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  • 2 Participants’ Accounts

    • 2.1 Accounts at SAMA

      Each Participant must maintain a current account at SAMA (the “Participant’s Account”). The current account must be maintained in accordance with SAMA’s banking conditions from time to time. 
       

    • 2.2 Debit Balances

      SAMA may in its sole discretion permit a Participant’s Account to be in debit intraday within the limits and for the periods allowed by SAMA. The limit and periods are together called the “intra-day debit limit” SAMA may change an intra-day debit limit during the Operational Phase if in SAMA’s opinion there are exceptional circumstances, but will not do so if this would cause a Participant to be in breach of its limit. All intra-day debit balances on a Participant’s Account must be discharged at the end of each Operational Phase and each Participant’s Account must be zero or in credit at all other times, except as SAMA may otherwise permit. 
       

    • 2.3 Collateral

      All liabilities of a Participant in respect of any intra-day debit balance on its Participant’s Account must be fully collateralised in accordance with the requirements for collateral prescribed by SAMA from time to time (as detailed in section 5) 
       

    • 2.4 Liquidity

      The balance on a Participant’s Account must never be less than zero plus any intraday debit limit agreed by SAMA in accordance with the foregoing and must be sufficient to cover all Payment Messages of all types as they fall due for payment. 
       

    • 2.5 Responsibility for Liquidity

      Each Participant is responsible for monitoring its Participant’s Account and its Liquidity so as to comply with the SARIE ORR. SAMA, may, but is not obliged to, monitor each Participant’s Account for compliance with intra-day debit limits. 
       

    • 2.6 SAMA as a Participant

      The foregoing provisions do not apply to SAMA in its capacity as a Participant. 
       

    • 2.7 Accounts as Evidence

      Each Participant’s Account maintained on SARIE is the record of the Participant’s current account and is binding on SAMA and the Participant in the absence of manifest error. 
       

    • 2.8 Information

      SARIE provides reporting and enquiry facilities operating in near real-time, giving each Participant immediate visibility of the position in its Participant’s Account, enabling it to manage its Liquidity, and provides SAMA with the transaction functionality and reporting to enable it to exercise its powers as central bank and operator of SARIE. 
       

    • 2.9 Held Payments

      • 2.9.1 Queuing

        Except where it is expressly provided in the SARIE ORR that queuing does not apply to a particular Payment Message, where sufficient Liquidity is not available in a Sending Participant’s Account with SAMA, Payment Messages for that Participant will be queued by the Central System until sufficient Liquidity is available. If sufficient Liquidity is not available prior to the close of the Operational Phase of the Business Cycle, SAMA may cancel the queued Payment Messages without liability to the Participant, if they are not cancelled by the Sending Participant other than Clearing settlements. 
         

      • 2.9.2 Priorities

        The Sending Participant, and SAMA with the approval of the Participant, may change the priority of the sequence in which its queued Payment Messages are to be paid by the Central System. Each Participant is responsible for managing its entry of Payment Messages and other instructions and for the queuing of its Payment Messages. 
         

    • 2.10 Priority Codes

      The priority codes are assigned by: 
       
      •SAMA for SAMA transactions
      •The Sending Participant for its originated same-day transactions
      •SARIE for:
       
       •forward payments on their maturity date
       •system generated transactions (e.g. clearing settlements)
       

    • 2.11 Gridlock Management

      • 2.11.1 Gridlocks

        If the Central System will not settle transactions between two or more Participants by reason of the fact that each Participant has insufficient Liquidity which they would have if they could receive their queued incoming payments (“gridlocks”), SAMA may endeavour to resolve the gridlock by one, some, or all of the following actions with the approval and co-operation of the affected Participants: 
         
        •Re-prioritise a Participant’s queued transactions.
        •Cause a selected number of different Participants’ transactions to be settled simultaneously, so as not to breach any Participant’s intra-day debit limit. A Participant’s approval is not required provided no change in payment sequence is made.
        •Require Participants to increase their Liquidity.
        •Cancel some of the transactions.
         

      • 2.11.2 Responsibility

        It is the responsibility of each Participant to manage its own Liquidity. SAMA has no responsibility to resolve gridlocks and has no liability for any steps taken by it to resolve gridlocks.