MT 330 Field Specifications

6. Field 22B: Type of Event

FORMAT

Option B

4!c

(Type)

PRESENCE

Mandatory

DEFINITION

This field specifies the event in the life of the loan/deposit.

CODES

Type must contain one of the following codes (Error code(s): T93):

CHNG	This confirms agreed changes to the principal (decrease or increase) or to the period of notice.
CINT	This message informs about an interest rate change.
CONF	This is a first confirmation.
SETT	This is a confirmation of the closing of a contract, ie, a final reduction of the loan/deposit balance to zero and all interest paid.

USAGE RULES

When a change of interest occurs together with another change, eg, the change of the principal, it is recommended to send two separate confirmations.

When the confirmation of a loan/deposit is sent for the first time, CONF is used with field 22A = NEWT. To amend or cancel this confirmation, CONF is still used and field 22A must contain either AMND or CANC.

When a change of the interest rate is confirmed for the first time, CINT is used with field 22A = NEWT. To amend or cancel this change, CINT is still used and field 22A must contain either AMND or CANC.

For any bilaterally agreed change of deal terms (increase or decrease of balance, change of period of notice) confirmed for the first time, CHNG is used with field 22A = NEWT. To amend or cancel these changes, CHNG is still used and field 22A must contain either AMND or CANC.

When the loan/deposit is closed out, SETT is used with field 22A = NEWT. To amend or cancel this closing message, SETT is still used and field 22A must contain either AMND or CANC.

As an overview: the right sequence of using the code words in the life cycle of the deal is:

1. Start of the loan/deposit:

NEWT/CONF (mandatory) followed by:
AMND/CONF (optional)
or CANC/CONF (optional)

2. Changes to interest rate/balance/period of notice (the following are repeated as often as needed during the life of the loan/deposit)

NEWT/CINT (mandatory for a change of interest rate) followed by:
AMND/CINT (optional)
or CANC/CINT (optional)

OR

NEWT/CHNG (mandatory for a change of balance or period of notice) followed by:
AMND/CHNG (optional)
or CANC/CHNG(optional)

3. Termination of the loan/deposit:

NEWT/SETT (mandatory) followed by:
AMND/SETT (optional)
or CANC/SETT (optional)