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The Cross-Border Credit Transfers Regulations 1999
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- UK Statutory Instruments
- 1999 No. 1876
- Regulation 7
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Obligations regarding time taken: beneficiary’s institution
7.—(1) An institution which has agreed to make available to the beneficiary the funds transferred by a relevant transfer shall make those funds available before the time specified in paragraph (2).
(2) The time referred to in paragraph (1) is—
(a)the end of the period agreed between the institution and the beneficiary,
or, if there is no such period,
(b)the end of the business day next following the day on which the funds transferred are credited to the institution.
(3) If the funds credited to the beneficiary’s institution are made available to the beneficiary after the time specified in paragraph (2), the beneficiary’s institution shall be liable to pay compensation to the beneficiary, calculated in the manner specified in paragraph (4).
(4) The compensation referred to in paragraph (3) shall be calculated by applying the reference interest rate to the amount made available to the beneficiary, for the period from—
(a)the time specified in paragraph (2), to
(b)the date on which the funds transferred are made available to the beneficiary.
(5) Compensation shall not be payable pursuant to paragraph (3) to the extent that the beneficiary’s institution establishes that its failure to comply with paragraph (1) is attributable to the originator or the beneficiary.
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