1.Ten days before the date on which the benefits fall due, the institution responsible for payment shall pay, in the currency of the member State in whose territory it is situated, the sum necessary for the payments specified in the schedule provided for in Article 54 of the implementing Regulation. Payment shall be made through the National Bank or through another bank of the Member State in whose territory the institution responsible for payment is situated, into an account opened in the name of the national Bank or of another bank of the member State in whose territory the paying body is situated, in favour of that body. Such payment shall discharge all liability. The institution responsible for payment shall, at the same time, send notification of payment to the paying body.
2.The bank into whose account payment has been made shall credit the paying body with the exchange value of the payment inthe currency of the Member State in whose territory that body is situated.
3.The names and registered offices or places of business of the banks referred to in paragraph 1 are listed in Annex 7.