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

Subject:
CBC Interbank Funds Transfer System shall adopt “Real Time Gross Settlement 
Mechanism” (“RTGS Mechanism”) from September 16, 2002.  In conjunction with the 
implementation of the new system, the “Directions for the Central Bank of the 
Republic of China (Taiwan) to Govern Electronic Interbank Funds Transfer and 
Settlement”, “Directions for Auditing Liquidity of Financial Institutions” and 
the “Directions for the Central Bank of the Republic of China (Taiwan) 
Accommodations to Banks” are amended and the “Directions for the Conduct of 
Intraday Overdrafts of the Central Bank of the Republic of China (Taiwan)” is 
promulgated as set out in the attachment.  In addition, the “Standard Rate on 
Timely Completion of Daily Payments” is established and the “Standard for 
Processing Fees” is revised as detailed in the Explanations below. The afore-
mentioned Directions will become effective on same date.

Explanations:
1.To be consistent with the adoption of the new system, the “Standard Rate on 
　Timely Completion of Daily Payments” is announced and the “Standard for 
　Processing Fees” is revised in accordance with Direction 47 and Direction 62 of 
　the “Directions for the Central Bank of the Republic of China (Taiwan) to Govern 
　Electronic Interbank Funds Transfer and Settlement”:
　(1)Standard for Completing Partial Payment by Specified Time: on or prior to 2:30 
　　 pm, each bills finance company shall complete 30% of the total daily payment 
　　 amount, and each bank shall complete 50% of the total daily payment amount, 
　　 and on or prior to 4:30 pm, bills finance companies and banks shall complete 
　　 80% of the total daily payment amount.
　(2)Standard for Processing Fees: the processing fee for each online transfer is 
　　 NT$ 34, with the payer bank and payee bank paying NT$ 17 each. Non-online 
　　 institutions shall pay ten times the processing fee (except cash deposits and 
　　 pay-in transactions). To encourage financial institutions to complete payments 
　　 early, processing fees for pay-out transactions completed on or before 12:00 
　　 noon will be discounted by 50%. The relevant fee standard is as set out in 
　　 Attachment I.
2.Separately, all participating institutions shall observe the following guidlines:
　(1)Before going online, financial institutions are required to implement matters 
　　 specified in attachment II.
　(2)If the margin provided by a bills dealer to the CBC is an eligible instrument, 
　　 it may be used as collateral for intraday overdraft.
　(3)If Book-Entry Central Government Securities are used as collateral for 
　　 intraday overdraft, participating institutions shall fill out the relevant 
　　 information in accordance with “the Application Form for Pledge Registration 
　　 for Book-Entry Central Government Securities” under the “Directions for the 
　　 Conduct of Intraday Overdrafts of the Central Bank of the Republic of China 
　　 (Taiwan)” to apply to the clearing bank and specify “intraday overdraft” in 
　　 the notes column to differentiate.
　(4)At the initial stages of implementation of the new system, Reserves Accounts B 
　　 may not be used as collateral for intraday overdraft, i.e. the system will 
　　 automatically set 0 percent under Account B for collateral for intraday 
　　 overdraft.
3.The CBC’s contact persons and telephone numbers are as follows:
　(1)Discount and Loan Section: 23571356, 23571366.
　(2)Payment and Settlement Section: 23571387, 23571386.
　(3)Cashier Sectiom: 23571340, 23571338.