Ref. 03-20/7881 dated 6 December 2019
Attn.: NSD’s clients
Please be advised that several foreign correspondent banks (Commerzbank AG, Frankfurt, Raiffeisenbank International AG, Vienna) have notified NSD about the planned debiting of a special bank fee from its EUR correspondent accounts in an amount ranging from 0.1% to 0.5% of the balance sum in NSD’s correspondent account at the end of 2019’s last business day of these correspondent banks (31 December 2019); the debiting will be made to meet EU Directive 2014/59 requirements. Expenses will be charged to NSD’s correspondent account in addition to the regular debiting of the sum of negative interest on EUR balances.
If, in accordance with paragraph 3.12 of NSD’s Terms and Conditions of Bank Account Services (which are an integral part of the Bank Account Agreement), on the last business day of 2019 funds are received via correspondent accounts with foreign banks that charge this bank fee, NSD will debit the amounts of relevant reimbursements from client accounts in proportion to their balances in EUR accounts opened with NSD.
If it is impossible to identify the recipient of funds that have been credited on the last business day of 2019 in NSD accounts with foreign banks that perform the debiting operations, NSD will conduct an appropriate investigation. Based on investigation results, funds will be credited properly or returned to the sender after deducting the respective compensation calculated on the basis of the sum of the funds.
Considering the above, and the operating hours of NSD and correspondent banks before the Christmas and New Year holidays, NSD recommends that by the end of 2019 its clients minimize their balances in EUR accounts opened with NSD, in particular, at the end of NSD’s business day on 31 December 2019, and do not conduct transactions that involve funds crediting to NSD client accounts via foreign correspondent banks on 31 December 2019.
If additional bank fees are applied to EUR cash balances by other correspondent banks (with or without a preliminary notice), or bank fee amounts are changed by foreign correspondent banks, and such a bank fee is debited from NSD correspondent accounts, NSD will debit amounts for the relevant reimbursements from client accounts in proportion to their balances in EUR accounts opened with NSD.
If you have questions related to this communication, you may contact your account managers at +7 495 956-27-90, +7 495 956-27-91.