Approved by Board decision of National Bank of the Azerbaijan Republic of January 29, 2001 the Protocol No. 4

Rules of the organization of calculations between the credit institutions operating in the Azerbaijan Republic

These rules are prepared according to the laws of the Azerbaijan Republic "About National Bank of the Azerbaijan Republic", "About banks and banking activity in the Azerbaijan Republic", the Civil code and other legal acts of the Azerbaijan Republic.

1. Determinations

1.1. In these rules the following concepts are used.

1.1.1. The head organization of bank - means the head bank having branch network.

1.1.2. The summary branch branch servicing accounts of the bank branches located on territorial units.

1.1.3. Territorial administrations of National bank - the structural divisions of National Bank on territorial units performing on behalf of National Bank of function, assigned to them by their provisions.

1.1.4. The single correspondent account - the single correspondent account opened by bank in National Bank for implementation of settlings with other banks.

1.1.5. Correspondent sub-account - the single correspondent account opened by bank branches in head organization of bank.

1.1.6. Clearing transaction on implementation of collecting, comparison, grouping and offsetting of cross liabilities of participants of calculations with determination as a result of it net line items by calculations.

1.1.7. The Special Clearing Accounts (SCA) - the accounts opened in territorial administrations of National Bank for branches of the banks which passed to single correspondent account for the purpose of accounting on clearing of interbank payments.

1.1.8. AZIPS-Mezhbankovsky national settlement system in real time (MHPCPPB).

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