MT 320 Usage Rules

The following guidelines apply when sending/exchanging an MT 320:

• For the actual transfer of funds or the confirmation of credits and debits, other messages outside Category 3 are available, such as the MTs 202/203/205, Financial Institution Transfer messages and the MTs 900/910/950, Confirmation of Debit/Credit and Statement messages, respectively.

  In all cases, the common reference of the MT 320 must be quoted in the relevant reference field, ie, field 21 of the MTs 202, 203, 205.

  When an MT 202 covers the deal (for the payment of principal and interests or for the reimbursement of the loan), the party identification fields 56a, 57a and 58a of the MT 320 directly map onto the same fields in the MT 202 with the exception of the account number, as the account number indicated in the party identification fields 56a and 57a of the MT 320 is serviced (not owned) by the party indicated in the same field.

• If the underlying contract is amended/cancelled on a bilateral basis, this should be agreed upon by a bilateral exchange of confirmations with either code AMND or CANC, respectively.

• When cancelling a previously sent message (field 22A is CANC) using MT 320:

  • field 21 must contain the reference (ie, the content of field 20) of the message containing the instruction to be cancelled;

  • the cancellation message must contain a copy of at least the mandatory fields of the original message.

• Sending an MT 320 with code word CANC in field 22A, cancels both the underlying contract and the previously sent confirmation message as referred to in field 21 Related Reference.

• To amend a previously sent message (field 22A is AMND):

  • field 21 must contain the reference (ie, the content of field 20) of the previous message;

  • the amendment message must contain both the unchanged and the changed/new fields of the original message;

  • the amendment message replaces the original message.

• The sequence E Settlement Instructions for Interests Payable by Party A should only be used when the instructions in this sequence are different from the instructions in sequence C Settlement Instructions for Amounts Payable by Party A.

• The sequence F Settlement Instructions for Interests Payable by Party B should only be used when the instructions in this sequence are different from the instructions in sequence D Settlement Instructions for Amounts Payable by Party B.

• When a new deal is confirmed, the complete settlement instructions of both parties (Sequences C and D) are exchanged and matched. Any further message relative to this deal should repeat those settlement instructions. Payments resulting from a movement will be triggered by the content of field 32H (direction of the transfer) and field 30V (value date).

• The tables below show how the different amount fields involved in the deal can be indicated

  Unless specifically mentioned, the presence of the fields mentioned in those tables is mandatory for the different situations described

  The conditional rules applying to a specific field are indicated next to that field.

Example of a Deposit (Party A is the Lender), the table is presented from Party A's point of view, the interest rate is positive.

Fields	New Contract	Rollover No Change	Rollover Increase of Principal	Rollover Decrease of Principal	Maturity
22B	CONF	ROLL	ROLL	ROLL	MATU
17R	L	L	L	L	L
32B	Principal Amount	Principal Amount	New Principal Amount	New Principal Amount	Final Principal Amount
32H (C3) See Note	Not allowed	Amount equals 0	Increase Amount	Decrease Amount preceded by Negative Sign N	Final Principal Amount preceded by Negative Sign N
30X (C3)	Next Interest Payment Date	Next Interest Payment Date	Next Interest Payment Date	Next Interest Payment Date	Not allowed
34E	Next Interest Amount preceded by Negative Sign N	Next Interest Amount preceded by Negative Sign N	Next Interest Amount preceded by Negative Sign N	Next Interest Amount preceded by Negative Sign N	Last Interest Amount preceded by Negative Sign N

Note : The interest amount must be included in field 32H when interest is settled through the same cash flow as the principal.

Example of a Loan (Party A is the Borrower), the table is presented from Party A's point of view, the interest rate is positive.

Fields	New Contract	Rollover No Change	Rollover Increase of Principal	Rollover Decrease of Principal	Maturity
22B	CONF	ROLL	ROLL	ROLL	MATU
17R	B	B	B	B	B
32B	Principal Amount	Principal Amount	New Principal Amount	New Principal Amount	Final Principal Amount
32H (C3) See Note	Not allowed	Amount equals 0	Increase Amount preceded by Negative Sign N	Decrease Amount	Final Principal Amount
30X (C3)	Next Interest Payment Date	Next Interest Payment Date	Next Interest Payment Date	Next Interest Payment Date	Not allowed
34E	Next Interest Amount	Next Interest Amount	Next Interest Amount	Next Interest Amount	Last Interest Amount

Note:The interest amount must be included in field 32H when interest is settled through the same cash flow as the principal.