Laws and Regulations Database of the Central Bank of the Republic of China(Taiwan)

Ⅳ.　　Interbank Funds Settlement

Section 1:　　Electronic payment and settlement

50.Prior to the stipulated time for settlement, a Clearing Institution shall notify each 
　 participant entity of the net-credit or net-debit positions for verification, and then 
　 transmit the same to the Bank or the agent bank designated by the Bank for the 
　 execution of settlements.
　 In executing settlements as referred to in the preceding Paragraph, all participant 
　 entities with net-debit positions shall supplement those net settlement positions, 
　 after which the Bank or the agent bank designated by the Bank will transfer net-credit 
　 positions into their accounts.
　 A Clearing Institution may transfer funds several times during the daily settlement 
　 period, while transmitting and managing transfers initiated by itself.
　 Where the balance in the settlement account of a participant entity is insufficient to 
　 effect payment of amounts payable, the Clearing Institution shall be responsible for 
　 notifying the participant entity to make up the shortfall.
　 The stipulated time for settlement referred to in Paragraph 1 shall be separately 
　 prescribed by the Bank.

51.Where a participant entity is unable to perform the settlement of debt at the 
　 stipulated settlement time, the Clearing Institution shall perform a 
　 supplementary settlement to complete settlement procedures within the time 
　 stipulated by the Bank as per Subparagraph 4, Direction 26 herein.
　 Neither the Bank nor its designated agent banks shall bear liability for the 
　 compensation of any loss resulting from the inability to complete daily 
　 settlement on time due to the participant entity's delay in the settlement of 
　 net-debit positions.