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guarantee system - guarantees

Non Public Administration (PA) Participants are required to post financial guarantees in the form of first demand bank guarantee, issued by banks, registered as provided for in Article 13 of the Legislative Decree of 1 September 1993 no. 385, and which have a long-term rating awarded by at least one of the following rating agencies: Standard & Poor’s, Moody’s Investor Service, Fitch and DBRS. The rating shall not be lower than BBB- on Standard & Poor’s or Fitch’s scale or Baa3 on the scale of Moody’s Investor Service or BBB low on the DBRS scale. Alternatively or cumulatively to the guarantees posted in the form of a guarantee, non-PA participants, for the purposes of operating on the PCE, however, the non-PA Participant may submit guarantees in the form a non-interest-bearing deposit with the bank in charge of treasury services referred to Article 55 of the PCE Rules.

The PA Participant shall post guarantees exclusively in the form of non-interest bearing cash deposit to be provided on the bank account held by GME with the bank in charge of GME’s treasury services referred to in Article 55 of the PCE Rules.

The guarantees provided by the Participant on the PCE are cut by an amount defined as maintenance margin, fixed at 3% of the total amount of provided guarantees; it is given by 2% required to cover default interest for late payment and by 1% to cover the penalty. Below, are represented the modalities for the submission of the guarantees and the relative allocation procedures.

Bank Guarantees

The guarantee, the form modifying the bank guarantee or the related updating letters must be submitted or sent (where possible by registered letter with return receipt or courier) only to the bank in charge of the GME’s treasury services, which, upon receipt, will put a time-stamped with the time of receipt that will assume the value of "submission date".

The annexes to be used for posting guarantees and the related update letters must be submitted according to the forms defined in the Annex to the PCE Rules and made available in the specific "forms" section, under penalty of non-acceptance of the same annexes.

The bank guarantee must be sent to the address of the bank in charge of GME’s treasury services:


Banca Popolare di Sondrio 
Società Cooperativa per Azioni 
Viale Cesare Pavese, 336 
00144 - Roma - Italy 
To the kind attention of: Ufficio Crediti (Receivables Dept.)

For the acceptance of the bank guarantee, the issuing bank must send a swift 799 message to POSOIT22ROM specifying "138-GME" in the field 21 and the following text in the field 79 (free text) "Si conferma che la fideiussione (o lettera di aggiornamento o lettera di patronage) n. …… di € …… nell’interesse dell’operatore .... è stata da noi emessa in data .... e le firme ivi apposte hanno il potere di impegnare il nostro Istituto per siffatte garanzie" (We confirm that we have issued the bank guarantee (or updating letter or letter of patronage) no. …… of € … in the interest of the Participant on...... and that the signatures affixed thereto commit our bank to fulfil the obligations arising from the aforesaid bank guarantee).

The participant may at any time request the return of the bank guarantee in accordance with the procedures established in the Technical Rule no. 10 PCE - Submission and return of guarantees.

To submit requests for registering transactions and schedules onto the PCE, the Participant must post a guarantee in the form of a first-demand bank guarantee, meeting the requirements indicated in the Rules Governing the Forward Electricity Account Trading Platform ("PCE Rules"). In particular:

  • the bank guarantee must conform to the format of (Annex 3) to the PCE Rules;
any updating of the amounts and/or the period of validity of the already existing bank guarantee must be made by sending a letter updating the bank guarantee in the format of (Annex 4) to the PCE Rules.

The Participant can, however, if it intends to also operate on the ME, submit a guarantee for:
  • MGP/MI-MPGAS, or on netting markets, MPEG, MTE/CDE, MTGAS and PCE ( Annex 3 of the Integrated Text of the Electricity Market Rules);
  • MGP/MI-MPGAS, or on netting markets MPEG and PCE ( Annex 5 of the Integrated Text of the Electricity Market Rules).
on the MGAS, submit a guarantee for:
  • MGP/MI-MPGAS, or in the netting markets, MPEG, MTE/CDE, MTGAS and PCE (Annex C of the Natural gas market Rules);
  • MGP/MI-MPGAS, or in the netting markets, MPEG and PCE (Annex E of the Natural Gas Market Rules);
and allocate a portion of the guarantee provided to cover the exposures that may arise on the ME, MGAS and PCE, submitting to GME:

Non interest-bearing cash deposit

The cash deposit must be made into the following bank account:

Banca Popolare di Sondrio
IBAN IT97 H056 9603 2110 0000 7220 X46
SWIFT CODE POSOIT22


The reason to be indicated for the payment is:
deposito cauzionale infruttifero con facoltà per il GME di poterne disporre”.

The participant may at any time request the return of the non-interest bearing cash deposit in accordance with the procedures established in the Technical Rule no. 10 PCE - Submission, compliance, allocation and return of guarantees.

 
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