( a ) under algorithm 1 ( allornothing ) the ecb shall  both for each relationship in respect of which a bilateral limit has been set and also for the total sum of relationships for which a multilateral limit has been set  ( i ) calculate the overall liquidity position of each target2 participant s pm account by establishing whether the aggregate of all outgoing and incoming payment orders pending in the queue is negative or positive and  if it is negative  check whether it exceeds that participant s available liquidity ( the overall liquidity position shall constitute the « total liquidity position ) 