6.—(1) An institution which has accepted a cross-border credit transfer order relating to a relevant transfer shall ensure that the funds to be transferred to the beneficiary are credited to the beneficiary’s institution before the end of the period specified in paragraph (2).
(2) The period referred to in paragraph (1) is—
(a)the period agreed between the institution and the originator,
or, if there is no such period,
(b)the period of five business days beginning with the first business day after the commencement date.
(3) If the funds are credited to the beneficiary’s institution after the end of the period specified in paragraph (2), the originator’s institution shall, unless it has made a payment to the originator under regulation 9(2), be liable to pay compensation to the originator, 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 originator’s institution, whether by deduction from an account of the originator or otherwise, to cover the funds to be transferred, for the period from—
(a)the end of the period specified in paragraph (2), to
(b)the date on which the funds are credited to the beneficiary’s institution.
(5) Compensation shall not be payable pursuant to paragraph (3) to the extent that the originator’s institution establishes that its failure to comply with paragraph (1) is attributable to the originator.
(6) If—
(a)an institution makes a payment to an originator under paragraph (3), and
(b)its failure to comply with paragraph (1) is attributable to an intermediary institution,
that intermediary institution shall be liable to pay to the originator’s institution compensation equal to the amount paid by it to the originator under paragraph (3).
(7) If—
(a)an institution makes a payment to an originator under a provision of the law of an EEA State other than the United Kingdom corresponding to paragraph (3), and
(b)the failure to credit funds to the beneficiary’s institution before the end of the period specified for the purposes of that provision is attributable to an intermediary institution,
that intermediary institution shall be liable to pay to the originator’s institution compensation equal to the amount paid by it to the originator under that provision.