11. The Payment Commitment Arrangement should at least include the following elements: a) the …

The Payment Commitment Arrangement should at least include the following elements:

• a) the payment commitment amount;
• b) the irrevocable obligation for the credit institution to make the promised cash payment of the payment commitment amount at any time, upon the request of the DGS, without undue delay and at any rate no later than two working days from the receipt of the notice made pursuant to letter (c) below. The DGS should at least call part or all of the irrevocable payment commitments where, due to a use of available financial means, the share of irrevocable payment commitments in the available financial means exceeds the maximum threshold set by the scheme according to Directive 2014/49/EU and in line with paragraph 8 of these guidelines. The payment period should be reduced to one working day if early intervention or crisis management measures are applied to the credit institution by the competent or resolution authority. The arrangement should preclude any reduction in the payment commitment amount, or any termination of the payment commitment arrangement, without the consent of the DGS;
• c) The provision of a notice by the DGS to the credit institution by any effective means of communication ensuring receipt, whenever the DGS claims the cash payment of the payment commitment amount;
• d) The obligation for the credit institution to immediately inform the DGS of any event affecting the institution’s ability to honour its obligations, or the DGS’s ability to enforce its rights, under the payment commitment arrangement or the financial collateral arrangement, including downgrades of the institution by external credit rating agencies and any material prudential or business changes or any deterioration in the value of the low-risk assets provided as collateral;
• e) The conclusion of a security financial collateral arrangement or a title transfer financial collateral arrangement between the DGS and the credit institution securing the obligations undertaken by the credit institution in the payment commitment arrangement, by way of provision by the credit institution to the DGS of low-risk assets collateral, that are unencumbered by any third-party right and are put at the disposal of the DGS.

1. Forbhreathnú

1.1 Tagairtí

1.2 Ceanglais aitheanta

1.3 Caighdeáin ghaolmhara

2. Ceanglais aitheanta

3. Caighdeáin ghaolmhara

• EBA - Published by the European Banking Authority at https://www.eba.europa.eu/