1. Financial institutions that hold reserve accounts or other financial institutions’
deposit accounts with the Department of Banking (hereafter referred to as “the
Department”) of the Central Bank of the Republic of China (Taiwan) (hereafter
referred to as “the Bank”) may jointly open a No. 87 “Interbank Funds Transfer
Guarantee Special Account” at the Department. This enables funds to be transferred
from financial institutions' deposit accounts to the Special Account during the day
and used as guarantee to the Bank’s authorized clearing institutions (hereafter
referred to as “Clearing Institutions ”) for clearing individual interbank payments.
The provisions set out in the preceding paragraph shall apply mutatis mutandis
to each department of the Bank holding an inter-department account with the Department.
〈Account Opening Procedure〉
2.When opening a joint Interbank Funds Transfer Guarantee Special Account, a financial
institution shall fill out and submit to the Department an "Application Form for
Financial Institutions to Open and Use an Interbank Funds Transfer Guarantee Special
Account" (Form 1). The procedure for opening the "Interbank Funds Transfer Guarantee
Special Account" shall be deemed completed when the Department has reviewed and
approved the application and issued a letter of consent to the applying institution.
〈Funds Transfer Procedures〉
3.A financial institution shall keep sufficient funds in the "Interbank Funds
Transfer Guarantee Special Account" to facilitate the execution of interbank
transactions.
Financial institutions transferring funds from deposit accounts to the Interbank
Funds Transfer Guarantee Special Account shall comply with the Directions for the
Central Bank of the Republic of China (Taiwan) to Govern Electronic Interbank Funds
Transfer and Settlement.
〈Fund Re-Transfer Procedure〉
4.At the time of settlement on each day, each financial institution shall ask the
clearing institution to notify the Department of the results of the clearing in
order for the clearing institution to re-transfer the funds from the "Interbank
Funds Transfer Guarantee Special Account" [back to the Deposit Accounts] so that
the Department may handle the settlement at the end of each day.
〈Dispute Resolution〉
5.If a financial institution disputes the notice of re-transfer of funds issued
by the clearing institution to the Department, such dispute shall be resolved
by the financial institution involved and the clearing institution through
negotiation in accordance with relevant agreements.
〈Application for Depositing Funds into the Special Account on Non-banking Days〉
6. When the funds of a financial institution in the Interbank Funds Transfer Guarantee
Special Account are insufficient to cover its interbank cash withdrawals or funds
transfers on a non-banking day, the financial institution may apply to the Clearing
Institution for manual deposit of funds on non-banking days.
When the application in the preceding paragraph has been approved by the Bank
through the Clearing Institution, the applying financial institution shall promptly
draw a check from its deposit account with the Department and submit the check
together with a filled “Application Form for Depositing Funds into the Interbank
Funds Transfer Guarantee Special Account on Non-banking Days by Financial
Institutions” (Form 2) affixed with the signature or seal of an officer at or
above the rank of vice president at the financial institution to the Department.
〈Processing Fee for Depositing Funds into the Special Account on Non-banking Days〉
7.A financial institution that applies for depositing funds into the Interbank Funds
Transfer Guarantee Special Account on a non-banking day shall pay a processing fee at
NTD20,000 each time. However if a financial institution applies for deposit of funds
more than once in a year, the fee shall be NTD20,000 multiplied by the cumulative
number of times for the year.
The fees under the preceding paragraph shall be paid with a check from the deposit
account of the financial institution with the Department and delivered to the
Department together with the check for the funds deposit under the preceding direction.
〈Operations Management〉
8.The records of a financial institution’s application for depositing funds
into the Special Account on non-banking days reflect the institution’s funds
management capability, which will be used as reference in the Bank’s decision as
to whether to approve or deny the institution’s future applications for
related businesses with the Bank.
