FAQs

Annex 2/a to the Business terms and conditions for bank accounts managed by the Magyar Nemzeti Bank and for settlements of forint and foreign exchange transactions (hereinafter: BTC) regulates the order of submission and execution of payment orders and payment transactions in connection with bank accounts held in HUF on Saturdays qualifying as working days.

According to the document, closing time for pacs.008 orders (customer items) to be executed in VIBER is 14:00, and the closing time for receiving pacs.009 interbank orders is 15:00.

MANEHUHH BIC is the BIC code of the Magyar Nemzeti Bank as a VIBER participant, which is used for payment orders in HUF transferred in VIBER. The MNB does not provide correspondent banking services, so this BIC can only be addressed in VIBER in the case of transactions received for the MNB's own behalf or its clients. Otherwise, the Magyar Nemzeti Bank will reject the payment order received by MANEHUHH BIC.

MANEHU2A BIC is used for messages that are not considered payment orders, such as the camt.054 credit/debit notifications and the admi.004 status change notifications are sent from this BIC. If a participant initiates a camt.008 deletion message for an unsettled item, or would like to change priority with a camt.007 message, the message must be addressed to MANEHU2A.

The MANEHUHB BIC is used by the Magyar Nemzeti Bank for the international settlements and certain central bank operations – O/N collateralised loan (MT298 SMT500), O/N deposit (MT298 SMT550), IG1 limit statement (MT298 SMT560), minimum reserve statement (MT298 SMT570) - the CBPR+ end of day statement and the MT581 type SWIFT messages sent in the event of a change in the intraday credit line.

Details on SWIFT messages used in VIBER are set out in Appendix 1 to the BTC. The detailed rules of the O/N loan and deposit are set out in Annex 9 to the BTC, and the rules of IG1 and the reserve requirement statement are set out in Annex 13.

Electronically, using an electronic signature, via the "viber" channel of the GIROHáló GIROFile service or via encrypted email channel. Paper-based orders can be submitted at the MNB's Central Expedition (1013 Budapest, Krisztina körút 55.). Details are set out in Section 3.3 of the BTC, Annex 4.a and section IV. of Appendix 2.

Message descriptions in Appendix 1 of the BTC contain the most commonly used error codes in VIBER. The full list can be found on the SWIFT website ( www.swift.com ), with the "0" value in position 3 being deleted from the alphanumeric error codes of the former MT messages.

Without the specific request of the client with pre-authorised credit line, the MNB shall provide overnight credit at the end of the VIBER business day up to the debit balance of the bank account subject to the pledged collateral portfolio specified in terms-and-conditions-of-the-operations-of-the-central-bank-in-forint-and-foreign-currency-markets as collateral.

Furthermore, at the specific request of the client with pre-authorised credit line, the MNB shall also provide overnight credit up to the amount of the collateral portfolio specified in the Terms and Conditions for the Operations of the Central Bank (“Standing collateralised lending facility”). In the case of a debit balance on the bank account, the credit needs to be applied for in an amount exceeding the amount of the debit balance. Collateralised credits may be applied for by way of an MT298 SMT 500 SWIFT message, or in a letter drawn up according to Annex 5, encrypted email channel with electronic signature, or through the ‘viber’ channel of the GIROHáló GIROFile service. When the loan is in fact made available the client is notified by means of an MT 581 SWIFT message, or if the credit application is refused the client is notified, including the reasons, in the same manner as the application had been submitted.

Example:

Due to reserve requirements, I would like my bank account closing balance at the end of the day to be HUF 500,000. At the closing of VIBER, I had already used HUF 1,000,000 of my 9,000,000 intraday credit line (O/D). What to do?

Taking into account the above data, during the closing processes, the MNB will automatically provide a one-day collateralised loan of HUF 1,000,000 to the VIBER participant without a separate request. After the disbursement, the bank account balance and credit limit will change as follows:

The Client may also apply for an additional loan, in the case of this example, due to the reserve requirements, in order for the bank account to close with HUF 500,000, it must apply for a HUF 500,000 overnight loan.

IMPORTANT: The disbursement of the separately requested loan is always made after the automatic disbursement of the loan.

After the disbursement of the loan:

[1] The available free credit line is the value of the securities portfolio blocked at KELER in favour of the MNB that is not used for intraday (O/D) credit.

The domestic credit institution can repay the overnight secured loan during VIBER operating hours. The repayments can be initiated by the VIBER participant with the message pacs.009, and the recipient must indicate the MNB's MANEHUHH BIC code.

• Using a SWIFT query message in VIBER (camt.060 message requested with camt.052 message, see Appendix 1 Description of messeges used in VIBER )
• upon request by phone after identification (password and ID) (business-terms-and-conditions 16.11. Notification of transactions, queries),
• Use of the VIBER Monitor service (Business Terms and Conditions 17. Use of the VIBER monitor)

Requests to use the VIBER monitor service may be submitted by filling in Annex 7 of the business-terms-and-conditions, the related entitlements can be initiated after the issuance of the Technical Qualification Certificate on the CAS/VIBER monitor authorization application form (Appendix No. 6) by e-mail via encrypted e-mail channel, via GIROHáló GIROFile service 'viber' channel or in an MT299 SWIFT message (BIC: MANEHUHH).

It is possible to create users that are entitled to password reset, so there is no need to turn to the MNB to solve this problem.

If such a user is not yet available at your Institution, users can contact the MNB by MT299 SWIFT message (receiver: MANEHUHH) or via an electronic channel (GIROHáló GIROFile ’viber’ service, encrypted email) by submitting a request with an electronic signature.