1.Participants may reserve or block liquidity on their DCA. This does not constitute a settlement guarantee in favour of any third party.
2.By requesting to reserve or block an amount of liquidity, a participant instructs the ECB to decrease the available liquidity by this amount.
3.A reservation request is an instruction by which, if the available liquidity is equal to or higher than the amount to be reserved, the reservation is processed. If the available liquidity is lower, it is reserved and the shortfall may be met by incoming liquidity until the full amount of the reservation is available.
4.A blocking request is an instruction by which, if the available liquidity is equal to or higher than the amount to be blocked, the blocking request is processed. If the available liquidity is lower, no amount is blocked and the blocking request is resubmitted, until the full amount of the blocking request can be met by available liquidity.
5.The participant may at any time during the business day on which a request to reserve or block liquidity has been processed, instruct the ECB to cancel the reservation or blocking. Partial cancelation shall not be permitted.
6.All requests for reservation or blocking of liquidity under this article shall expire at the end of the business day.”