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b authority of the ecb to perform its functions the opening of insolvency proceedings or proceedings in respect of the participant will not affect the authority and powers of the ecb arising out of the system documents .
b authority of the ecb to perform its functions the opening of insolvency proceedings or proceedings in respect of the participant will not affect the authority and powers of the ecb arising out of the system documents .
or ( b ) if the loss arises out of external events beyond the ecb 's reasonable control ( force majeure ) .
or ( b ) if the loss arises out of external events beyond the ecb 's reasonable control ( force majeure ) .
unless otherwise decided by the ecb 's governing council , the target2 compensation scheme shall not apply if the technical malfunction of target2 arises out of external events beyond the reasonable control of the cbs concerned or as a result of acts or omissions by third parties .
unless otherwise decided by the ecb 's governing council , the target2 compensation scheme shall not apply if the technical malfunction of target2 arises out of external events beyond the reasonable control of the cbs concerned or as a result of acts or omissions by third parties .
the ecb shall be liable to its participants in cases of fraud ( including but not limited to wilful misconduct ) or gross negligence , for any loss arising out of the operation of target2-ecb .
the ecb shall be liable to its participants in cases of fraud ( including but not limited to wilful misconduct ) or gross negligence , for any loss arising out of 2007d0007 --- fi --- 12.05.2010 --- 003.001 --- 16 ▼b the operation of target2-ecb .