EN 
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 10 August 2006  
at the request of Banka Slovenije on a draft decision on minimum reserves  
(CON/2006/41) 
 
Introduction and legal basis  
On 26 July 2006 the European Central Bank (ECB) received a request from Banka Slovenije for an 
opinion on a draft decision on minimum reser ves (hereinafter the ‘draft decision’). 
The ECB’s competence to deliver an  opinion is based on Article 105(4) of the Treaty establishing the 
European Community and Article 2(2) of C ouncil Decision 98/415/EC of 29 June 1998 on the 
consultation of the European Central Bank by natio nal authorities regarding draft legislative provisions1, 
as the draft decision relates to an instrument of monetary policy of a non-participating Member State. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central 
Bank, the Governing Council has adopted this opinion. 
 1.
  Purpose of the draft decision The draft decision lays down a comprehensive le gal regime governing persons subject to reserve 
requirements (i.e. banks and savings  banks). Its provisions cover, inter alia , the reserve base, 
reserve ratios, fulfilment of reserve requirements, remuneration, the special regime in the case of mergers and divisions, and sanctions for non-complia nce with reserve requirements. In comparison 
to the existing Decision on minimum reserves
2, the new elements introduced by the draft decision 
are the following: (i) maintenance periods are ali gned with the Eurosystem ’s maintenance period 
calendar; (ii) the reserve base is calculated on th e basis of end-of-month balance sheet information 
reported within the framework of statistical re porting; and (iii) an allowance of EUR 100 000 is 
introduced for all persons subject to reserve requi rements. The draft decision is intended to apply 
for the last three maintenance periods in 200 6 before Slovenia adopts the euro, i.e. from 
27 September to 31 December 2006. 
 
                                                 
1  OJ L 189, 3.7.1998, p. 42.  
2  Official Gazette of the Republic  of Slovenia, Nos 99/2004 and 9/2005. 
2 2. General observations  
The ECB welcomes the draft decision as a part of the intensive preparations for adoption of the 
euro in Slovenia. Within the framework of moneta ry policy, which currently remains a competence 
of Banka Slovenije, the draft decision is intended to make the Slovenian minimum reserves system 
consistent with the Eurosystem standards that w ill apply after adoption of the euro. This step 
should help Slovenian credit institutions to become  acquainted with the Eurosystem’s requirements 
and ensure a smooth start to compliance with  the Eurosystem’s reserve requirements in 
January 2007. To this end, the draft decision ad equately reflects the Eurosystem legal framework 
on minimum reserves, especially Regulation E CB/2003/9 of 12 September 2003 on the application 
of minimum reserves3. 
 3. Calculation of the reserve base in the last maintenance period of 2006 
3.1 During the consultation procedure, Banka Slovenije  suggested that the draft decision should be 
amended so as to enable Slovenian credit institu tions to deduct from their reserve bases for the 
maintenance period starting on 13 December 2006 an y liabilities owed to Eurosystem institutions 
subject to minimum reserves. 
3.2 The Eurosystem rule, pursuant to which liabilities ow ed to Eurosystem institutions that are subject 
to Eurosystem reserve requirements may be deducte d from the reserve base, is intended to ensure 
that the same liabilities are not made subject twic e to reserve requirements imposed by the same 
authority (i.e. the ECB). The ECB notes that until 1 January 2007, this justification will not apply to 
the Slovenian minimum reserves system, as it will still be Banka Slovenije that imposes reserve 
requirements on Slovenian institutions and not th e ECB. Until Slovenia adopts the euro, however, 
the monetary policy field (including minimum re serves) falls within the competence of Banka 
Slovenije, and Banka Slovenije may therefore deci de to include such a provision in the draft 
decision. To do so could facilitate a smooth integr ation into the full Eurosystem minimum reserves 
regime on 1 January 2007, as the reserve bases of Slovenian in stitutions subject to reserve 
requirements would already be calculated taki ng into account liabilities owed to Eurosystem 
institutions subject to minimum reserves. 
 
This opinion will be published on the ECB’s website. 
 
Done at Frankfurt am Main, 10 August 2006. 
[signed] 
The President of the ECB 
Jean-Claude TRICHET 
                                                 
3  OJ L 250, 2.10.2003, p. 10.