Article 24 Suspension and extraordinary termination of participationF1

the opening of insolvency proceedings; and/or

the T2S DCA holder no longer meets the access criteria laid down in Article 5.

one or more events of default (other than those referred to in paragraph 1) occur;

the T2S DCA holder is in material breach of these Conditions;

the T2S DCA holder fails to carry out any material obligation to the ECB;

the T2S DCA holder is excluded from, or otherwise ceases to be a member of, a T2S Closed Group of Users (CGU); and/or

any other event related to the T2S DCA holder occurs which, in the ECB's assessment, would threaten the overall stability, soundness and safety of TARGET2-E CB reference or of any other TARGET2 component system, or which would jeopardise the ECB's performance of its tasks as described in the Statute of the European System of Central Banks and of the European Central Bank, or poses risks on the grounds of prudence.

In the event that the ECB suspends or terminates a T2S DCA holder's participation in TARGET2-ECB under paragraph 1 or 2, the ECB shall immediately inform, by means of an ICM broadcast message or a T2S broadcast message, that T2S DCA holder , other CBs and T2S DCA holders and PM account holders in all of the TARGET2 component systems of such suspension or termination. Such a message shall be deemed to have been issued by the home CB of the T2S DCA holder and PM account holder that receives the message.

In the event that the ECB is informed by another CB of a suspension or termination of a participant in another TARGET2 component system, the ECB shall immediately inform its participants of such suspension or termination by means of an ICM broadcast message or of a T2S broadcast message depending on which technical option provided for in Article 19 the T2S DCA holder uses.

Once such an ICM broadcast message (in the case of PM account holders) or T2S broadcast message (in the case of T2S DCA holders ) has been received by the participants, such participants shall be deemed informed of the termination/suspension of a T2S DCA holder's participation in TARGET2-ECB or another TARGET2 component system. The participants shall bear any losses arising from the submission of a payment order to participants whose participation has been suspended or terminated if such payment order was entered into TARGET2-ECB after receipt of the ICM broadcast message or of the T2S broadcast message depending on which technical option provided for in Article 19 the T2S DCA holder uses.