Chapter One: Rules of Payment Systems

First: The Real-Time Gross Settlement (RTGS) System Regulations

1. "Bank-to-Bank Payment Order Settlement Regulations via the Real-Time Gross Settlement (RTGS) System"

Introduction:
In order to settle payment orders in real-time, the Central Bank of Egypt provides the interbank Real-Time Gross Settlement (RTGS) system for its participants on their current accounts held with the Central Bank, continuously during the system's working hours. This System allows for debiting their account. This System aims to limit credit risks and also limits liquidity management risks for the participating banks (Participants) in the System.

Article (1): Definitions

The following terms and expressions used in these Regulations shall have the meanings assigned to them below, unless the context otherwise requires:

Term	Definition
"The System" or "The RTGS System"	The Real-Time Gross Settlement System operated by the Central Bank of Egypt, which settles payment orders between Participants on their current accounts held with the Central Bank of Egypt continuously during the system's working hours.
"Participant"	Any bank participating in the System and listed in Annex (1) attached to these Regulations.
"These Regulations"	These "Bank-to-Bank Payment Order Settlement Regulations via the Real-Time Gross Settlement System", including all amendments thereto, and any actions taken regarding their implementation and credit operations for the day.
"Account"	The current account in Egyptian Pounds designated by the Participant with the Central Bank of Egypt.
"Working Day"	The day on which the System is available for settlement, which is from Sunday to Thursday of each week, except for official holidays specific to Participants. The Central Bank of Egypt may designate an official holiday as a working day if necessity dictates.
"Start Date"	The date determined by the Central Bank of Egypt for commencing the provision of the Real-Time Gross Settlement service.
"Services"	The services provided through the System, namely:

1. Settlement of payment orders;
2. Provision of intraday credit facilities;
3. Execution of scheduled payment orders for settlement;
4. Monitoring account balances; and
5. Deposits held by multiple entities. |
   | "Liquidity" | Amounts available for settlement from within the System during the working day. |
   | --- | --- |
   | "Payment Order" | A payment order issued by a Participant for crediting its account at the Central Bank of Egypt, plus the value of the debit to another Participant's account at the Central Bank of Egypt, or a payment order issued by the Central Bank of Egypt or any other party specified in the agreements governing the execution of work. |
   | "Execution of Work" or "Operations Specific to the System" | Actions implemented by the Central Bank of Egypt and agreed upon by Participants. |
   | "Execution" | Actions implemented by Participants. |
   | "Contingency Plan" | The contingency plan established by the Central Bank of Egypt and Participants to ensure the continuity of operations in the event of System failure. This plan is considered an integral part of the execution of work. |
   | "System Rules" | The document "System Rules of the Real-Time Gross Settlement System", which are the rules governing the operation of the System between Participants and any other parties established by the Central Bank of Egypt and agreed upon by Participants. |
   | "Service Usage" | The usage of the service provided by the Central Bank of Egypt to Participants according to what is stipulated in the System Rules. |

"Settlement": The actual execution of payment orders through the corresponding debit and addition to Participants' accounts on their due dates.

"Supplier": The company contracted by the Central Bank of Egypt to supply the System.

"Technical Operation References": The technical operation references for the System established by the Supplier.

"Operational References": The operational references for the System established by the Supplier.

"Actual Execution Time": The actual time of settlement executed through the process of debiting and adding to the Participant's account and the accounts of other Participants in the System.

Article (2): Subject Matter of the Regulations

1-2 These Regulations apply to all Participants in the System for the purpose of settling payment orders between Participants in the System.

2-2 Payment orders issued by Participants shall be executed by debiting their account and adding the value of this debit to another Participant's account on their due dates.

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