Intraday credit

Intraday credit is used to even out mismatches between payments received and payments sent in the TARGET2-SK (T2-SK) payment system. NBS provides intraday credit to eligible counterparties (defined in Article 3 of NBS Decision No 11/2015) in the form of a collateralised overdraft.

Intraday credit is based on eligible assets as collateral. The collateral for the provision of intraday credit is required to comply with the same criteria that assets eligible as collateral must fulfil. Intraday credit is provided for a period of less than one business day and is provided at no interest. Intraday credit is considered repaid when the respective account in T2-SK records a final credit or zero balance after the end-of-day settlement of the interbank payments.

Eligible counterparties may request the provision or modification of intraday credit on T2-SK business days between the times of 09:00 and 17:45.

Intraday credit provision / modification procedure

The requested amount of intraday credit will be provided only on condition if the eligible counterparty provides a sufficient amount of eligible collateral.

1. The application for the provision / modification of intraday credit is sent to NBS by:
    1. an MT991 SWIFT message (MT991 template)
    2. an MT599 SWIFT message (MT599 template)
    3. fax (fax template)
2.     NBS performs all actions related to the provision / modification of intraday credit.
3. Eligible counterparties may check in the T2-SK system whether the intraday credit was provided in the amount requested.