1.In the event that an NB-PSP fails to comply with the requirements of Article 4, the relevant Eurosystem central bank shall impose a penalty at the rate of 0,03 % on the total amount in excess of the maximum holding amount held on all accounts by the NB-PSP at the end of the business day in each payment system operated by the relevant Eurosystem central bank, and an additional daily penalty of EUR 1 000 for each day of non-compliance.
2.Where an NB-PSP has not remedied a material non-compliance with the requirements of Article 4, the relevant Eurosystem central bank may terminate the participation of the NB-PSP in the central bank operated payment system on one month’s notice and shall impose an additional one-off penalty of EUR 1 000 for each closed account.
For the purpose of this paragraph, each of the following shall be deemed, among others, to be an event of material non-compliance: (a) systematic or repeated breach of the relevant maximum holding amount limit, including but not limited to breach involving a significant amount in excess of the relevant maximum holding amount limit; and (b) failure to reduce the amount held on the relevant accounts to below the maximum holding amount by the end of the business day after the business day on which the funds are received.
3.If an NB-PSP no longer complies with the requirements set out in Article 2(1), the relevant Eurosystem central bank may terminate that NB-PSP’s participation in the central bank operated payment system without prior notice.
4.In the event that an NB-PSP fails to comply with the requirements set out in Article 2(3), the relevant Eurosystem central bank may terminate that NB-PSP’s participation in the central bank operated payment system on one month’s notice.
5.The ECB shall review the provisions of this Article no later than one year after the date on which this Decision applies, and at least every three years thereafter.