Article 15 Opening and management of TIPS DCAsF1
United Kingdom
1.
The ECB shall open and operate at least one TIPS DCA for each TIPS DCA holder. A TIPS DCA shall be identified by means of a unique account number of up to 34 characters which will be structured as follows.
| Name | Format | Content | |
|---|---|---|---|
| Part A | Account type | 1 char. exactly | ‘ I ’ for instant payment account |
| Country code of the central bank | 2 char. exactly | ISO country code 3166-1 | |
| Currency code | 3 char. exactly | EUR | |
| Part B | Account holder | 11 char. exactly | BIC |
| Part C | Sub-classification of the account | Up to 17 char. | Free text (alphanumeric) to be provided by the TIPS DCA holder |
2.
No debit balance shall be allowed on TIPS DCAs.
3.
For the purpose of remuneration of overnight balances the TIPS DCA holder shall link its TIPS DCA with a PM account which it holds with ECB.
4.
TIPS DCAs shall either be remunerated at 0 % or the deposit facility rate, whichever is lower.