BANK GUARANTEES
The bank 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 GME's treasury services. Upon receipt, the bank will place a stamp on the document with the time/date of receipt, which will become the "date of submission".
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 Electricity Market 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 per Azioni
Viale Cesare Pavese, 336 - 00144 - Rome - Italy
To the attention of: Ufficio Crediti (Credits Dept.)
As an alternative, digitally signed bank guarantees may be sent to the certified e-mail address (PEC) of the bank in charge of GME's treasury services.
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 favor 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 according to the methods established in Technical Rule n. 10 PCE.
For the purpose of guarantee submission and related update letters, the documents must be drawn up according to the templates attached to the PCE Regulations and available in the appropriate "forms" section, otherwise the documents cannot be accepted.
If the participant also wants to operate on netting markets, it can submit a guarantee according to the forms attached to the Integrated Text of the Electricity Market Rules or to the Natural Gas Market Regulation and allocate part of the guarantee provided to cover exposures that may arise on ME, MGAS and PCE, by submitting to GME the guarantee distribution form of netting market according to the methods defined in ME Technical Rules n. 04 and in MGAS Technical Rules n. 19.
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