ANNEX

14.

ANNEX II

TERMS AND CONDITIONS FOR THE OPENING AND OPERATION OF A DEDICATED CASH ACCOUNT IN TARGET2-ECB

TITLE IV OPENING AND MANAGEMENT OF THE DCA AND PROCESSING OF OPERATIONS

Article 13 Operations that may be carried out through the DCA

Subject to the DCA holder designating the necessary securities account(s), the DCA holder may carry out the following operations through the DCA either on its own behalf or on behalf of its customers:

(a)

DCA to PM liquidity transfer orders;

(b)

DCA to DCA liquidity transfer orders;

(c)

the settlement of cash instructions stemming from the T2S Platform; and

(d)

cash transfers between the DCA and the DCA of the ECB in the particular context of paragraphs 8 and 9 of Annex IIIa to Guideline ECB/2012/27.”