetary policy tasks, financial stability, or financial integration, or c) to authorities of Member States of the European Union and the European Union, as well as central banks performing supervision and responsible for resolving crisis situations, to the extent necessary for the performance of their public tasks, provided that in all such cases any publication is not contrary to applicable legal regulations. (4) The National Bank of Slovakia is not responsible for the financial and commercial consequences of the publication of information pursuant to paragraph 3. (5) The National Bank of Slovakia may use, provide, or publish payment information concerning the participant or its clients for statistical, historical, scientific, or other purposes in the exercise of its public functions or the functions of other public sector entities, if such use, provision, or publication does not enable, directly or indirectly, the identification of the participant or the participant’s clients. (6) Information concerning the operation of TARGET-SK to which access has been granted to the participant may be used only for the purposes specified in this decision. If the National Bank of Slovakia has not given its explicit written consent for the publication of information, participants observe the duty of confidentiality with respect to such information. Participants ensure that third parties to whom they outsource, or who are entrusted or bound by contract as subcontractors performing tasks that have or may have an impact on the performance of their obligations under this decision, are bound by the duty of confidentiality. (7) For the purpose of settling
orders, the National Bank of Slovakia is authorized to process and forward necessary data to the network service provider.
29) E.g., Act No. 566/1992 Coll. of the National Council of the Slovak Republic, as amended, Commercial Code.

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________________________________________________________________________________________ § 104 Data protection, prevention of money laundering, administrative or restrictive measures, and related issues (1) Participants are obliged to comply with legal regulations governing data protection and must fulfill and be able to demonstrate compliance with these obligations to the relevant competent authority. Participants are obliged to comply with legal regulations governing the prevention of money laundering, terrorist financing, activities in the nuclear field sensitive with regard to the proliferation of nuclear weapons, and the development of nuclear weapon delivery systems, and these obligations must be fulfilled, particularly with regard to the implementation of corresponding measures concerning payments posted to or credited to their TARGET accounts. Participants must familiarize themselves with the data recovery policy of their chosen network service provider before concluding a contractual relationship with them. (2) Participants authorize the National Bank of Slovakia to receive information concerning them from national and foreign financial authorities and supervisory authorities or from business entities, if such information is necessary for the participant’s participation in TARGET-SK. (3) If participants act as payment service providers for the payer or payee, they must meet all requirements arising from administrative or restrictive measures imposed on them by special regulation,30) including those concerning the notification or obtaining consent from the relevant authority in connection with the processing of transactions. (4) If the National Bank of Slovakia is the payment service provider for a participant who is the payer, the participant a) must notify the information about the transaction or obtain the consent of the relevant authority for this transaction on behalf of the central bank, which would otherwise be obliged to notify this transaction information or obtain such consent, and provide the National Bank of Slovakia with evidence of the notification of this information or the obtaining of such consent, b) must not enter into TARGET an order for the transfer of funds to the account of another entity than the participant, before receiving confirmation from the National Bank of Slovakia that the payment service provider of the payee has notified the transaction information or obtained consent for this transaction or has notified the transaction information or obtained such consent on its behalf. (5) If the National Bank of Slovakia is the payment service provider for a participant who is the payee, the participant must notify the information about the transaction or obtain the consent of the relevant authority for this transaction on behalf of the central bank, which would otherwise be obliged to notify this information or obtain such consent, and provide the National Bank of Slovakia with evidence of the notification of this
information or the obtaining of such consent. (6) For the purposes of paragraphs 3 to 5, the terms “payment service provider,” “payer,” and “payee” have the meaning attributed to them by the relevant administrative or restrictive measures imposed pursuant to paragraph 3. § 105 Notifications (1) Unless otherwise specified in this decision, all notifications required or permitted by this decision are sent by registered mail, fax, based on a bilateral agreement by other electronic means, or in another written form. Notifications addressed to the National Bank of Slovakia are sent to the Director of the Payment Systems Department of the National Bank of Slovakia, at the address Imricha Karvaša 1, 813 25 Bratislava, or by other electronic means that have been bilaterally agreed upon. Notifications to the participant are sent by post, fax, other electronic means, if bilaterally agreed upon, or to its BIC address. The participant may notify the National Bank of Slovakia of any change in the method or place of sending notifications as needed. (2) To prove the fact that a notification was sent, it is sufficient to prove that the notification was sent to the relevant addressee either physically or by electronic means. (3) All notifications are sent in the Slovak language or the English language. (4) Participants are bound by all forms and documents of the National Bank of Slovakia that they have filled out or signed, including forms for the collection of reference data, as well as other forms pursuant to § 5(1)(a), and information provided pursuant to § 11(4), which were submitted pursuant to paragraphs 1 and 2, and which the National Bank of Slovakia reasonably considers to have been received from participants, their employees, or representatives.

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________________________________________________________________________________________ § 106 Contractual relationship with the network service provider (1) For the purpose of sending or receiving instructions and messages from the TARGET system, participants a) conclude a contract with the network service provider pursuant to the concession contract concluded between this network service provider and the Eurosystem for the purpose of creating a technical connection to TARGET-SK, or b) connect through another entity that has concluded a contract with the network service provider pursuant to the concession contract concluded between this network service provider and the Eurosystem. (2) Participants whom the National Bank of Slovakia considers critical must create, in addition to the technical connection pursuant to paragraph 1, a second technical connection to TARGET-SK for unforeseen events through a second network service provider in accordance with the procedures pursuant to paragraph 1. The second technical connection may be secured through a “user to application” (U2A) mode with a low volume of transactions. (3) The legal relationship between a TARGET system participant and the network service provider is governed exclusively by the terms of a separate contract concluded pursuant to paragraph 1(a). (4) The services to be provided by the network service provider are not part of the services provided by the National Bank of Slovakia in connection with TARGET. (5) The National Bank of Slovakia is not responsible for the actions, errors, or omissions of the network service provider or its subcontractors, nor for the actions, errors, or omissions of third parties selected by participants to gain access to the network of the network service provider.

§ 107
Procedure for changes in conditions
The National Bank of Slovakia may unilaterally change this decision at any time.

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________________________________________________________________________________________ The National Bank of Slovakia shall notify participants of changes to this decision by registered mail or electronic mail. If a participant has objections to the change to this decision, it must notify the National Bank of Slovakia within 14 days from the day it was informed of the change, and the National Bank of Slovakia is entitled, based on the participant’s objections, to immediately terminate the participant’s participation in TARGET-SK and close all its TARGET accounts.

§ 108
Rights of third parties
(1) All rights, legitimate interests, obligations, liabilities, and claims arising from or relating to this decision may not be transferred by participants to the benefit of third parties, encumbered, or assigned without the written consent of the National Bank of Slovakia.
(2) This decision creates no rights for the benefit of any other entity nor obligations with respect to any other entity except the National Bank of Slovakia and participants in TARGET-SK.

§ 109
Applicable law, jurisdiction, and place of performance (1) The bilateral relationship between the National Bank of Slovakia and participants in TARGET-SK is governed by the law of the Slovak Republic.
(2) Without prejudice to the powers of the Court of Justice of the European Union, all disputes arising from matters relating to the relationship referred to in paragraph 1 fall within the exclusive jurisdiction of the competent courts in the Slovak Republic.
(3) The place of performance concerning the legal relationship between the National Bank of Slovakia and participants is the Slovak Republic.

§ 110
Severability
If any provision of this decision is invalid or becomes invalid, it does not affect the validity of all other provisions of this decision.

§ 111
Transitional provisions
(1) Balances on the participant’s PM accounts in TARGET2 shall be transferred to the respective MCA accounts by March 19, 2023, as determined by the participant. The participant’s TARGET2 TARGET DCA accounts shall become TARGET DCA accounts as of March 20, 2023.
(2) The participant’s TARGET2 T2S DCA accounts shall become T2S DCA accounts as of March 20, 2023.
(3) TARGET2 technical accounts shall become RTGS AS technical accounts as of March 20, 2023; TARGET2 TARGET-SK technical accounts shall become TARGET-SK technical accounts as of March 20, 2023; and TARGET2 guarantee fund accounts for associated system settlement procedures shall become associated system guarantee fund accounts as of March 20, 2023. (4) Balances on the participant’s domestic accounts shall be transferred to the respective MCA accounts by March 19, 2023, as determined by the participant.

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________________________________________________________________________________________ (5) Participants shall not incur any loss nor gain any profit as a result of the transfer of balances in accordance with paragraphs 1 to 5.
(6) Obligations within the Eurosystem arising from the settlement of payments between participants in different systems that are part of TARGET2 shall continue to be recorded in the TARGET system.
(7) Eligibility opinions and national opinions issued by 19 March 2023 shall be deemed to be eligibility opinions and national opinions under this Decision. Access to intraday credit approved by the Governing Council by 19 March 2023 shall be deemed to be access to intraday credit under this Decision. (8) Groups approved by the Governing Council by 19 March 2023 shall be deemed to be banking groups under this Decision.

§ 112
Repealing Provisions
The following are repealed:
a) Decision of the National Bank of Slovakia No. 4/2010 of 2 March 2010 on settlement procedures for associated TARGET2-SK systems, as amended by NBS Decisions No. 11/2010, No. 1/2011, No. 12/2012, No. 9/2015, No. 11/2016, No. 12/2017, No. 12/2018, No. 20/2019 and No. 6/2021, b) Decision of the National Bank of Slovakia No. 7/2015 of 9 June 2015 on the conditions for opening and maintaining a PM account in TARGET2-SK, as amended by NBS Decisions No. 9/2016, No. 13/2017, No. 11/2018, No. 21/2019, No. 7/2021 and No. 1/2022, c) Decision of the National Bank of Slovakia No. 10/2015 of 9 June 2015 on the general conditions for providing auto-collateralization by the National Bank of Slovakia, as amended by NBS Decisions No. 13/2016 and No. 14/2018, d) Decision of the National Bank of Slovakia No. 12/2016 of 5 April 2016 on the general conditions for providing intraday credit by the National Bank of Slovakia, as amended by NBS Decision No. 13/2018, e) Decision of the National Bank of Slovakia No. 9/2018 of 27 November 2018 on the conditions for opening and maintaining a TIPS dedicated cash account (TIPS DCA) within TARGET-SK, as amended by NBS Decisions No. 22/2019, No. 8/2021 and No. 2/2022, f) Decision of the National Bank of Slovakia No. 10/2018 of 27 November 2018 on the conditions for opening and maintaining a T2S dedicated cash account (T2S DCA) within TARGET-SK, as amended by NBS Decisions No. 23/2019 and No. 9/2021.

§ 113
Entry into Force
This NBS Decision entered into force on 20 March 2023.
NBS Decision No. 15/2022 entered into force on 21 November 2022.
NBS Decision No. 9/2023 entered into force on 20 November 2023, except for Art. I points 11 and 12, which entered into force on 1 January 2024, Art. I third point, which entered into force on 21 March 2025, and Art. I point 10, which entered into force on 21 March 2026.
NBS Decision No. 6/2024 entered into force on 1 December 2024.
NBS Decision No. 6/2025 entered into force on 6 October 2025.

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________________________________________________________________________________________ NBS Decision No. 5/2026 enters into force on 15 June 2026, except for Art. I points 44 and 45, which enter into force on 1 July 2026, and Art. I points 1 to 6, 8, 10 to 14, 16, 20 to 27, 29 to 43 and 46, which enter into force on 14 November 2026.

Peter Kažimír governor on behalf of Dušan Keketi v. r. vice governor Issuing unit: Payment Systems Department

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Annex No. 1 to NBS Decision No. 10/2022
TECHNICAL SPECIFICATIONS FOR THE PROCESSING OF MONEY TRANSFER ORDERS

Testing requirements in connection with participation in TARGET-SK
Before participating in TARGET-SK, each participant must successfully pass several tests to demonstrate its technical and operational capability.
Account numbers
Each participant account is identified by a unique account number consisting of a maximum of 34 characters created from five parts.
Message sending rules in TARGET
(1) Each participant complies with the message structure and field specifications defined in Part 3 of the relevant Detailed Functional User Specifications (hereinafter referred to as "UDFS").
(2) Business Header Application headers are attached to all types of messages processed on MCA accounts and RTGS DCA accounts, including sub-accounts of technical RTGS AS accounts, associated system guarantee fund accounts, and T2S DCA accounts as follows:
Message types processed in TARGET
(1) The following message types are processed on MCA accounts:

Account Type Name	Number of Characters	Content
Account Type	1	M = MCA<br>R = RTGS DCA<br>C = T2S DCA<br>I = TIPS DCA<br>T = technical RTGS AS account<br>U = sub-account<br>A = technical TIPS AS account<br>G = AS guarantee fund account<br>D = account for one-day sterilization operations<br>X = emergency account
Central Bank Country Code	2	ISO country code: 3166-1
Currency Code	3	EUR
BIC	11	BIC of the account holder
Account Name	Max. 17	Any text1)

Message Type	Description
head.001	Business Header Application
head.002	Business File Header

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Message Type	Description
Administration (admi)
admi.004	SystemEventNotification
admi.005	ReportQueryRequest
admi.007	ReceiptAcknowledgement
Cash Management (camt)
camt.003	GetAccount
camt.004	ReturnAccount
camt.005	GetTransaction
camt.006	ReturnTransaction
camt.018	GetBusinessDayInformation
camt.019	ReturnBusinessDayInformation
camt.025	Receipt
camt.046	GetReservation
camt.047	ReturnReservation
camt.048	ModifyReservation
camt.049	DeleteReservation
camt.050	LiquidityCreditTransfer
camt.053	BankToCustomerStatement
camt.054	BankToCustomerDebitCreditNotification
Payments clearing and Settlement (pacs)
pacs.009	FinancialInstitutionCreditTransfer
pacs.010	FinancialInstitutionDirectDebit

(2) The following message types are processed on RTGS DCA accounts and, where applicable, on technical RTGS AS accounts and associated system guarantee fund accounts:

Administration (admi)
admi.004	SystemEventNotification
admi.005	ReportQueryRequest
admi.007	ReceiptAcknowledgement
Cash Management (camt)
camt.003	GetAccount
camt.004	ReturnAccount
camt.005	GetTransaction
camt.006	ReturnTransaction
camt.007	ModifyTransaction
camt.009	GetLimit
camt.010	ReturnLimit
camt.011	ModifyLimit
camt.012	DeleteLimit
camt.018	GetBusinessDayInformation
camt.019	ReturnBusinessDayInformation
camt.021	ReturnGeneralBusinessInformation
camt.025	Receipt
camt.029	ResolutionOfInvestigation
camt.046	GetReservation
camt.047	ReturnReservation

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camt.048	ModifyReservation
camt.049	DeleteReservation
camt.050	LiquidityCreditTransfer
camt.053	BankToCustomerStatement
camt.054	BankToCustomerDebitCreditNotification
camt.056	FIToFIPaymentCancellationRequest
Payments clearing and Settlement (pacs)
pacs.002	PaymentStatusReport
pacs.004	PaymentReturn
pacs.008	CustomerCreditTransfer
pacs.009	FinancialInstitutionCreditTransfer
pacs.010	FinancialInstitutionDirectDebit
Payments Initiation (pain)
pain.998	ASInitiationStatus
pain.998	ASTransferNotice
pain.998	ASTransferInitiation

(3) The following message types are processed on T2S DCA accounts:

Message Type	Description
Administration (admi)
admi.005	ReportQueryRequest
admi.006	ResendRequestSystemEventNotification
admi.007	ReceiptAcknowledgement
Cash Management (camt)
(camt.003)	GetAccount
(camt.004)	ReturnAccount
(camt.005)	GetTransaction
(camt.006)	ReturnTransaction
(camt.009)	GetLimit
(camt.010)	ReturnLimit
(camt.011)	ModifyLimit
(camt.012)	DeleteLimit
(camt.018)	GetBusinessDayInformation
(camt.019)	ReturnBusinessDayInformation
(camt.024)	ModifyStandingOrder
(camt.025)	Receipt
(camt.050)	LiquidityCreditTransfer
(camt.051)	LiquidityDebitTransfer
(camt.052)	BankToCustomerAccountReport
(camt.053)	BankToCustomerStatement
(camt.054)	BankToCustomerDebitCreditNotification
(camt.064)	LimitUtilisationJournalQuery
(camt.065)	LimitUtilisationJournalReport
(camt.066)	IntraBalanceMovementInstruction
(camt.067)	IntraBalanceMovementStatusAdvice
(camt.068)	IntraBalanceMovementConfirmation
(camt.069)	GetStandingOrder
(camt.070)	ReturnStandingOrder

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(camt.071)	DeleteStandingOrder
(camt.072)	IntraBalanceMovementModificationRequest
(camt.073)	IntraBalanceMovementModificationRequestStatusAdvice
(camt.074)	IntraBalanceMovementCancellationRequest
(camt.075)	IntraBalanceMovementCancellationRequestStatusAdvice
(camt.078)	IntraBalanceMovementQuery
(camt.079)	IntraBalanceMovementQueryResponse
(camt.080)	IntraBalanceModificationQuery
(camt.081)	IntraBalanceModificationReport
(camt.082)	IntraBalanceCancellationQuery
(camt.083)	IntraBalanceCancellationReport
(camt.084)	IntraBalanceMovementPostingReport
(camt.085)	IntraBalanceMovementPendingReport

(4) The following message types are processed on TIPS DCA accounts and technical TIPS AS accounts:

Message Type	Description
Payments clearing and Settlement (pacs)
pacs.002	FIToFIPayment Status Report
pacs.004	PaymentReturn
pacs.008	FIToFICustomerCreditTransfer
pacs.028	FIToFIPaymentStatusRequest
Cash Management (camt)
camt.003	GetAccount
camt.004	ReturnAccount
camt.011	ModifyLimit
camt.019	ReturnBusinessDayInformation
camt.025	Receipt
camt.027	ClaimNonReceipt
camt.029	ResolutionOfInvestigation
camt.050	LiquidityCreditTransfer
camt.052	BankToCustomerAccountReport
camt.053	BankToCustomerStatement
camt.054	BankToCustomerDebitCreditNotification
camt.056	FIToFIPaymentCancellationRequest
acmt.010	AccountRequestAcknowledgement
acmt.011	AccountRequestRejection
acmt.015	AccountExcludedMandateMaintenanceRequest
admi.004	SystemEventNotification
Reference data (reda)
reda.016	PartyStatusAdviceV01
reda.022	PartyModificationRequestV01

(5) For instant payment orders in accordance with the OCT Inst system, the following additional message subtypes are used:

Message Type	Description
pacs.002.001.03	FIToFIPayment Status Report
pacs.008.001.08	FIToFICustomerCreditTransfer
pacs.028.001.03	FIToFIPaymentStatusRequest

Messages concerning instant payment orders in accordance with the OCT Inst system will be identified in the message exchange protocol by the suffix XCY.

Control to prevent double entry
All money transfer orders undergo a control to prevent double entry, the purpose of which is to reject orders that have been entered multiple times (duplicate money transfer orders). Details can be found in Part I Section 3 of the relevant UDFS.
Validation rules and error codes
Message validation is carried out in accordance with the "High Value Payments Plus" (HVPS+) guidelines on message validation specified by the ISO 20022 standard and TARGET-specific validation. Detailed validation rules and error codes are described in the relevant parts of the UDFS:
a) for MCA accounts in Chapter 14 of the CLM UDFS, b) for RTGS DCA accounts in Chapter 13 of the RTGS UDFS, c) for T2S DCA accounts in Chapter 4.1 of the T2S UDFS.

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________________________________________________________________________________________ In the event that an instant payment order or a positive response to a cancellation is rejected for any reason, the holder of the TIPS DCA account receives a payment status message [pacs.002], as stated in Chapter 4.2 of the TIPS UDFS. In the event that a liquidity transfer order is rejected for any reason, the holder of the TIPS DCA account receives a rejection message [camt.025], as stated in Chapter 1.6 of the TIPS UDFS.

Pre-determined settlement times and events
RTGS DCA accounts
(1) The message element "/FromTime/" is used for orders using the earliest time indicator for crediting the account.
(2) For orders using the latest time indicator for crediting the account, two options are available:
a) the message element "RejectTime": in the event that the order cannot be settled by the time specified for crediting the account, the money transfer order is rejected, b) the message element "TilTime": in the event that the order cannot be settled by the time specified for crediting the account, the money transfer order is not rejected but remains in the relevant waiting queue. In both options, in the event that an order with the latest time indicator for crediting the account is not settled 15 minutes before the time specified in it, a notification is automatically sent via the GUI.

T2S DCA accounts
(1) For immediate liquidity transfer orders, no specific tag is required in the XML format.
(2) Pre-determined liquidity transfer orders and standing liquidity transfer orders may be activated at a specified time or upon a specified event on the settlement day, in the event of settlement:
a) at a specified time, the XML format tag "Time(/ExctnTp/Tm/)" is used, b) upon the occurrence of a specified event, the XML format tag "(EventType/ExctnTp/Evt/)" is used.
(3) The validity period of standing liquidity transfer orders is determined based on the following XML format tags: "FromDate/VldtyPrd/FrDt/" and "ToDate/VldtyPrd/ToDt/".

Netting of money transfer orders on RTGS DCA accounts
(1) Netting eligibility checks, or extended netting eligibility checks in accordance with paragraphs 2 and 3, are carried out on money transfer orders to facilitate smooth settlement.
(2) The netting eligibility check determines whether money transfer orders from the payee, which are at the beginning of the waiting queue of money transfer orders with "urgent" priority, or, if this is not applicable, "high priority", can be netted against the money transfer order from the payer (hereinafter referred to as "money transfer orders with netting eligibility"). In the event that a money transfer order with netting eligibility does not provide sufficient funds in relation to the relevant money transfer order from the payer, it is determined whether sufficient liquidity is available on the payer's RTGS DCA account. (3) In the event that the netting eligibility check is not carried out, the National Bank of Slovakia may apply an extended netting eligibility check. The extended netting eligibility check determines whether money transfer orders with netting eligibility are available in any waiting queue of the payee regardless of their placement in the waiting queue. In the event that money transfer orders with higher priority designated by another participant are in the waiting queue of the payee, the FIFO principle may be violated only if the settlement of such nettable money transfer order would lead to an increase in the liquidity of the payee.
Optimization algorithms on RTGS DCA accounts and sub-accounts
To facilitate the smooth settlement of payment flows, four algorithms are applied. Further information is available in Part 2 of the RTGS UDFS.
(1) Within the "partial optimization" algorithm, the National Bank of Slovakia:
a) calculates and checks the liquidity status, limits, and liquidity reservations of each relevant RTGS DCA account, and b) if the total liquidity status of one or more relevant RTGS DCA accounts is negative, removes individual orders until the total liquidity status of each relevant RTGS DCA account is positive. The National Bank of Slovakia and other central banks concerned then, provided that sufficient funds are available, settle the relevant remaining money transfer orders simultaneously (except for the removed orders in accordance with letter b) on the RTGS DCA accounts of the relevant participants. When removing orders, the National Bank of Slovakia starts from the RTGS DCA account of the participant with the highest negative total liquidity status and from the payment orderer at the end of the waiting queue with the lowest priority. The removal process is triggered only for a short period determined at the discretion of the National Bank of Slovakia.

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________________________________________________________________________________________ (2) Within the "multiple optimization" algorithm, the National Bank of Slovakia:
a) compares pairs of RTGS DCA accounts of participants for the purpose of determining the possibility of settling orders in the waiting queue with the available liquidity of the two relevant RTGS DCA accounts of participants and within the limits set by them (starting with the pair of RTGS DCA accounts with the smallest difference between mutual orders) and the central banks concerned credit these payments simultaneously to the RTGS DCA accounts of the two participants, and b) if, in the case of the pair of RTGS DCA accounts mentioned in the first point, liquidity is insufficient to cover the bilateral position, removes individual orders until liquidity is sufficient. In such a case, the central banks concerned settle the remaining payments simultaneously on the RTGS DCA accounts of the two participants, except for the removed payments. After carrying out the checks mentioned in the first and second points, the National Bank of Slovakia checks the settlement positions (between the RTGS DCA account of a participant and other RTGS DCA accounts of TARGET participants for whom a multilateral limit has been set). For this purpose, the procedure mentioned in the first and second points is applied mutatis mutandis. (3) Within the "partial optimization with associated system" algorithm, which supports the RTGS AS - B settlement procedure (§ 84), the National Bank of Slovakia uses the same procedure as in the "partial optimization" algorithm, but without removing transfer orders of associated systems (for the associated system that settles simultaneously between multiple parties, i.e., the RTGS AS – B settlement procedure (§ 84)). (4) The "sub-account optimization" algorithm is used to optimize the settlement of transfer orders of associated systems with urgent priority on the sub-accounts of participants. When using this algorithm, the National Bank of Slovakia calculates the total liquidity status of each sub-account of the participant by determining whether the sum of all outgoing and incoming transfer orders of associated systems waiting in the waiting queue is negative or positive. In the event that the result of these calculations and checks is positive for each relevant sub-account, the National Bank of Slovakia and other central banks concerned settle all money transfers on the sub-accounts of the relevant participants simultaneously. In the event that the result of these calculations and checks is negative, settlement does not take place. This algorithm also does not take into account any restrictions or reservations. The total position for each bank for settlement is calculated, and if the positions for all banks for settlement are covered, all transactions are settled. Transactions that are not covered are returned to the waiting queue. (5) Money transfer orders entered after the "multiple optimization" algorithm, the "partial optimization" algorithm, or the "partial optimization" algorithm with associated system may nevertheless be settled
immediately if the positions and limits of the relevant RTGS DCA accounts of participants are compatible with both the settlement of these orders and the settlement of money transfer orders in the ongoing optimization procedure. (6) The "partial optimization" algorithm and the "multiple optimization" algorithm run sequentially in the order stated. They cannot run if the RTGS AS - B settlement procedure (§ 84) is in progress. (7) In order to ensure a minimum time interval between two running algorithms, the algorithms run flexibly by pre-determining a time period between the start of individual algorithms. The time sequence is checked automatically. Manual interventions are possible. (8) An order cannot have its order changed (change of position in the waiting queue) nor can it be cancelled if it is subject to a running algorithm. Requests to change the order or cancel an order are placed in the waiting queue until the end of the algorithm. If the relevant order is settled during the running algorithm, any request to change the order or cancel is rejected. If the order is not settled, the participant's requests are taken into account immediately.

Connection
Participants connect to TARGET using one of the following modes:
(1) "User to Application" (U2A) mode: in U2A mode, participants connect via a graphical user interface (GUI) which allows users to perform functions based on their respective access rights. It allows users to enter and maintain business data, as well as to obtain business information. The relevant user manual provides complete information on each of the functions that the respective GUI interface provides. (2) "Application to Application" (A2A) mode: in A2A mode, software applications communicate with the TARGET system by exchanging individual messages and files based on their respective access rights and subscriptions to message reception and routing configuration. The basis of A2A communication is XML messages, using the ISO 20022 standard where necessary, for both incoming and outgoing communication. Connection modes are described in more detail in the ESMIG UDFS.
UDFS and User Manual
Further details and examples explaining the above rules can be found in the relevant UDFS and in the User Manual for each service, as amended from time to time, published on the website of the National Bank of Slovakia and the website of the ECB in English.

Notes:

For sub-accounts, this section must start with a three-digit code of the associated system defined by the central bank.

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Annex No. 2 to Decision No. 10/2022 of the NBS
COMPENSATION SYSTEM WITHIN TARGET

General Principles
(1) In the event of a technical malfunction of the TARGET system, participants may submit claims for compensation in accordance with the compensation system within TARGET under this Annex.
(2) Unless the Governing Council decides otherwise, the compensation system within TARGET shall not apply if the technical malfunction of the TARGET system resulted from external events that cannot reasonably be attributed to the relevant central banks, or from the act or omission of third parties.
(3) Compensation under the compensation system within TARGET is the sole procedure for obtaining compensation in the event of a technical malfunction of the TARGET system. However, participants may use other legal remedies to claim compensation. If a participant accepts an offer for compensation under the compensation system within TARGET, it means that they irrevocably agree to waive all claims relating to payment orders in respect of which they receive compensation (including any claims for consequential damages) against any central bank, and their acceptance of payment of the relevant compensation constitutes full and final satisfaction of all such claims. The participant shall indemnify the affected central banks up to the amount obtained under the compensation system within TARGET for any subsequent claims brought by any other participant or any third party in connection with the relevant payment order or transfer of funds. (4) The submission of an offer for compensation does not constitute an admission of liability by the National Bank of Slovakia or any other central bank for the technical malfunction of the TARGET system.
Conditions for Offers for Compensation
(1) The payer may apply for an administrative fee and interest compensation if, as a result of the technical malfunction of the TARGET system:
a) a payment order (also for the purposes of one-day sterilization operations or for one or more MCA accounts or DCA accounts belonging to the participant and designated as accounts for the purpose of meeting its mandatory minimum reserve requirements) was not settled on the working day on which it was received, or could not be entered; and b) the participant attempted to use emergency processing measures under Annex No. 4, including requesting support from the National Bank of Slovakia. (2) The payee may apply for an administrative fee if, due to the technical malfunction of the TARGET system, they did not receive the funds transferred that they expected on a certain working day. The payee may also apply for interest compensation if at least one of the following conditions is met:
a) in the case of participants with access to one-day refinancing operations, due to the technical malfunction of the TARGET system, the payee used a one-day refinancing operation; or b) in the case of all participants, it was technically impossible to use the money market or such refinancing was not possible for other objective reasons.

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Calculation of Compensation
(1) With regard to the offer for compensation for the payer:
a) the administrative fee is 50 EUR for the first unsettled payment order, 25 EUR for each of the next four such payment orders, and 12.50 EUR for each further such payment order. The administrative fee is calculated separately in relation to each payee; b) interest compensation is determined using a reference rate set daily. This reference rate is the short-term euro reference rate (€STR) minus 20 basis points or the interest rate for one-day refinancing operations, whichever is lower, except when the claim relates to a payment order for the purposes of one-day sterilization operations, in which case the reference rate is the rate for one-day sterilization operations. The amount of compensation shall be reduced or, if appropriate, increased by any interest or fees on deposited funds in the Eurosystem that were available as a result of the non-settlement of payment orders. The reference rate shall be applied:
1.1 to the amount of the payment order, excluding payment orders referred to in point 1.2, which was not settled as a result of the technical malfunction of the TARGET system for each day of malfunction, starting from the day of actual entry of the payment order or the day of attempt to enter the payment order, and ending on the day when the payment order was or could be successfully settled;
1.2 in relation to payment orders to one or more MCA accounts or DCA accounts designated as accounts for the purpose of meeting mandatory minimum reserve requirements, as referred to in paragraph 1(a), for the difference between the amount of the payment order that was not settled on the day of the technical malfunction of the TARGET system and the amount by which the participant failed to meet its mandatory minimum reserve requirements as a result, from the date of malfunction until the end of the mandatory minimum reserve maintenance period;
c) interest compensation shall not be paid if the funds available from the unsettled payment orders are placed in the market or used to meet mandatory minimum reserve requirements.
(2) With regard to the offer for compensation for the payee:
a) the administrative fee is 50 EUR for the first unsettled payment order, 25 EUR for each of the next four such payment orders, and 12.50 EUR for each further such payment order. The administrative fee is calculated separately in relation to each payer; b) the method set out in paragraph 1(b) point 1.1 for calculating interest compensation shall apply, except where the interest compensation rate equals the difference between the interest rate for one-day refinancing operations and the reference rate, in which case interest compensation is calculated on the amount used in the one-day refinancing operation that occurred as a result of the technical malfunction of the TARGET system.
Procedural Rules
(1) The application for compensation shall be submitted on a form available on the website of the National Bank of Slovakia in English (see www.nbs.sk). Payers submit the application form separately for each payee, and payees submit the application form separately for each payer. Additional information and documents sufficient for this purpose shall be provided to support the statements in the application form. Only one application may be submitted in connection with a specific payment or order. (2) Participants submit application forms to the National Bank of Slovakia within four weeks from the occurrence of the technical malfunction of the TARGET system. Additional information and evidence requested by the National Bank of Slovakia shall be provided within two weeks from their request. (3) The National Bank of Slovakia assesses the applications and forwards them to the ECB. Unless the Governing Council decides otherwise and notifies the participants, all received applications shall be assessed no later than 14 weeks from the occurrence of the technical malfunction of the TARGET system, except where the application relates to payment orders to one or more MCA accounts or DCA accounts belonging to the participant and designated as accounts for the purpose of meeting mandatory minimum reserve requirements, under point 2(1)(a), in which case the received applications shall be assessed no later than 14 weeks from the end of the mandatory minimum reserve maintenance period during which the technical malfunction of the TARGET system occurred. (4) The National Bank of Slovakia notifies the relevant participants of the result of the assessment referred to in paragraph 3. If the assessment includes an offer for compensation, the affected participants shall either accept or reject this offer within four weeks from its notification, for each payment order listed in the respective applications, by signing a standard acceptance letter (in the form available on the website of the National Bank of Slovakia, see www.nbs.sk). If such a letter is not delivered to the National Bank of Slovakia within four weeks, it shall be deemed as a rejection of the compensation offer by the affected participants. (5) The National Bank of Slovakia pays the compensation after receiving the acceptance letter of indemnification from the participant. Compensation payments are not interest-bearing.

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Annex No. 3 to Decision No. 10/2022 of the NBS
REQUIREMENTS FOR OPINIONS ON CAPACITY AND NATIONAL OPINIONS

Conditions for Opinions on Capacity for Participants in TARGET National Bank of Slovakia Imricha Karvaša 1 Participation in TARGET-SK Bratislava, date ...

Dear Sir/Madam, we have been asked as [internal or external] legal advisors to [insert name of participant or branch of participant] to prepare this opinion with regard to issues arising from the laws of the state applicable to the participant (hereinafter referred to as "jurisdiction") in connection with the participation of [insert name of participant] (hereinafter referred to as "participant") in the TARGET system (hereinafter referred to as "system"). This opinion is based on the laws of [jurisdiction] as in force on the date of its preparation. The basis for preparing this opinion was not an assessment of the laws of another jurisdiction, and therefore we do not express or draw any conclusions in this regard. Each of the statements and opinions set out below has equal weight and validity under the law of [jurisdiction] regardless of whether the participant, when issuing payment orders or receiving transfers of funds, acts through its head office or through one or more branches established within or outside [jurisdiction].

DOCUMENTS ASSESSED
For the purposes of this opinion, we have assessed:
(1) a certified copy of [insert relevant constitutive documents] of the participant, which are valid on this date; (2) [if necessary] an extract from [insert relevant commercial register] and [if necessary] [a register of banks or similar register]; (3) [to the necessary extent] a copy of the participant's license or other evidence of authorization to provide banking, investment, fund transfers or other financial services in accordance with the access criteria for participation in TARGET within [jurisdiction]; (4) [if necessary] a copy of the decision adopted by the board of directors or the relevant management body of the participant [insert date] [insert year], which demonstrates the participant's consent to comply with the system documents defined below; and (5) [insert all powers of attorney and other documents representing or demonstrating the necessary authority of the person or persons to sign the relevant system documents (as defined below) on behalf of the participant], and all other documents concerning the establishment, powers and authorizations of the participant that are necessary or appropriate for the preparation of this opinion (hereinafter referred to as "participant documents"). (6) Decision No. 10/2022 of the National Bank of Slovakia of 20 June 2022 on the new generation of the Trans-European Automated Real-time Gross Settlement Express Transfer System

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________________________________________________________________________________________ for the system (hereinafter referred to as "rules") and [Rules] and […] are hereinafter referred to only as "system documents" (and together with participant documents only as "documents").

ASSUMED FACTS
With regard to the documents for the purposes of this opinion, we assume that:
(1) the system documents provided to us are originals or certified copies; (2) the conditions of the system documents and the rights and obligations arising therefrom are valid and legally binding under the law of the Slovak Republic, by which, as stated therein, they are governed, and the choice of the law of the Slovak Republic to govern the system documents is recognized by the law of the Slovak Republic; (3) the participant documents are prepared within the limits of capacity and authority of the relevant parties and have been duly approved, accepted or executed and, if necessary, delivered by the relevant parties; and (4) the participant documents are binding on the parties to whom they are addressed and there has been no breach of their conditions.
OPINION REGARDING THE PARTICIPANT
(1) The participant is a legal entity that is duly incorporated and registered or otherwise duly established or registered under the law of [jurisdiction].
(2) The participant has all powers necessary to exercise and perform the rights and obligations arising from the system documents of which it is a party.
(3) The acceptance or exercise and performance of rights and obligations arising from the system documents of which the participant is a party is not in conflict with any provisions of the laws or other legal regulations of [jurisdiction] applicable to the participant or to the participant documents. (4) No further permissions, approvals, consents, records, registrations, notarial certificates or other confirmations from the court or government authority, judicial authority or public authority competent in [jurisdiction] are required from the participant in connection with the acceptance, validity or enforceability of any system documents or the exercise of rights or performance of obligations set out below. (5) The participant has taken all necessary measures and steps concerning the company required by the law of [jurisdiction] to ensure that its obligations arising from the system documents are of a legal nature, valid and binding. This opinion is prepared as of the date stated therein and is at that time intended exclusively for the National Bank of Slovakia and [participant]. No other person, other than the designated addressees and their legal representatives, may rely on this opinion, nor may its content be made available to others without our prior written consent, except for the European Central Bank, national central banks of the European System of Central Banks and the National Bank of Slovakia.

Yours faithfully,
[signature]

Conditions for National Opinions for Participants in TARGET Outside the EEA National Bank of Slovakia Imricha Karvaša 1 TARGET-SK Bratislava, date ...

Dear Sir/Madam, we have been asked as [external] legal advisors to [insert name of participant or branch of participant] ("participant") to prepare this opinion under the law of [jurisdiction, in which the participant has its registered office, hereinafter "jurisdiction"] with regard to issues arising from the law of [jurisdiction] in connection with the participant's participation in the system, which is part of TARGET (hereinafter "system"). The references to the laws of [jurisdiction] in this opinion include all applicable legal norms of [jurisdiction]. We express an opinion under the law of [jurisdiction] with particular reference to the participant, which has its registered office outside the Slovak Republic, in connection with the rights and obligations arising from participation in the system, as set out in the system documents defined below. This opinion is based on the laws of [jurisdiction] as in force on the date of its preparation. The basis for preparing this opinion was not an assessment of the laws of another jurisdiction, and therefore we do not express or draw any conclusions in this regard. We assume that there is nothing in the legal order of another jurisdiction that could affect this opinion.

DOCUMENTS ASSESSED
For the purposes of this opinion, we have assessed the documents listed below and other documents that we considered necessary or appropriate:
(1) Decision No. 10/2022 of the National Bank of Slovakia of 20 June 2022 on the new generation of the Trans-European Automated Real-time Gross Settlement Express Transfer System for the system (hereinafter "rules") and (2) all other documents governing the system or the relationship between the participant and other participants in the system and between participants in the system and the National Bank of Slovakia. The Rules and […] are hereinafter referred to only as "system documents".
ASSUMED FACTS
With regard to the system documents for the purposes of this opinion, we assume that:
(1) the system documents are prepared within the limits of capacity and authority of the relevant parties and have been duly approved, accepted or executed and, if necessary, delivered by the relevant parties;

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________________________________________________________________________________________ (2) the conditions of the system documents and the rights and obligations arising therefrom are valid and legally binding under the law of the Slovak Republic, by which, as stated therein, they are governed, and the choice of the law of the Slovak Republic to govern the system documents is recognized by the law of the Slovak Republic; (3) participants in the system through which payment orders are sent or transfers of funds are received or through which all rights or obligations arising from the system documents are exercised or performed have permission to provide fund transfer services in all relevant jurisdictions; and (4) the documents submitted to us in copy or as a sample correspond to the originals.

OPINION
Based on the facts stated above and in any case with regard to the points set out below, we hold the opinion that:

3.1. Legal aspects specific to the given country [to the necessary extent]
These characteristic features of the legislation of [jurisdiction] are consistent with and in no way disrupt the obligations of the participant arising from the system documents: [list of legal aspects specific to the given country].

3.2. General questions regarding bankruptcy
3.2.a. Types of bankruptcy proceedings
Types of bankruptcy proceedings (including settlement and restructuring) – which for the purposes of this opinion include all proceedings against the assets of the participant or against any branch that it may have in [jurisdiction] – which may be brought against the participant in [jurisdiction], are only these: [list of proceedings in the original language and English translation] (hereinafter collectively "bankruptcy proceedings").

In addition to bankruptcy proceedings, in [jurisdiction], against the participant, any of its assets or any branch that it may have in [jurisdiction], [list of applicable moratoria, forced administration or any other proceedings, due to which payments by the participant or to the participant may be suspended or restrictions imposed in connection with such payments or similar proceedings in the original language and English translation] may be brought (hereinafter collectively "proceedings").

3.2.b. Bankruptcy contracts
[jurisdiction] or some administrative units within [jurisdiction], as stated, is/a party to these bankruptcy contracts: [if necessary, insert those that have or may have an impact on this opinion].

3.3. Enforceability of System Documents
With regard to the points set out below, all provisions of the system documents will be binding and enforceable in accordance with their conditions under the law of [jurisdiction], especially

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________________________________________________________________________________________ in the event of the initiation of any bankruptcy proceedings or proceedings against the participant.
In particular, we are of the opinion that:

3.3.a. Processing of Payment Orders
The provisions of Sections 17, 18, Sections 30 to 33, Section 35, Sections 44 to 49, Sections 53 to 56, Section 63, Sections 65 and 66, Section 76 and Section 80 of the rules on the processing of payment orders are valid and enforceable. In particular, all payment orders processed in accordance with these sections will be valid, binding and enforceable under the law of [jurisdiction]. The provision of Section 18 of the rules, which establishes the exact moment when a payment order entered by a participant into the system becomes enforceable and irrevocable, is valid, binding and enforceable under the law of [jurisdiction].

3.3.b. Authorization of the National Bank of Slovakia to Perform its Functions The initiation of bankruptcy proceedings or proceedings against the participant will not affect the status and powers of the National Bank of Slovakia arising from the system documents. [Insert [to the necessary extent], that: the same opinion also applies to any entity providing services to participants that are directly and necessarily required for participation in the system, e.g. network service provider in TARGET].

3.3.c. Remedial Measures in Case of Default
[If applicable to the participant, the provisions set out in [list of sections] of the rules on early maturity of not yet due claims, on set-off of claims using participant deposits, on enforcement of security interest, on suspension and termination of participation, on claims for interest on overdue amounts and on termination of agreements and transactions ([insert other relevant provisions of the rules or system documents]) are valid and enforceable under the law of [jurisdiction].]

3.3.d. Suspension and Termination of Participation If applicable to the participant, the provisions set out in [list of sections] of the rules (on suspension and termination of the participant's participation in the system in the event of the initiation of bankruptcy proceedings or proceedings, or other cases of default, as defined in the system documents, or if the participant poses any systemic risk or has serious operational problems) are valid and enforceable under the law of [jurisdiction].

3.3.e. Sanctions
If applicable to the participant, the provisions set out in [list of sections] of the rules on sanctions imposed on a participant who is unable to repay intraday credit or one-day credit on time, if applicable, are valid and enforceable under the law of [jurisdiction].

3.3.f. Assignment of Rights and Obligations
The participant may not assign, change or otherwise transfer its rights and obligations to third parties without the prior written consent of the National Bank of Slovakia.

3.3.g. Choice of Governing Law and Jurisdiction The provisions set out in [list of sections] of the rules, and especially those on governing law,

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________________________________________________________________________________________ regarding dispute resolution, jurisdiction of courts, and service of process, are valid and enforceable under the law of [jurisdiction].

3.4. Avoidance of legal acts
We are of the opinion that no obligation arising from the system documents, its performance, or compliance with it prior to the commencement of any insolvency proceedings or proceedings against a participant may be excluded as an avoidable legal act, avoidable transaction, or otherwise excluded under the law of [jurisdiction].

In particular and without prejudice to the above opinion, we express this view with regard to payment orders issued by any participant in the system. We are of the opinion, in particular, that the provisions of [list of sections] of the rules on the enforceability and irrevocability of payment orders shall be valid and enforceable, and that a payment order issued by a participant and processed in accordance with [list of sections] of the rules must not be excluded in any insolvency proceedings or proceedings as an avoidable legal act, avoidable transaction, or otherwise excluded under the law of [jurisdiction].

3.5. Attachment
If a creditor of a participant requests a court or government authority, judicial authority, or other public authority competent in [jurisdiction] to issue an attachment order (including a freezing order, a preservation order, or any other public law or private law proceedings intended to protect public interests or the rights of the participant's creditors) (hereinafter referred to as "attachment") under the law of [jurisdiction], we are of the opinion that [insert analysis and considerations].

3.6. Collateral [if necessary]
3.6.a. Transfer of rights or provision of assets for collateral purposes, pledge, security transfer of rights, or repurchase agreement Transfers for collateral purposes are valid and enforceable under the law of [jurisdiction].
Specifically, the creation and enforcement of a pledge, security transfer of rights, or repurchase agreement in accordance with [insert reference to relevant agreement with the central bank] shall be valid and enforceable under the law of [jurisdiction].

3.6.b. Priority rights of transferees, secured creditors, or buyers in repurchase agreements vis-à-vis others claiming rights In the event of insolvency proceedings or proceedings against a participant, rights and obligations transferred for collateral purposes or pledged by the participant in favor of the National Bank of Slovakia or other participants in the system shall have priority in payments over the claims of all other creditors of the participant and shall not be subject to priority rights or priority creditors.

3.6.c. Enforcement of security claims
Even in the event of insolvency proceedings or proceedings against a participant, other participants in the system and the National Bank of Slovakia as [transferees, secured creditors, or buyers in repurchase agreements, as applicable] shall retain the right to enforce and collect the participant's rights or assets through actions by the National Bank of Slovakia in accordance with the rules.

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________________________________________________________________________________________ 3.6.d. Form and registration requirements In the case of a participant's rights or assets, no formal requirements are established for the transfer for collateral purposes or for the creation and enforcement of a pledge, security transfer of rights, or repurchase agreement, and for [transfer for collateral purposes, pledge, security transfer of rights, or repurchase agreements, as applicable] or any formalities of such [transfer, pledge, security transfer of rights, or repurchase agreements, as applicable], no registration or record is required with any court, government authority, judicial authority, or other public authority competent in [jurisdiction].

3.7 Branches [to the extent necessary]
3.7.a. Opinion applies to proceedings through branches Each of the above statements and opinions regarding a participant shall have the same weight and validity under the law of [jurisdiction] regardless of whether the participant acts through one or more of its branches established outside [jurisdiction].

3.7.b. Compliance with law
The exercise and performance of rights and obligations under the system documents, nor the issuance, transfer, or acceptance of payment orders by a participant's branch, shall in no respect violate the law of [jurisdiction].

3.7.c. Required permits
The exercise and performance of rights and obligations under the system documents, nor the issuance, transfer, or acceptance of payment orders by a participant's branch, shall not require any additional permits, approvals, consents, records, registrations, notarial certificates, or other confirmations from a court, government authority, judicial authority, or other public authority competent in [jurisdiction].

This opinion is prepared as of the date stated therein and is at that time intended exclusively for the National Bank of Slovakia and [participants]. No other person, other than the designated addressees and their legal representatives, may rely on this opinion, nor may its content be made available to others than these persons without our prior written consent, except for the European Central Bank, national central banks of the European System of Central Banks, and the National Bank of Slovakia).

Yours faithfully,
[signature]

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Annex No. 4 to Decision No. 10/2022
RECOVERY AND CONTINGENCY PROCEDURES

GENERAL PROVISIONS
This annex establishes arrangements between the National Bank of Slovakia and participants in the event that the TARGET system fails or one or more network service providers fail or are affected by an unforeseen external event, or if such failure affects any participant.

All references to specific times in this annex are references to local time at the ECB headquarters.

The provisions set out in this point 1 apply to MCA accounts, RTGS DCA accounts and their sub-accounts, technical RTGS AS accounts, T2S DCA accounts, TIPS DCA accounts, and technical TIPS AS accounts.

1.1. Recovery and contingency processing measures
(1) In the event of an unforeseen external event or failure of the TARGET system or failure of one or more network service providers, which have an impact on the normal operation of TARGET, the National Bank of Slovakia is authorized to take recovery and contingency processing measures.
(2) The following main recovery and contingency processing measures are available in the TARGET system:
a) relocation of TARGET operations to another location, b) change of TARGET operating hours.
(3) In the case of measures to ensure recovery and contingency processing, it is entirely up to the National Bank of Slovakia to consider whether and what measures to take.

1.2. Event notification
If an event described in point 1.1(1) occurs, it shall be communicated to participants via the ECB website, if available through a graphical user interface (GUI) and, where applicable, through domestic communication channels. Participants are notified of the following information in particular:
a) description of the event and its impact on the TARGET system, b) the time at which the resolution of the event is expected (if known), c) information on any measures already taken, d) any recommendations for participants, e) timestamp of the notification and information on when an update will be provided.

1.3. Change of operating hours
(1) In the event of a change to the TARGET operating schedule, as established in Section 19(2) of this Decision, the National Bank of Slovakia may postpone the TARGET cutoff for the given working day or postpone the start of the next working day or change the timing of other events listed in Annex No. 5. (2) The TARGET cutoff times for the given working day may be postponed if TARGET failure occurred during that day but was resolved before 18:00. The end time should usually not be postponed by more than two hours, and this fact shall be communicated to participants as soon as possible. (3) When a postponement of the TARGET cutoff is announced, it may be further postponed, but such a decision cannot be revoked.

1.4. Other provisions
(1) In the event of a failure of the National Bank of Slovakia, other central banks of the Eurosystem or national central banks at level 3 may perform some or all of its technical functions in connection with TARGET-SK on its behalf.
(2) The National Bank of Slovakia may require participants to participate in regular or occasional testing of recovery and contingency processing measures, in training, or in other preventive events that the National Bank of Slovakia deems necessary. All costs incurred by participants as a result of such testing or other measures shall be borne exclusively by those participants.

RECOVERY AND CONTINGENCY PROCEDURES (RTGS DCA ACCOUNTS AND RTGS AS SETTLEMENT PROCEDURES)
In addition to the provisions set out in point 1, the provisions set out in this point 2 apply specifically to holders of RTGS DCA accounts and associated systems utilizing RTGS AS settlement procedures.

2.1. Relocation of TARGET system operations to another location
(1) Relocation of TARGET system operations to another location, as referred to in point 1.1(2)(a), may take place in the same or another region.
(2) In the event that TARGET system operations are relocated to another region, participants a) shall refrain from sending new payment orders to the TARGET system, b) shall perform reconciliation upon request by the National Bank of Slovakia, c) shall re-enter all payment orders identified as lost, and d) shall provide the National Bank of Slovakia with all information relevant in this regard. (3) The National Bank of Slovakia may take any further measures, including charging participants' accounts and crediting their accounts, in order to return the accounts of these participants to their state prior to relocation.

2.2. Change of operating hours
(1) If the National Bank of Slovakia postpones the end of TARGET daily operations as referred to in point 1.3 before 16:50, under normal circumstances, a minimum one-hour period between the settlement of customer and interbank orders should be maintained.
(2) Associated systems have established means to handle cases where the resumption of operations cannot be carried out on time due to TARGET failure on the previous day.

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2.3. Contingency processing
(1) If the National Bank of Slovakia deems it necessary, it shall initiate contingency processing of payment orders using the TARGET Contingency Solution or other means. In such cases, contingency processing is carried out with maximum effort. The National Bank of Slovakia shall notify participants of the start of contingency processing using any available communication means. (2) During contingency processing using the TARGET Contingency Solution, holders of RTGS DCA accounts issue payment orders, which are approved by the National Bank of Slovakia. Exceptionally, the National Bank of Slovakia may also manually issue payment orders on behalf of participants. The associated system may also submit files containing associated system transfer orders based on the RTGS AS – A settlement procedure (Section 83) and authorize the National Bank of Slovakia to enter them into the contingency solution. (3) These payment orders are considered "very critical," and the National Bank of Slovakia shall exert maximum effort without delay to process them in contingency operations:
a) payments related to the settlement of CLS Bank International operations processed within CLS Settlement, b) liquidity calls for central counterparties, c) payments made by treasury administrations of central or regional governments of Member States or on their behalf to prevent the transformation of intraday credit into overnight credit. (4) Other payment orders than those listed in paragraph 3 and necessary to eliminate systemic risk are considered "critical," and the National Bank of Slovakia may decide to initiate contingency processing with respect to them. Critical payment orders include, inter alia:
a) payment orders related to the settlement of other systemically important payment systems under special legislation,1) b) payment orders transferring liquidity to a T2S DCA account or TIPS DCA account, c) payment orders transferring liquidity necessary to execute very critical payment orders as defined in paragraph 3 or other critical payment orders. (5) Payment orders entered into TARGET-SK before the activation of contingency processing but which are in the queue may also be subject to contingency processing. In such cases, the National Bank of Slovakia strives to avoid double processing of payment orders, but the risk of such double processing, if it occurs, is borne by the participants. (6) In the event of contingency processing using the TARGET Contingency Solution, participants provide acceptable assets as collateral. Incoming payment orders may be used during contingency processing to finance outgoing payment orders.

2.4. Participant-related failures
(1) In the event that a participant has a problem preventing them from sending payment orders to TARGET, they are responsible for resolving the problem using their own resources. The participant may use, in particular, internal solutions available to them, the graphical user interface (GUI) function for processing liquidity transfers and orders, or utilize the backup function via the GUI. (2) If the resources, solutions, or crisis management functions used by the participant under paragraph 1 are exhausted or insufficient, the participant may request support from the National Bank of Slovakia, and the National Bank of Slovakia shall provide such support with maximum effort. The National Bank of Slovakia decides what support to provide to the participant. (3) If necessary, more detailed contingency measures regarding associated systems as described in an additional agreement between the National Bank of Slovakia and the respective associated system shall be provided.

RECOVERY AND CONTINGENCY PROCEDURES (MCA ACCOUNTS)
In addition to the provisions set out in point 1, the provisions of this point 3 apply specifically to holders of MCA accounts.

3.1. Relocation of TARGET system operations to another location
(1) Relocation of TARGET system operations to another location, as referred to in point 1.1(2)(a), may take place in the same or another region.
(2) In the event that TARGET system operations are relocated to another region, participants a) shall refrain from sending new payment orders to the TARGET system, b) shall perform reconciliation upon request by the National Bank of Slovakia, c) shall re-enter all payment orders identified as lost, and d) shall provide the National Bank of Slovakia with all information relevant in this regard. (3) The National Bank of Slovakia may take any further measures, including charging participants' accounts and crediting their accounts, in order to return the accounts of these participants to their state prior to relocation.

3.2. Contingency processing
(1) If the National Bank of Slovakia deems it necessary, it shall initiate contingency processing of payment orders using the TARGET Contingency Solution or other means. In such cases, contingency processing is carried out with maximum effort. The National Bank of Slovakia shall notify participants of the start of contingency processing using any available communication means. (2) During contingency processing using the TARGET Contingency Solution, holders of MCA accounts issue payment orders, which are approved by the National Bank of Slovakia. Exceptionally, the National Bank of Slovakia may also manually issue payment orders on behalf of participants. (3) Payment orders necessary to eliminate systemic risk are considered "critical," and the National Bank of Slovakia may decide to initiate contingency processing with respect to them.

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________________________________________________________________________________________ (4) Payment orders already entered into TARGET-SK before the activation of contingency processing but which are in the queue may also be subject to contingency processing. In such cases, the National Bank of Slovakia strives to avoid double processing of payment orders, but the risk of such double processing, if it occurs, is borne by the participants. (5) In the event of contingency operations using the TARGET Contingency Solution, participants provide acceptable assets as collateral. Incoming payment orders may be used during contingency operations to finance outgoing payment orders.

3.3. Participant-related failures
(1) In the event that a participant has a problem preventing them from sending payment orders in the TARGET system, they are responsible for resolving this problem using their own resources. The participant may use, in particular, internal solutions or the GUI interface function for processing liquidity transfer orders. (2) If the resources, solutions, or crisis management functions used by the participant under paragraph 1 are exhausted or insufficient, the participant may request support from the National Bank of Slovakia, and the National Bank of Slovakia shall provide such support with maximum effort. The National Bank of Slovakia decides what support to provide to the participant.

RECOVERY AND CONTINGENCY PROCEDURES (T2S DCA ACCOUNTS)
In addition to the provisions set out in point 1, the provisions of this point 4 apply specifically to holders of T2S DCA accounts.

4.1. Relocation of TARGET system operations to another location
(1) Relocation of TARGET system operations to another location, as referred to in point 1.1(2)(a), may take place in the same or another region (if available).
(2) In the event that TARGET system operations are relocated to another region, participants a) shall refrain from sending new payment orders to the TARGET system, b) shall perform reconciliation upon request by the National Bank of Slovakia, c) shall re-enter all orders identified as lost, and d) shall provide the National Bank of Slovakia with all information relevant in this regard. (3) The National Bank of Slovakia is authorized to take any further measures, including charging participants' accounts and crediting their accounts, in order to return the accounts of these participants to their state prior to relocation.

4.2. Participant-related failures
(1) In the event that a holder of a T2S DCA account has a problem preventing them from settling payment orders in TARGET-SK, they are responsible for resolving this problem using their own resources.
(2) If the resources under paragraph 1 are exhausted or insufficient, the participant may request support from the National Bank of Slovakia, and the National Bank of Slovakia shall provide such support with maximum effort. The National Bank of Slovakia decides what support to provide to the participant.

Notes:

Regulation of the European Central Bank (EU) No 795/2014 of 3 July 2014 on supervisory requirements for systemically important payment systems (ECB/2014/28)
(OJ EU L 217, 23.7.2014). No. k No.

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Annex No. 5 to Decision No. 10/2022
TARGET SYSTEM OPERATING SCHEDULE

(1) The day of crediting or debiting amounts for orders for transactions settled in the TARGET system is always the day of crediting or debiting amounts for orders in which the system is operational.
(2) All days except Saturday, Sunday, New Year's Day, Good Friday, Easter Monday (according to the calendar valid at the ECB headquarters), May 1, December 25, and December 26 are TARGET working days, and therefore may be days of crediting or debiting amounts for orders for the purpose of settlement in TARGET. (3) TIPS DCA accounts and technical TIPS AS accounts are operated on all days. All other types of accounts are operated on all days except Saturday, Sunday, New Year's Day, Good Friday, Easter Monday (according to the calendar valid at the ECB headquarters), May 1, December 25, and December 26. (4) A working day begins in the evening of the previous working day. (5) The reference time for the system is local time at the ECB headquarters. (6) The various phases of the TARGET system working day and significant operational events concerning MCA accounts, RTGS DCA accounts (including technical accounts and sub-accounts of RTGS AS and associated system guarantee fund accounts), T2S DCA accounts, and TIPS DCA accounts (including technical TIPS AS accounts) are listed in this table:

HH:MM MCA accounts RTGS DCA accounts T2S DCA accounts TIPS DCA accounts Approximately at 18:45 (D-1)

Start of operating day:
Day change for crediting or debiting amounts for orders
Start of operating day:
Day change for crediting or debiting amounts for orders
Start of operating day:
Day change for crediting or debiting amounts for orders
Preparation for night settlement
Processing of instant payment orders
Processing of liquidity transfer orders to technical TIPS AS accounts and from them
No liquidity transfers between TIPS DCA accounts and other accounts

19:00 (D-1)

Settlement of central bank operations
Repayment of overnight refinancing operations
Final deadline for CMS data approval
Preparation for night settlement

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________________________________________________________________________________________ HH:MM MCA Accounts RTGS DCA Accounts T2S DCA Accounts TIPS DCA Accounts

Return of one-day deposits
Processing of automated liquidity transfer orders and liquidity transfer orders according to rules
19:30 (D-1) • Settlement of central bank operations
Processing of standing liquidity transfer orders
Processing of automated liquidity transfer orders, liquidity transfer orders according to rules, and immediate liquidity transfer orders
Settlement of transfer orders of associated systems
Processing of standing liquidity transfer orders
Processing of automated liquidity transfer orders, liquidity transfer orders according to rules, and immediate liquidity transfer orders
Processing of immediate payment orders
Processing of liquidity transfer orders to TIPS AS technical accounts and from them, and liquidity transfer orders between TIPS DCA accounts and MCA/RTGS DCA accounts
20:00 (D-1) • Night settlement cycles
Processing of immediate payment orders
Processing of liquidity transfer orders to TIPS AS technical accounts and from them, and liquidity transfer orders between TIPS DCA accounts and other accounts
TARGET
2:30 (D) • Settlement of transfer orders of associated systems 2:30 (calendar day following D-1)
Mandatory maintenance time until 2:30 on business days after days when TARGET is not in operation, including every Monday business day
Optional maintenance time (if necessary) from 3:00 to 5:00 on TARGET business days
Mandatory maintenance time on business days after days when TARGET is not in operation, including every Monday business day
Optional maintenance time (if necessary) from 3:00 to 5:00 on TARGET business days
Mandatory maintenance time on business days after days when TARGET is not in operation, including every Monday business day
Optional maintenance time (if necessary) from 3:00 to 5:00 on TARGET business days (for T2S DCA accounts: for maintenance time purposes, May 1 is considered a working day)
Processing of immediate payment orders
Processing of liquidity transfer orders to TIPS AS technical accounts and from them
No liquidity transfers between TIPS DCA accounts and other accounts
Restart of Operation* (D)
Settlement of central bank operations
Processing of automated liquidity transfer orders, liquidity transfer orders according to rules, and immediate liquidity transfer orders
Settlement of transfer orders of associated systems
Processing of automated liquidity transfer orders, liquidity transfer orders according to rules, and immediate liquidity transfer orders
Night settlement cycles
Processing of immediate payment orders
Processing of liquidity transfer orders to TIPS AS technical accounts and from them, and liquidity transfer orders between TIPS DCA accounts and other accounts
05:00 (D) • Day phase/real-time settlement:
Preparation for real-time settlement
Time for partial settlement (partial settlement takes place at 8:00, 10:00, 12:00, 14:00, and 15:30 (or 30 minutes before the start of delivery versus payment (DvP) settlement time, whichever occurs first))
16:00 (D) • End of settlement for delivery versus payment (DvP) orders 16:30 (D) • Automatic payment within autocollateralization, followed by optional cash sweep 17:00 (D) • End of settlement for client orders 17:40 (D) • End of settlement for two-way agreed treasury management operations and end of settlement for central bank operations 17:45 (D) • End of settlement for liquidity transfer orders to T2S DCA accounts
End of settlement for incoming liquidity transfer orders
Processing of immediate payment orders
Processing of liquidity transfer orders to TIPS AS technical accounts and from them, and liquidity transfer orders between TIPS DCA accounts and MCA/RTGS DCA accounts
Blocking of liquidity transfer orders from TIPS DCA accounts to T2S DCA accounts. During this period, no liquidity transfer orders between T2S DCA accounts and TIPS DCA accounts are processed.
18:00 (D) End of settlement for:
Liquidity transfer orders
CBO, except automatic operations
Credit line adjustments
End of settlement for:
Interbank orders and
Liquidity transfer orders
Transfer orders of associated systems
End of settlement for Free of Payment (FOP)
End of T2S settlement processes
Recycling and removal
Sending of end-of-day reports and statements
Processing of immediate payment orders
Processing of liquidity transfer orders to TIPS AS technical accounts and from them
No liquidity transfers between TIPS DCA accounts and other accounts
Shortly after 18:00:
Change of business day (after receiving camt.019 message from MCA/RTGS)
Snapshot of TIPS DCA account balances and end-of-day reporting
18:15 (D) Final deadline for using automatic operations
Processing of immediate payment orders and liquidity transfer orders to TIPS AS technical accounts and from them
No liquidity transfers between TIPS DCA accounts and other accounts
18:40 (D) • Final deadline for using one-day refinancing operations (NCB only)
End-of-day processing
Operating hours may change if recovery measures are adopted in accordance with Annex No. 4. On the last day of the maintenance period for mandatory minimum reserves in the Eurosystem, the final deadlines 18:15, 18:40, 18:45, 19:00, and 19:30 for MCA accounts and for RTGS DCA accounts (as well as for technical accounts and sub-accounts of RTGS AS and associated system guarantee fund accounts) are shifted 15 minutes later. List of abbreviations and notes to this table:

Restart of operation times: may vary depending on the situation. Information is provided by the operator.
(D-1) previous business day
(D) business day = day of crediting or debiting the amount of the order CMS Collateral Management System DvP Orders Delivery versus payment orders.

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Annex No. 6 to Decision No. 10/2022 of the NBS
FEE SCHEDULE

GENERAL PROVISIONS
(1) These services are not included in the services offered by the National Bank of Slovakia and are charged by the respective service providers in accordance with their terms:
a) services offered by network service providers, b) non-monetary T2S services.
(2) A participant who wishes to change their pricing system selection shall notify the National Bank of Slovakia by the twentieth calendar day of the month so that it can be taken into account in the following month.
FEES FOR MCA ACCOUNT HOLDERS
No fees are charged for the maintenance of MCA accounts and transactions settled on them.
FEES FOR RTGS DCA ACCOUNT HOLDERS
(1) Holders of RTGS DCA accounts choose one of the following two fee setting options:
a) monthly fee plus fixed transaction fee per order (debit entry), Monthly fee 400 EUR Transaction fee per order 0.80 EUR b) monthly fee plus transaction fee based on the volume of orders (debit entry) and calculated on a cumulative basis, as shown in the following table. For participants in a billing group, the monthly volume of orders (debit entry) of all participants in such a group is summed up, c) Monthly fee 5,000 EUR Monthly volume of orders Band From To Transaction fee per order (EUR)
1 10,000 0.60
10,001 35,000 0.50
35,001 80,000 0.40
80,001 135,000 0.20
135,001 200,000 0.125
200,001 300,000 0.08
More than 300,000 0.05
(2) Liquidity transfer orders from RTGS DCA accounts to sub-accounts, to MCA accounts, to one-day sterilization operation accounts, or to RTGS DCA accounts held by the same participant or participants within the same banking group are not subject to fees.
(3) Liquidity transfer orders from RTGS DCA accounts to MCA accounts or to RTGS DCA accounts of participants who do not belong to the same banking group are subject to a fee of 0.80 EUR per transaction (debit entry).

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________________________________________________________________________________________ (4) Liquidity transfer orders from RTGS DCA accounts to T2S DCA accounts or to TIPS DCA accounts are not subject to fees.
(5) Money transfer orders from an RTGS DCA account to an associated system account are not charged to the holder of the RTGS DCA account, regardless of whether it is an RTGS DCA account, a technical account of RTGS AS, or an associated system guarantee fund account.
(6) The following fees apply to holders of RTGS DCA accounts:
Service Monthly Fee (EUR)
Addressable BIC Holder (Correspondents1) 20
Unpublished BIC 30
Multi-address access (based on BIC8) 80
4. FEES FOR ASSOCIATED SYSTEMS USING RTGS AS SETTLEMENT PROCEDURES
(1) Fees are charged for the associated system regardless of the number and type of accounts. Operators of associated systems operating more than one system will be charged a fee for each system. Associated systems using RTGS AS settlement procedures or granted an exemption allowing them to settle on an RTGS DCA account choose one of the following two fee setting options:
a) monthly fee plus fixed transaction fee per money transfer order, Monthly fee 300 EUR Transaction fee per money transfer order 1.60 EUR b) monthly fee plus transaction fee based on the volume of money transfer orders and calculated on a cumulative basis, as shown in the following table, Monthly fee 3,750 EUR Monthly volume of money transfer orders Band From To Transaction fee per money transfer order (EUR)

1 5,000 1.20
5,001 12,500 1.00
12,501 25,000 0.80
25,001 50,000 0.40
over 50,000 0.25
Money transfer orders between an RTGS DCA account and an associated system account (also applies to technical accounts and sub-accounts of RTGS AS and associated system guarantee fund accounts) are charged to the respective associated system according to the fee setting option chosen by the associated system. Fees under both fee setting options are charged for the associated system regardless of the number and type of accounts. Operators of associated systems operating more than one system will be charged a fee for each system.

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________________________________________________________________________________________ (2) In addition to the fees mentioned, each associated system is required to pay two fixed fees, as shown in the following table.
A. Fixed Fee I
Monthly fee for associated system 2,000 EUR
B. Fixed Fee II (based on gross notional amount) Volume (mil. EUR/day) Annual Fee (EUR) Monthly Fee (EUR) from 0 to 999.99 10,000 833 from 1,000 to 2,499.99 20,000 1,667 from 2,500 to 4,999.99 40,000 3,334 from 5,000 to 9,999.99 60,000 5,000 from 10,000 to 49,999.99 80,000 6,666 from 50,000 to 499,999.99 100,000 8,333 500,000 and more 200,000 16,667 The gross notional amount is the total amount of gross monetary liabilities settled through the associated system after settlement on an RTGS DCA account or sub-account. For central counterparties, the gross notional amount represents the total notional value of futures or the market value of futures in values to be settled when futures expire and commissions are applied.
5. FEES FOR T2S DCA ACCOUNT HOLDERS
(1) The following fees are charged for the operation of T2S DCA accounts:
Item Applicable Rule Fee per Item (EUR)
Liquidity transfer orders between T2S DCA accounts Charged to the T2S DCA account for the transfer. 0.141 Balance movements Uniquely realized balance movement (i.e., blocking, unblocking, liquidity reservation, etc.) 0.094 A2A Searches For a commercial item in each generated A2A search 0.007 A2A Reports For a commercial item in each generated A2A report, including A2A reports based on U2A searches. 0.004 Reports grouped into a file For a report in each file containing reports included in the file 0.004 Transfer Each transfer per T2S side (incoming and outgoing) will be counted and charged (except for technical confirmation of receipt reports). 0.012 U2A Searches Each search function performed 0.100 T2S DCA Account Fee Each T2S DCA account existing at any time during the monthly billing period Subject to regular review. Not subject to fee. 0.000 Autocollateralization Issuance or return of autocollateralization 0.000 (2) Liquidity transfer orders from a T2S DCA account to an RTGS DCA account, TIPS DCA account, or MCA account are not subject to fees.
6. FEES FOR TIPS DCA ACCOUNT HOLDERS
Fees for the operation of TIPS DCA accounts are charged as follows:
a) a monthly fixed fee of 800 EUR is charged to the holder of a TIPS DCA account for each TIPS DCA account; this fixed fee includes one BIC whose holder is the available party in TIPS designated by the holder of the TIPS DCA account for use of this TIPS DCA account, b) for each additional available party designated by the holder of a TIPS DCA account, a monthly fixed fee of 20 EUR is charged to the respective holder of the TIPS DCA account, up to a maximum of 50 available parties; no fee is charged for the fifty-first and subsequent available parties, c) a fee of 0.001 EUR is charged for each immediate payment order or positive cancellation response accepted by the National Bank of Slovakia under Section 17, both to the holder of the TIPS DCA account on which the posting is made and to the holder of the TIPS DCA account or technical TIPS AS account in whose favor the credit is to be made, regardless of whether the immediate payment order or positive cancellation response is settled, d) no fee is charged for liquidity transfer orders from TIPS DCA accounts to MCA accounts, RTGS DCA accounts, sub-accounts, one-day sterilization operation accounts, technical TIPS AS accounts, or T2S DCA accounts.
7. FEES FOR ASSOCIATED SYSTEMS USING TIPS AS SETTLEMENT PROCEDURE
(1) Fees for the use of the TIPS AS settlement procedure by associated systems are charged as follows:
a) a monthly fixed fee of 3,000 EUR is charged to the holder of a technical TIPS AS account for each technical TIPS AS account, b) for each available party designated by the holder of a technical TIPS AS account, a monthly fixed fee of 20 EUR is charged to the respective holder of the technical TIPS AS account, up to a maximum of 50 available parties; no fee is charged for the fifty-first and subsequent available parties, c) a fee of 0.001 EUR is charged for each immediate payment order or positive cancellation response accepted by the National Bank of Slovakia under Section 17, both to the holder of the technical TIPS AS account on which the posting is made and to the holder of the technical TIPS AS account or TIPS DCA account in whose favor the credit is to be made, regardless of whether the immediate payment order or positive cancellation response is settled, d) no fee is charged for liquidity transfer orders from technical TIPS AS accounts to TIPS DCA accounts. (2) In addition to the fees under paragraph 1, each associated system is required to pay a monthly fee based on the underlying gross volume of immediate payments, near-immediate payments, and positive cancellation responses settled on its own platform, which were enabled by prefunded positions on the technical TIPS AS account. Each associated system reports the underlying gross volume of its settled immediate payments, near-immediate payments, and settled positive cancellation responses rounded down to the nearest ten thousand, no later than on the third business day of the following month. The National Bank of Slovakia uses the reported underlying gross volume to calculate the unit fee for the settled immediate payment, near-immediate payment, or settled positive cancellation response for the previous month according to this table:

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________________________________________________________________________________________ Notes:

Addressable BIC Holders are available for various types of participants: addressable BIC holder – correspondent; addressable BIC holder – participant branch; and addressable BIC holder – correspondent branch. A fee is charged only for the participant type addressable BIC holder – correspondent. The fee is charged for each individual BIC11.
Reported Underlying Gross Volume
From To Unit Fee (EUR)
0 10,000,000 0.00040
10,000,001 25,000,000 0.00030
25,000,001 100,000,000 0.00020
100,000,001 0.00015

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Annex No. 7 to Decision No. 10/2022 of the NBS
INFORMATION SECURITY MANAGEMENT AND BUSINESS CONTINUITY MANAGEMENT REQUIREMENTS MCA ACCOUNT HOLDERS, T2S DCA ACCOUNT HOLDERS, AND TIPS DCA ACCOUNT HOLDERS These information security management and business continuity management requirements do not apply to MCA account holders, T2S DCA account holders, and TIPS DCA account holders. RTGS DCA ACCOUNT HOLDERS AND ASSOCIATED SYSTEMS The requirements set out in point 1 of this Annex (information security management) apply to all RTGS DCA account holders and associated systems, except where the holder of an RTGS DCA account or an associated system demonstrates that a certain requirement does not apply to them. When determining the scope of application of requirements within their infrastructure, a participant should identify elements that are part of the entire payment transaction chain. The payment transaction chain begins at the access point, i.e., in the system involved in creating transactions (e.g., workstations, front-office and back-office applications, middleware), and ends with the system responsible for sending the message to the network service provider. The requirements set out in point 2 of this Annex (business continuity management) apply to RTGS DCA account holders and associated systems that the Eurosystem has designated as critical for the smooth functioning of the TARGET system based on criteria regularly updated and published on the ECB website.

INFORMATION SECURITY MANAGEMENT
Requirement 1.1: Information Security Policy
Management shall establish a clear policy direction in line with business objectives and demonstrate support and commitment to information security through the issuance, approval, and maintenance of an information security policy focused on managing information security and cyber resilience throughout the organization, regarding the identification, assessment, and mitigation of information security and cyber resilience risks. This policy should include at least the following parts: objectives, scope (including areas such as organization, human resources, asset management, etc.), principles, and division of responsibilities. Requirement 1.2: Internal Organization A framework for information security shall be established to implement the information security policy within the organization. Management shall coordinate and review the implementation of the information security framework to ensure the implementation of the information security policy (as per Requirement 1.1) throughout the organization, including providing sufficient resources and assigning responsibilities for this purpose. Requirement 1.3: External Entities The security of the organization's data and its data processing equipment should not be reduced by engaging external entities or introducing products or services provided by them or depending on them. Access of external entities to the organization's data processing equipment is subject to control. If external entities or their products or services are required to access the organization's data processing equipment, an assessment shall be carried out

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________________________________________________________________________________________ risks in order to determine the impact on safety and control requirements. Controls are agreed upon and defined in agreement with each relevant external entity.

Requirement 1.4: Asset Management
All information assets, business processes, and relevant information systems such as operating systems, infrastructures, business applications, off-the-shelf products, services, and applications developed by users within the payment transaction chain must be recorded and must have an identified owner. Responsibility for the maintenance and operation of appropriate control mechanisms in business processes and related information technology components must be established for the purpose of protecting information assets. The owner may delegate the execution of certain controls as necessary, but remains responsible for the adequate protection of assets.

Requirement 1.5: Classification of Information Assets Information assets are classified based on their critical importance for the uninterrupted provision of services to participants. The classification includes the need, priorities, and level of protection required when handling information assets within relevant business processes, taking into account relevant IT elements. An information asset classification system approved by management is used to define an appropriate set of protective control mechanisms throughout the entire lifecycle of information assets (including the disposal and destruction of information assets) and to notify the need for special measures regarding their handling.

Requirement 1.6: Human Resources Security
Responsibilities regarding security are regulated in corresponding job descriptions and working conditions prior to employment. All job applicants, suppliers, and users who are third parties are appropriately vetted, particularly regarding sensitive work activities. Employees, suppliers, and users of data processing facilities who are third parties sign an agreement regarding their roles and responsibilities in the area of security. An appropriate level of awareness is ensured for all employees, suppliers, and users who are third parties, and their education and training in security procedures and the correct use of data processing equipment are ensured in order to minimize potential security risks. A formal disciplinary procedure is introduced for employees to address cases of security breaches. Responsibilities are established to ensure the proper departure of an employee, supplier, or user who is a third party from the organization or their transfer within the organization, as well as the return of all equipment and the revocation of all access rights.

Requirement 1.7: Physical and Environmental Security Facilities for processing critical or sensitive information are located in secure spaces protected by defined security zones with appropriate security barriers and entry controls. They must be physically protected against unauthorized access, damage, and interference. Access is permitted only to individuals subject to Requirement 1.6. Procedures and standards are established for the protection of physical media containing information assets during transit. Equipment must be protected against physical and environmental threats. Protection of equipment (including equipment used outside the organization's premises) and protection against theft of property are necessary to reduce the risk of unauthorized access to information and

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________________________________________________________________________________________ to protect equipment or information against loss or damage. Specific measures may be necessary to protect against physical threats and to ensure support facilities, such as electrical power infrastructure and cabling.

Requirement 1.8: Operational Management
Responsibilities and procedures for the management and operation of data processing facilities are established, applying to all basic systems within the entire payment transaction chain.
Regarding operational procedures, including the technical maintenance of information systems, a separation of duties is performed where necessary to reduce the risk of system abuse due to negligence or intentional misuse. If a separation of duties cannot be performed for proven objective reasons, compensatory controls are performed based on a formal risk analysis. Controls are established to prevent the introduction of malicious code into systems in the payment transaction chain and to detect it. Controls (including user awareness) are also established to prevent the introduction of malicious code, detect it, and remove it. Mobile code may only be used from trusted sources (e.g., signed Microsoft COM components and Java Applets). Browser configuration (e.g., the use of extensions and plug-ins) is strictly controlled. Management establishes procedures for data backup and recovery; recovery procedures must include a recovery plan that is tested regularly at least once a year. Systems critical for payment security are monitored, and events related to information security are recorded. Operator logs are used to ensure the identification of information system issues. Operator logs are regularly reviewed based on samples, according to the critical nature of the operations. System monitoring is used to verify the effectiveness of controls identified as critical for payment security and to verify compliance with the access policy model. Information exchange between organizations is based on an official information exchange policy carried out in accordance with exchange agreements between participating parties and is in compliance with relevant legal regulations. Software components of third parties used in the exchange of information with the TARGET system (such as software received from a Service Bureau) must be used based on a formal agreement with a third party.

Requirement 1.9: Access Control
Access to information assets must be justified based on business requirements (legitimate need)1) and in accordance with the established framework of corporate policies (including the information security policy). Clear access control rules are defined based on the principle of least privilege,2) taking into account the needs of relevant business processes and information technology procedures. If necessary (e.g., in the case of backup management), logical access control should be consistent with physical access control, unless appropriate compensatory controls (e.g., encryption, personal data anonymization) are established. Formal and documented procedures are established for controlling the allocation of access rights to information systems and services falling within the scope of the payment transaction chain. These procedures apply to all stages of the user access lifecycle, from the initial registration of new users to the final deregistration of users who no longer require access. Special attention is paid, where necessary, to the allocation of access rights of such importance that the abuse of these access rights could lead to a serious adverse impact on the participant's operations (e.g., access rights enabling system administration, disregarding system controls, or direct access to business data). Appropriate control mechanisms are established to identify and authenticate users and to authorize users at certain locations within the organization's network, e.g., for local and remote access to systems within the payment transaction chain. To ensure accountability, personal accounts must not be shared. Regarding passwords, rules are established and enforced through specific control mechanisms to ensure that passwords cannot be easily guessed, e.g., rules regarding complexity and time-limited validity. A protocol for the secure recovery or creation of a new password is created. A procedure for the use of cryptographic control mechanisms to protect the confidentiality, authenticity, and integrity of information is developed and implemented. To support the use of cryptographic control mechanisms, a key management strategy is established. Rules for the inspection of confidential information on screen or in printed form (e.g., clean screen and clean desk rules) must exist in order to reduce the risk of unauthorized access. Risks of working in an unprotected environment are taken into account when working remotely, and appropriate technical and organizational control mechanisms are applied.

Requirement 1.10: Acquisition, Development, and Maintenance of Information Systems Security requirements are established and approved prior to the development or implementation of information systems.
To ensure proper processing, appropriate control mechanisms are built into applications, including applications developed by users. These control mechanisms include input data validation, internal processing, and output data. Additional control mechanisms may be required for systems that process sensitive, valuable, or critical information, or that have an impact on such information. Such control mechanisms are established based on security requirements and risk assessments in accordance with established policies (e.g., information security policy, cryptographic control mechanism policy). Operational requirements for new systems are established, documented, and tested prior to their acceptance and use. Regarding network security, appropriate control mechanisms, including segmentation and secure management, should be established based on the critical nature of data flows and the level of risk of network zones within the organization. Specific control mechanisms must exist to protect sensitive information transmitted via public networks. Access to system libraries and source code is controlled, and IT projects and support activities are performed in a secure manner. Care must be taken to prevent the exposure of sensitive data in the test environment. The project environment and support environment are strictly controlled. Changes to the production environment are strictly controlled. A risk assessment of significant changes to be implemented in the production environment is performed. Regular testing of system security in the production environment is also performed according to a pre-established plan based on the result of the risk assessment, and security testing includes at least a vulnerability assessment. All deficiencies found during security testing are assessed, and action plans to eliminate the identified deficiencies are developed and implemented in a timely manner.

Requirement 1.11: Information Security in Relations with Suppliers3) In order to ensure the protection of the participant's internal information systems to which suppliers have access, information security requirements to mitigate risks associated with supplier access are documented and formally agreed upon with the supplier.

Requirement 1.12: Management of Information Security Incidents and Improvements To ensure a consistent and effective approach to managing information security incidents, including communication about security events and weaknesses, tasks, responsibilities, and procedures are established and tested at the business and technical levels to ensure rapid, effective, orderly, and secure remediation of information security incidents, including scenarios related to cyber causes (e.g., fraud committed by an external attacker or a person with access to internal information). Employees involved in these procedures must be appropriately trained.

Requirement 1.13: Technical Compliance Review
The participant's internal information systems (e.g., back-office systems, internal networks, and external network connections) are regularly assessed for compliance with the organization's established policies (e.g., information security policy, cryptographic protection policy).

Requirement 1.14: Virtualization
Host virtual machines must comply with all security measures established for physical hardware and systems (e.g., security configuration, logging). Measures regarding hypervisors must include: hypervisor and host operating system security configuration, regular deployment of security patches, strict separation of different environments (e.g., production and development). Centralized management, logging, and monitoring, as well as access rights management, particularly for highly privileged accounts, are established based on risk assessment. Host virtual machines managed by the same hypervisor must have a similar risk profile.

Requirement 1.15: Use of "Cloud Computing" Technology The use of public or hybrid cloud solutions in the payment transaction chain must be based on a formal risk assessment, taking into account technical control measures and contractual provisions regarding the cloud solution.
If hybrid cloud solutions are used, it is assumed that the level of criticality of the overall system is the highest of the connected systems. All components of hybrid solutions must be separated from other local systems.

Part 20/2026 Gazette of the NBS – full text of Decision No. 10/2022 108

BUSINESS CONTINUITY MANAGEMENT
The following requirements (2.1 to 2.6) relate to business continuity management. Each TARGET participant classified by the Eurosystem as critical for the smooth functioning of the TARGET system must have an established business continuity strategy, consisting of the following measures:

Requirement 2.1: Plans must be drawn up to ensure business continuity, and procedures for their maintenance must be established.

Requirement 2.2: A backup site must be available.

Requirement 2.3: The risk profile of the backup site must differ from the risk profile of the main site to prevent both locations from being affected by the same event simultaneously. The backup site must, for example, be connected to a different electrical distribution network and a central telecommunications circuit than the main site of activity.

Requirement 2.4: In the event of a serious disruption causing the unavailability of the main site or critical employees, the critical participant must be able to restore normal operations from the backup site, where it must be possible to properly conclude the working day and start subsequent working days.

Requirement 2.5: Procedures must be established to ensure that transaction processing is restored from the backup site within a reasonable time after the initial service interruption and in proportion to the critical importance of the disrupted activity.

Requirement 2.6: The ability to cope with operational disruptions must be tested at least once a year, and critical employees must be appropriately trained. The maximum period between tests must not exceed one year.

Notes:

The principle of legitimate need applies to the identification of a set of information to which an individual needs access in order to perform their duties.
The principle of least privilege applies to adapting the subject's access profile to the information system so that it corresponds to the relevant business role.
A supplier in this context should be understood as any third party that has a contract (agreement) with the institution for the provision of services and, based on the service provision agreement, has been granted access, whether remotely or on-site, to information or information systems or data processing facilities of the institution, which fall within the scope of the self-certification for TARGET, or are related to this scope.

Full text of Decision No. 6/2026 of the National Bank of Slovakia amending Decision No. 10/2022 on the new generation of the Trans-European Automated Real-time Gross settlement Express Transfer System (TARGET-SK)

Lineage: In force

Timeline

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