Services related to cash account maintenance

Based on Supervision Order No. H-EN-III-613/2020, KELER is a central securities depository authorised under CSDR, entitled to provide core CSD services, non-banking-type and certain banking-type ancillary services.

The HUF and foreign currency cash accounts kept at KELER no longer qualify as cash accounts according to Act LXXXV of 2009 on the Pursuit of the Business of Payment Services. In possession of an operating authorisation in accordance with the CSDR, KELER will only be entitled to maintain cash accounts in order to support the operation of the securities settlement system. Cash account maintenance is not available anymore as individual service.

Deposit-type cash accounts are deposit-type settlement accounts according to Section 2 (1) m) of the Tvt. (Act XXIII of 2003 on Settlement Finality in Payment and Securities Settlement Systems) and maintained by KELER, where the settlement of the transfer orders between the participants in the settlement system is performed, while the safe custody-type cash accounts are collateral (guarantee fund) accounts maintained according to the safe custody services pursuant to Section 3(1) j) of the Hpt. (Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises), and related to the settlement service, as well as accounts for the registration of the collateral of spot commodity transactions. In addition to the above, safe  custody accounts according to Sections 12(2), 12/A(9), 47(7) and 76/D(3), maintained pursuant to Section 3(1) j) of the Hpt. shall also qualify as safe custody cash accounts, and the issuer yield payment account. With regard to the fact that the balance of the safe custody-type accounts may not be reduced by interest- and fee-type debits, the settlement of interests and fees are performed on deposit-type cash accounts.

KELER maintains cash accounts in HUF as well as many currencies (e.g. EUR, USD, GBP, CHF, etc.). Further information on the cash accounts (including the available currencies and correspondent banks) can be found in the Depository Announcement 9-27 with the title: Information on the management of KELER Cash Accounts.

KELER has direct membership in the Hungarian payment systems, and has access to the foreign currency payment systems via its external account servicer banks.