Article 20 Moment of entry, moment of irrevocabilityF1
United Kingdom
For the purposes of the first sentence of Article 3(1) and Article 5 of Directive 98/26/EC and the third sentence of Section 116, Section 96(2), Section 82 and Section 340(3) of the German Insolvency Code ( Insolvenzordnung ) and the last sentence of Section 46(2) of the KWG:
instant payment orders are deemed entered into TARGET2-ECB and irrevocable at the moment that the relevant funds on the TIPS DCA of the TIPS DCA holder are reserved;
TIPS DCA to PM liquidity transfer orders and positive recall answers are deemed entered into TARGET2-ECB and irrevocable at the moment that the relevant TIPS DCA is debited.
PM to TIPS DCA liquidity transfer orders are governed by the Harmonised Conditions for the opening and operation of a PM account in TARGET2 applicable to the TARGET2 component system from which they originate.