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Business in Poland

Law, tax and banking. Chapter 6

Prior to that, banks couls only present their payment instructions on paper or a floppy disk. ,

Participants & Access Criteria Currently SORBNET system has got 56 participants: 54 commercial banks, the Polish Automated Clearing House KIR (See 6.4.2.), and the National Depository for Securities.

All participants in SORBNET are also direct members of KIR. There is open ac- cess to SORBNET for banks in Poland, however, all candidates must meet the following requirements:

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    Settlement account with the NBP,

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    Operational activity for at least 6 months,

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    Financial stability considered appropriate,

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    Additional technical requirements enabling electronic exchange of

payment instructions.

Transaction Types Processed SORBNET is meant for individual, urgent, same-day-value payments instructions in PLN related to money market, foreign exchange and securities market trans- actions, transactions between banks and NBP (from other clearing systems) and customer payments exceeding PLN 1 million. Customer transactions for lower amounts are processed upon request.

The total number of transactions executed through SORBNET exceeds 4.200 per day, while their daily average value reaches PLN 123,233.5 million.

Operating Hours/Clearing System Holidays SORBNET operates from 07:30 until 18:00CET. Customer payments however can only be processed until 16.00. SORBNET is closed on weekends and all official National Bank of Poland holidays.

Clearing Cycle Details SORBNET accepts payment messages from KIR, the NBP or other banks via electronic messaging (within TELBANK network following the EDIFACT stan- dard) or, in case of technical failure, floppy disk or paper. The payment instruc- tions are settled in a precisely defined order, with the highest priority given to the KIR. SORBNET-EURO

.In March 2005, NBP introduced the new SORBNET-EURO system supporting the banks current accounts denominated in euro and catering for payments be- tween Polish and European Union banks. The link to TARGET1 is established through a dedicated link with Banca d Italia s RTGS system BIREL. Communica- tion between SORBNET-EURO and BIREL is based on SWIFT. As of March 7, 2005, SORBNET-EURO had 35 participants.

Danske Bank / KPMG / Mazanti-Andersen, Korsø Jensen & Partnere January 2006


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