Regulation (EC) No 2548/2000 of the European Central Bank
of 2 November 2000
concerning transitional provisions for the application of minimum reserves by the European Central Bank following the introduction of the euro in Greece
(ECB/2000/11)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank (hereinafter referred to as the "Statute") and in particular to Article 19.1 and the first indent of Article 47.2 thereof, to Council Regulation (EC) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank(1) and to Council Regulation (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions(2),
Having regard to Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank(3) (ECB), and in particular to Articles 5(1) and 6(4) thereof,
Having regard to ECB Regulation (EC) No 2818/98 of 1 December 1998 on the application of minimum reserves (ECB/1998/15)(4), as amended by ECB Regulation (EC) No 1921/2000(5),
Having regard to ECB Regulation (EC) No 2819/98 of 1 December 1998 concerning the consolidated balance sheet of the monetary financial institutions sector (ECB/1998/16)(6), as amended by ECB Regulation (EC) No 1921/2000(7),
Having regard to the contribution by the General Council of the European Central Bank,
Whereas:
(1) The introduction of the euro in Greece as of 1 January 2001 entails the submission of credit institutions located in Greece and branches in Greece of credit institutions to the ESCB's minimum reserves system as of the same date.
(2) The integration of these entities into the ESCB's minimum reserves system requires the adoption of transitional provisions in order to ensure smooth integration without creating a disproportionate burden for credit institutions in participating Member States, including Greece.
(3) The conjunction of Article 5 of the Statute and Article 10 of the Treaty establishing the European Community implies an obligation for Member States to design and implement at national level all the appropriate measures in order to carry out the collection of the statistical information needed to fulfil the ECB's statistical reporting requirements and the timely preparation in the field of statistics in order for them to become participating Member States,
HAS ADOPTED THIS REGULATION:
Article 1
Transitional provisions
The transitional provisions for the application of minimum reserves by the ECB following the introduction of the euro in Greece are set out in the Annex to the present Regulation which shall form an integral part of this Regulation.
In the absence of specific provisions in this Regulation, the provisions of Regulations (EC) No 2818/98 and (EC) No 2819/98 shall apply.
Article 2
Entry into force
This Regulation shall enter into force on the day of its publication in the Official Journal of the European Communities. The provisions set out in the Annex of this Regulation shall only be effective with regard to the first maintenance periods of 2001.
Done at Frankfurt am Main, 2 November 2000.