15.17.7 Rate Set Notice

The Incoming messages with Message Name as Drawdown Notice and event type as Rate Set Event is placed in the Incoming Browser with Processing Status as Pending. You can view and process it by clicking Details button against the message.

Based on the Agent Ref No the system identifies the drawdown for which the rate amendment has to be applied. If the matching drawdown is not present, then the system marks Processing Status as Failed by logging an exception Drawdown is not available.

Once the drawdown is identified, the system checks the main interest component type. If the interest component is of type LIBOR and the Rate fixing is required option is selected as Yes, the system picks up the rate fixing date, start date, end date, interest rate, and margin from the message, whereas if the Rate fixing is required option is selected as No, the system updates processing status as Failed and log an exception Rate fixing is not applicable.

If the rate fixing is captured for start date and end date from the Rate Set Notice, then the system updates the base rate for the entry with matching Rate Effective Start Date and Rate Effective End Date. If the notice date is on application date and the Rate Effective Start Date is in future, then the system processes the message to capture rate fixing information so that system applies the rate for Rate Effective Start Date and update the Processing Status as Processed.

Once the incoming message with event type as RateSetEvent is processed.

• If the drawdown is not initiated then system fires the IRFX event along with the fax messages attached to the event and INIT event along with the payment message attached if the Drawdown value date is on or before application date.
• If the drawdown is initiated then system fires the IRFX event if the Rate Effective Start date is greater than the Rate Effective End Date and the corresponding fax messages are generated.

The following fields can be enriched by clicking on the Enrich button provided these dates fall on a holiday.

• Interest rate effective Start date
• Interest rate effective end date
• Exchange rate effective start date
• Exchange rate effective end date

The system logs the following exceptions during processing.

• System checks if the start date and end date are within Drawdown value date and Maturity date. If the condition is not met, the system updates the Processing Status as Failed by logging an exception-Rate Effective Start Date cannot be lesser than drawdown date / Rate Effective End Date Cannot be Greater than Maturity date of contract.
• System checks if rate fixing is captured for start date and end date from the Rate Set Notice. If rate fixing is not captured then system updates processing status as Failed with the exception Rate Fixing is not done for StartDate and End Date.
• If rate fixing is done for the Drawdown, the system checks if the last Rate Effective End Date is equal to the start date received in Rate Set Notice. If they are different, the system updates processing status as Failed with the exception - Rate Effective Start Date should be equal to last Rate Effective End Date.

If the notice date is in future, the system considers the message as an Intent message and marks the Processing Status as Hold. The message is retained in the Incoming Browser till the event date and on event date during batch processing system marks the Processing Status as Pending, so that the messageis picked for processing.

If Incoming Intent message for Drawdown/Rollover and Rate set message are received at the same time for the same contract with same Agent Reference number and is effective on the system date or prior, the system consumes and processes the Intent message and the Rate Set message is changed to Processed automatically.

Only the message process status is marked as Processed for the Rate Set Notice. The system does not process the message and there are no events registered in Oracle Banking Corporate Lending.

Note:

If the Intent message is received on its own, it is consumed as normal.

If the notice date) is earlier than application date (past value dated), the system does not process the contract/event in system and marks the Processing Status of the Incoming Message as Pending Authentication. Once you have changed the status to Pending, the system picks up the message for re-processing.