Regulation (EC) No 1921/2000 of the European Central Bank of 31 August 2000 amending Regulation (EC) No 2818/98 of the European Central Bank on the application of minimum reserves (ECB/1998/15) and amending Regulation (EC) No 2819/98 of the European Central Bank concerning the consolidated balance sheet of the monetary financial institutions sector (ECB/1998/16) (ECB/2000/8)
Date: 2000-08-31
Institutions: European Central Bank
Subjects: European Central Bank, data collection, financial institution, financial statistics

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REGULATION (EC) No 1921/2000 OF THE EUROPEAN CENTRAL BANK

of 31 August 2000

amending Regulation (EC) No 2818/98 of the European Central Bank on the application of
minimum reserves (ECB/1998/15) and amending Regulation (EC) No 2819/98 of the European
Central Bank concerning the consolidated balance sheet of the monetary financial institutions
sector (ECB/1998/16)

(ECB/2000/8)

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 thereof,

Having regard to Council Regulation (EC) No 2531/98 of 23
November 1998 concerning the application of minimum
reserves by the European Central Bank (1), and in particular to
Article 6(4) thereof, and to Council Regulation (EC) No 2532/
98 of 23 November 1998 concerning the powers of the Euro-
pean Central Bank to impose sanctions (2),

Having regard to Council Regulation (EC) No 2533/98 of 23
November 1998 concerning the collection of statistical infor-
mation by the European Central Bank (3), and in particular to
Articles 5(1) and 6(4) thereof,

Whereas:

Regulation (EC) No 2818/98 of the European Central Bank of
1 December 1998 on the application of minimum reserves
(ECB/1998/15) (4) and ECB Regulation (EC) No 2819/98 of the
European Central Bank of 1 December 1998 concerning the
consolidated balance sheet of the monetary financial institu-
tions sector (ECB/1998/16) (5) should be amended for the
following reasons:

1.

in order to facilitate the liquidity management of the Euro-
pean Central Bank and of credit institutions, reserve require-
ments should be confirmed at the latest on the first day of
the maintenance period;

2. the need may exceptionally arise for credit institutions to
report revisions to the reserve base or to reserve require-
ments which have been confirmed;

3. the procedures for confirmation or acknowledgement of
reserve requirements are without prejudice to the obligation
for reporting agents always to report correct statistical infor-
mation and to revise incorrect statistical information they
may have already reported;

4. the determination of specific procedures for mergers and
divisions involving credit institutions is necessary in order
to clarify the obligations of these institutions in respect of
reserve requirements;

(1) OJ L 318, 27.11.1998, p. 1.
(2) OJ L 318, 27.11.1998, p. 4.
(3) OJ L 318, 27.11.1998, p. 8.
(4) OJ L 356, 30.12.1998, p. 1.
(5) OJ L 356, 30.12.1998, p. 7.

5. the definitions of mergers and divisions laid down in this
Regulation are based on definitions already existing in
secondary European Community legislation relating to
public limited liability companies; Whereas these definitions
have been adapted to the purposes of this Regulation;

6. these procedures do not prejudice the possibility of holding

minimum reserves through an intermediary,

HAS ADOPTED THIS REGULATION:

Article 1

Regulation (EC) No 2818/98 of the European Central Bank is
amended as follows:

1. The following definitions are inserted at

the end of

Article 1:

‘— “merger” shall mean an operation whereby one or
more credit institutions (the “merging institutions”), on
being dissolved without going into liquidation, transfer
all their assets and liabilities to another credit institu-
tion (the “acquiring institution”), which may be a newly
established credit institution;

— “division” shall mean an operation whereby one credit
institution (the “institution being divided”), on being
dissolved without going into liquidation, transfers all
its assets and liabilities to more than one institution
(the “recipient
institutions”), which may be newly
established credit institutions.’

2. Article 3(3) is replaced by the following:

‘3.
The reserve base in respect of a particular mainte-
nance period shall be calculated by the institution on the
basis of
the data relating to the month preceding the
month within which the maintenance period starts. The
reserve base shall be reported by the institution to the
relevant participating national central bank (NCB) before
the start of the relevant maintenance period as required
within the reporting framework for the money and banking
statistics of the ECB, which is laid down in Regulation (EC)
No 2819/98 of the European Central Bank of 1 December
1998 concerning the consolidated balance sheet of the
institutions sector (ECB/1998/16) (*).
monetary financial

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For institutions having been granted the derogation
4.
set out in Article 2(2) of Regulation (EC) No 2819/98 of
the European Central Bank, the reserve base shall be calcu-
lated, for the three maintenance periods consecutive to the
maintenance period starting after the end of a quarter, on
the basis of end-of-quarter data reported in accordance
with Annex II to Regulation (EC) No 2819/98 of the Euro-
pean Central Bank. These institutions shall confirm their
reserve requirements and may revise the reported data in
accordance with Article 5.

(*) OJ L 356, 30.12.1998, p. 7.’

3. Article 5 is replaced by the following:

‘Article 5

Calculation and confirmation of reserve requirements

1.
The amount of minimum reserves to be held by
each institution in respect of a particular maintenance
period shall be calculated by applying the reserve ratios
to each relevant item of the reserve base for that period,
as defined in Article 4. The amount of reserve require-
ment identified by the relevant participating NCB and by
the
institution in accordance with the procedures
mentioned in this Article shall constitute the basis for (i)
the remuneration of holdings of required reserves, and
(ii) the assessment of the compliance by an institution
with the obligation to hold the required amount of
minimum reserves.

An allowance of EUR 100 000,

2.
from the amount of
granted to each institution, subject
contained in Articles 11 and 13.

to be deducted
the reserve requirement, shall be
to the provisions

for

the

Procedures

confirmation of

individual
3.
institutions shall be determined
reserve requirements of
by each participating NCB,
in accordance with the
following principles. Either the relevant participating NCB
or the institution shall take the initiative to calculate the
the institution for the relevant
reserve requirement of
maintenance period, on the basis of the statistical
infor-
mation and of the reserve base reported in accordance
with Article 5 of Regulation (EC) No 2819/98 of
the
European Central Bank. The calculating party shall notify
the other party of the calculated reserve requirement at
the latest on the 22nd calendar day of the month within
which the maintenance period starts, or on the preceding
NCB business day if the 22nd calendar day is not an
NCB business day. The relevant participating NCB may
specify an earlier date as a time limit for the reporting
of reserve requirements. The calculated reserve require-
ment shall be confirmed at the latest on the first day of
the maintenance period. The absence of a reaction by
the end of the first day of the maintenance period shall
be deemed to constitute a confirmation of
the reserve
requirement of
the institution for the relevant mainte-
nance period.

the latest on the 14th calendar day of

The relevant participating NCB may accept, after
4.
the confirmation of the reserve requirement of the insti-
tution in accordance with the procedure mentioned in
paragraph 3 of this Article, revisions by the institution
to the reserve base reported in accordance with Article 5
of Regulation (EC) No 2819/98 of the European Central
Bank, and to the confirmed reserve requirement. The
revising party shall notify the other party of the revisions
at
the month
following the month within which the maintenance
period started, or on the preceding NCB business day if
the 14th calendar day is not an NCB business day. The
relevant participating NCB may specify an earlier date as
a time limit for the submission of revisions. Revisions
shall be acknowledged by the notified party at the latest
on the 15th calendar day of the month following the
month within which the maintenance period started, or
on the following NCB business day if the 15th calendar
day is not an NCB business day. The absence of a reac-
tion on the part of the notified party by the end of the
15th calendar day, or the following NCB business day if
the 15th calendar day is not an NCB business day, shall
be deemed to constitute an acknowledgement of
the
reserve requirement of
the institution for the relevant
maintenance period. Should the possibility determined by
this paragraph of
revising the reserve base and the
reserve requirement be used by an institution in an
abusive manner, the possibility of accepting revisions for
this institution may be suspended.

5.
Time limits set by a participating NCB for noti-
fication, confirmation, revision or acknowledgement of
reserve requirements may
for
individual data relevant
deviate from the time limits set out in this Article. The
participating NCBs may publish calendars of forthcoming
time limits for
the procedures
the implementation of
mentioned in this Article.

6.
In the event that an institution fails to report the
relevant statistical information as specified in Article 5 of
Regulation (EC) No 2819/98 of
the European Central
Bank,
the relevant participating NCB shall notify the
credit institution concerned, for confirmation or acknowl-
edgement in accordance with the procedures mentioned
in this Article, of the amount of reserve requirement of
the institution for
the relevant maintenance period(s),
estimated on the basis of historical information reported
by the institution and any relevant information. Article 6
of Council Regulation (EC) No 2531/98 and the power
of the ECB to impose a sanction for infringement of the
ECB's statistical reporting requirements shall remain unaf-
fected.’

4. Article 6(2) is replaced by the following:

if

An institution shall have complied with its reserve
‘2.
requirement
the average end-of-day balance on its
reserve accounts over the maintenance period is not less
than the amount defined for that period in accordance
with the procedures mentioned in Article 5.’

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5. In Article 8(1), the words ‘(whereby the result is rounded
to the nearest cent)’ are inserted at the end of the first
sentence.

6. Article 13 is replaced by the following:

‘Article 13

Mergers and divisions

For

takes effect,

the reserve requirements of

the maintenance period within which the
1.
merger
the
merging institutions shall be assumed by the acquiring
institution and the acquiring institution shall benefit from
each allowance referred to in Article 5(2) which was
granted to the merging institutions. All reserve holdings
the merging institutions during the maintenance
of
period within which the merger
count
together towards the fulfilment of reserve requirements
by the acquiring institution.

effect

takes

2.
From the maintenance period consecutive to the
maintenance period within which the merger takes effect
onwards, the acquiring institution shall be granted only
one allowance referred to in Article 5(2). For the mainte-
nance period consecutive to the merger,
the reserve
requirement of
the acquiring institution shall be calcu-
lated on the basis of a reserve base aggregating the
if applic-
reserve bases of the merging institutions and,
able, of the acquiring institution. The reserve bases to be
aggregated are those which would have been relevant for
this maintenance period had the merger not occurred. To
the extent required to have adequate statistical
informa-
tion for each of the merging institutions, the statistical
reporting obligations of the merging institutions shall be
assumed by the acquiring institution. Specific provisions,
depending on the features of the institutions involved in
the merger, are set out in Annex II to Regulation (EC)
No 2819/98 of the European Central Bank.

For the maintenance period within which a division
3.
takes effect,
the institution
the reserve requirement of
being divided shall be assumed by those recipient institu-
tions which are credit institutions. Each of the recipient
institutions which is a credit institution shall be liable in
proportion to the part allocated to it of the reserve base
the institution being divided. Reserves held by the
of
institution being divided during the maintenance period
within which the division takes effect shall be allocated
between the recipient institutions which are credit institu-
tions, according to the same proportion. For the mainte-
nance period within which the division takes effect, the
allowance referred to in Article 5(2) shall be granted to
each of the recipient institutions which is a credit institu-
tion.

4.
From the maintenance period consecutive to the
maintenance period within which the division takes effect
and until the recipient institutions which are credit insti-
tutions will have reported their respective reserve bases
in accordance with Article 5 of Regulation (EC) No

the European Central Bank, each recipient
2819/98 of
institution which is a credit
institution shall assume,
possibly in addition to its own reserve requirement, the
reserve requirement calculated on the basis of the part of
the reserve base allocated to it of the institution being
divided. From the maintenance period consecutive to the
maintenance period within which the division takes effect
onwards, each recipient institution which is a credit insti-
tution shall be granted one allowance referred to in
Article 5(2).’

Article 2

Regulation (EC) No 2819/98 of the European Central Bank
is amended as follows:

1. The following paragraph is added at the end of Article 4:

In the

event of a merger or a division,

the
‘6.
inform the relevant NCB,
reporting agent involved shall
such operation has
once the intention to implement
become public and in due time before the merger or the
division takes effect, of the procedures that are planned
to fulfil the statistical reporting obligations set out in this
Regulation.’

2. Article 5 is replaced by the following:

‘Article 5

the reported statistical

Use of
information under
Regulation (EC) No 2818/98 of the European Central
Bank

The statistical

1.
information reported in accordance
with this Regulation by credit institutions shall be used
by each credit institution to calculate its reserve base in
accordance with Regulation (EC) No 2818/98 of
the
European Central Bank of 1 December 1998 on the
application of minimum reserves
In
particular, each credit institution shall use this informa-
tion to verify the fulfilment of
its reserve requirement
over the maintenance period.

(ECB/1998/15) (*).

credit

2. Without prejudice to the obligations imposed upon
reporting agents by Article 4 of and Annex IV to this
Regulation,
to minimum
reserves may report revisions to the reserve base and to
the reserve requirement in accordance with the proced-
ures mentioned in Article 5 of Regulation (EC) No 2818/
98 of the European Central Bank.

institutions

subject

Transitional

and specific provisions which shall
3.
apply for the purpose of the application of the ESCB's
minimum reserve system are set out in Annex II to this
Regulation. The specific provisions of
this Annex shall
prevail over provisions laid down in Regulation (EC) No
2818/98 of the European Central Bank.

(*) OJ L 356, 30.12.1998, p. 1.’

3. Annex II

is replaced by the Annex to this Regulation.

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Article 3

Entry into force

In accordance with Article 14 of Regulation (EC) No 2818/98 of the European Central Bank, this
Regulation shall become effective with regard to the maintenance period starting during the month
following the publication of this Regulation in the Official Journal of the European Communities.

Done at Frankfurt am Main, 31 August 2000.

On behalf of the Governing Council of the
ECB

The President

Willem F. DUISENBERG

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ANNEX

‘ANNEX

SPECIFIC AND TRANSITIONAL PROVISIONS AND PROVISIONS ON MERGERS INVOLVING CREDIT
INSTITUTIONS IN RESPECT OF THE APPLICATION OF THE MINIMUM RESERVE SYSTEM

PART 1

SPECIFIC PROVISIONS

I. Credit institutions as full reporters

1. In order to make a correct calculation of the reserve base to which a positive reserve ratio is applied, a detailed
monthly breakdown is required of deposits with an agreed maturity of over two years, of deposits redeemable at
notice of over two years and of repo liabilities of credit institutions vis-a-vis the (“domestic” and “other MUMS”)
“MFIs”, “CIs subject to minimum reserves, ECB and NCBs” and “Central government” sectors, and vis-a-vis the “rest of
the world”. Credit institutions may also report positions vis-a-vis “MFIs other than CIs subject to minimum reserves,
ECB and NCBs”, rather than vis-a-vis “MFIs” and “CIs subject to minimum reserves, ECB and NCBs”, provided that no
loss of detail is implied and no bold printed positions are affected. Furthermore, depending on the national collection
systems and without prejudice to full compliance with the definitions and classification principles of the MFI balance
sheet set out in this Regulation, credit institutions subject to reserve requirements may alternatively report the data
necessary to calculate the reserve base, except those on negotiable instruments, in accordance with Annex I, Table 1,
footnote 7, provided that no bold printed positions are affected.

II. Reporting scheme for credit institutions in the “tail”

2. For the purposes of the minimum reserve system of the European System of Central Banks (ESCB), small credit
institutions in the “tail” report, as a minimum, quarterly data necessary to calculate the reserve base in accordance
with Table 1A. Credit institutions in the “tail” ensure that the reporting according to Table 1A is fully consistent with
the definitions and classifications applicable in Table 1. The “tail” institutions' reserve base data for three (one-month)
reserve maintenance periods is based on end-of quarter data collected by the national central banks (NCBs) with a
deadline of 28 working days following the end of the quarter to which they relate.

III. Reporting on a consolidated basis as a group by credit institutions subject to the ESCB minimum reserve

system

3. On receiving authorisation from the European Central Bank (ECB), credit institutions subject to minimum reserves
may carry out consolidated statistical reporting for a group of credit institutions subject to minimum reserves within
a single national territory, provided that all the institutions concerned have renounced the benefit of any lump-sum
allowance from the reserve requirement. The benefit of the lump-sum allowance remains, however, for the group as a
whole. All the institutions concerned are included separately in the ECB's list of monetary financial institutions (MFIs).

4. If the group as a whole falls under the “tail”, it is only required to comply with the simplified reporting for “tail”

institutions. Otherwise, the reporting scheme for full reporters applies.

IV. The column “o/w CIs subject to reserve requirements, ECB and NCBs”

5. The column “o/w CIs subject to reserve requirements, ECB and NCBs” does not include the liabilities of reporting
institutions vis-a-vis institutions listed as exempt from the ESCB's minimum reserve system, i.e. institutions which are
exempt for reasons other than their being subject to reorganisation measures.

6. The list of exempt institutions contains only those institutions that are exempt for reasons other than their being
subject to reorganisation measures. Institutions which are temporarily exempt from minimum reserve requirements
on account of their being subject to reorganisation measures are treated as institutions subject to minimum reserve
requirements and, therefore, liabilities vis-avis these institutions are covered under the column “o/w CIs subject to
reserve requirements, ECB and NCBs”. Liabilities vis-a-vis institutions not actually required to maintain reserve
holdings with the ESCB owing to the application of the lump-sum allowance are also covered under this column.

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PART 2

TRANSITIONAL PROVISIONS

7. The reporting of information on deposits redeemable at notice of over two years is voluntary until further notice.
Reporting agents have the option of meeting this requirement by means of voluntary reporting, i.e. they are allowed
to report either true figures (including nil positions) or “missing information” (using the appropriate symbol). Once
the choice to report true figures has been made, reporting institutions are no longer able to report “missing
information”.

PART 3

MERGERS INVOLVING CREDIT INSTITUTIONS

8. For the purpose of this Annex, the terms “merger”, “merging institutions”, and “acquiring institution” have the
meaning determined in Regulation (EC) No 2818/98 of the European Central Bank of 1 December 1998 on the
application of minimum reserves (ECB/1998/15).

9. For the maintenance period within which a merger takes effect, the reserve requirements of the acquiring institution
are calculated and have to be fulfilled as set out in Article 13 of Regulation (EC) No 2818/98 of the European Central
Bank.

10. For the consecutive maintenance periods, the reserve requirement of the acquiring institution is calculated on the
basis of a reserve base and of statistical information reported in accordance with the rules set out in the Appendix to
this Annex II, if applicable. Otherwise, the normal rules for reporting of statistical information and calculation of
reserve requirement, as set out in Article 3 of Regulation (EC) No 2818/98 of the European Central Bank, apply.

11. Temporary derogation from the normal reporting procedures for the acquiring institution

its obligation to report statistical

Without prejudice to the obligations set out in the previous paragraphs, the relevant NCB may authorise the
acquiring institution to fulfil
information through temporary procedures, for
instance separate forms for each of the merging institutions during several periods after the merger has taken effect.
This derogation from normal reporting procedures must be limited to the minimum time possible and should not
exceed six months after the merger has taken effect. This derogation is without prejudice to the obligation for the
acquiring institution to fulfil
its reporting obligations in accordance with Regulation (EC) No 2819/98 of the
European Central Bank and, if applicable, its obligation to assume the reporting obligations of merging institutions in
accordance with this Annex II.

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Data required from small CIs to be provided at quarterly frequency for minimum reserve requirements

Table 1A

Reserve base calculated as the sum of the following columns
in table 1:
(a) – (b) + (c) + (d) + (e) + (f) + (g) + (h) + (i) + (j) + (k)

DEPOSIT LIABILITIES
(Euro and non-MU currencies combined)

9 TOTAL DEPOSITS

9.1e + 9.1x
9.2e + 9.1x
9.3e + 9.1x
9.4e + 9.1x

of which:

9.2e + 9.2x with agreed maturity

over two years

of which:

9.3e + 9.3x redeemable at notice

over two years

of which:

9.4e + 9.4x repos

NEGOTIABLE INSTRUMENTS
(Euro and non-MU currencies combined)

11 DEBT SECURITIES ISSUED

11e + 11x with agreed maturity

up to two years

11 DEBT SECURITIES ISSUED

11e + 11x with agreed maturity

over two years

12 MONEY MARKET PAPER

Voluntary reporting

Outstanding issues, column (1) in table 1

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Appendix

Specific rules for the calculation of reserve requirements of credit institutions involved in a merger (1)

Case No

Type of merger

Obligations to be assumed

1.

2.

3.

4.

5.

6.

A merger where a full reporter (acquiring institution) acquires
one or more full reporters (merging institutions) takes effect
after the deadline set by the relevant NCB in accordance with
Article 4 of this Regulation for the reporting of monthly statist-
ical

information relating to the preceding month.

For the maintenance period consecutive to the merger,
the
reserve requirement of the acquiring institution is calculated on
the basis of a reserve base aggregating the reserve bases of the
acquiring institution and of the merging institutions. The reserve
bases to be aggregated are those which would have been relevant
for this maintenance period had the merger not occurred. Only
one lump-sum allowance is granted.

A merger where a full reporter (acquiring institution) acquires
one or more “tail” institutions and possibly one or more full
reporters (merging institutions) takes effect after the deadline set
by the relevant NCB in accordance with Article 4 of
this
Regulation for the reporting of statistical information relating
to the preceding quarter.

the
For the maintenance period consecutive to the merger,
reserve requirement of the acquiring institution is calculated on
the basis of a reserve base aggregating the reserve bases of the
acquiring institution and of the merging institutions. The reserve
bases to be aggregated are those which would have been relevant
for this maintenance period had the merger not occurred. Only
one lump-sum allowance is granted.

A merger where a full reporter (acquiring institution) acquires
one or more full reporters (merging institutions) takes effect
within the period between the end of a month and the deadline
set by the relevant NCB in accordance with Article 4 of this
Regulation for the reporting of monthly statistical information
relating to the preceding month.

A merger where a full reporter (acquiring institution) acquires
one or more “tail” institutions and possibly one or more full
reporters (merging institutions) takes effect within the period
between the end of a quarter and the deadline set by the
relevant NCB in accordance with Article 4 of this Regulation for
the reporting of statistical information relating to the preceding
quarter.

A merger where a “tail”
institution (acquiring institution)
acquires one or more full reporters and possibly one or more
“tail” institutions (merging institutions) takes effect after the
deadline set by the relevant NCB in accordance with Article 4 of
this Regulation for the reporting of statistical
information
relating to the preceding month.

institution (acquiring institution)
A merger where a “tail”
acquires one or more “tail” institutions (merging institutions)
takes effect after the deadline set by the relevant NCB in accord-
ance with Article 4 of this Regulation for the reporting of
statistical

information relating to the preceding quarter.

For the maintenance period consecutive to the merger,
the
reserve requirement of the acquiring institution is calculated on
the basis of a reserve base aggregating the reserve bases of the
acquiring institution and of the merging institutions. The reserve
bases to be aggregated are those which would have been relevant
for this maintenance period had the merger not occurred. Only
one lump-sum allowance is granted. The acquiring institution
shall assume, in addition to its own reporting obligations, the
reporting obligations of merging institutions for statistical infor-
mation relating to the month preceding the merger.

the
For the maintenance period consecutive to the merger,
reserve requirement of the acquiring institution is calculated on
the basis of a reserve base aggregating the reserve bases of the
acquiring institution and of the merging institutions. The reserve
bases to be aggregated are those which would have been relevant
for this maintenance period had the merger not occurred. Only
one lump-sum allowance is granted. The acquiring institution
shall assume, in addition to its own reporting obligations, the
reporting obligations of merging institutions for statistical infor-
mation relating to the month or the quarter preceding the
merger, depending on the institution.

Same procedure as in case 1 is applied.

From the maintenance period consecutive to the merger and until
the acquiring institution has reported for the first time after the
merger quarterly data in accordance with the reduced reporting
requirements imposed upon “tail” reporters as set out in Annex II
to this Regulation, the reserve requirement of the acquiring insti-
tution is calculated on the basis of a reserve base aggregating the
reserve bases of the acquiring institution and of the merging
institutions. The reserve bases to be aggregated are those which
would have been relevant for this maintenance period had the
merger not occurred. Only one lump-sum allowance is granted.

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Case No

Type of merger

Obligations to be assumed

7.

8.

9.

10.

11.

12.

A merger where a “tail”
institution (acquiring institution)
acquires one or more “tail” institutions (merging institutions)
takes effect after the deadline set by the relevant NCB in accord-
ance with Article 4 of this Regulation for the reporting of
statistical information relating to the preceding quarter and, as a
result of
institution becomes a full
reporter.

the merger,

the “tail”

A merger where a “tail”
institution (acquiring institution)
acquires one or more “tail” institutions (merging institutions)
takes effect within the period between the end of a quarter and
the deadline set by the relevant NCB in accordance with Article
4 of this Regulation for the reporting of statistical information
relating to the preceding quarter.

A merger where a “tail”
institution (acquiring institution)
acquires one or more full reporters and possibly one or more
“tail” institutions (merging institutions) takes effect within the
period between the end of a month and the deadline set by the
relevant NCB in accordance with Article 4 of this Regulation for
the reporting of monthly statistical information relating to the
preceding month.

A merger where a “tail”
institution (acquiring institution)
acquires one or more “tail” institutions (merging institutions)
takes effect within the period between the end of a quarter and
the deadline set by the relevant NCB in accordance with Article
4 of this Regulation for the reporting of statistical information
relating to the preceding quarter and, as a result of the merger,
the “tail” institution becomes a full reporter.

A merger where a full reporter (acquiring institution) is created
from full reporters (merging institutions) takes effect within the
period between the end of a month and the deadline set by the
relevant NCB in accordance with Article 4 of this Regulation for
the reporting of monthly statistical information relating to the
preceding month.

A merger where a full reporter (acquiring institution) is created
from one or more “tail” institutions and possibly one or more
full reporters (merging institutions)
takes effect within the
period between the end of a quarter and the deadline set by the
relevant NCB in accordance with Article 4 of this Regulation for
the reporting of statistical information relating to the preceding
quarter.

Same procedure as in case 2 is applied.

From the maintenance period consecutive to the merger and until
the acquiring institution has reported, for the first time after the
merger, quarterly data in accordance with the reduced reporting
requirements imposed upon “tail” reporters as set out in Annex II
to this Regulation, the reserve requirement of the acquiring insti-
tution is calculated on the basis of a reserve base aggregating the
reserve bases of the acquiring institution and of the merging
institutions. The reserve bases to be aggregated are those which
would have been relevant for this maintenance period had the
merger not occurred. Only one lump-sum allowance is granted.
The acquiring institution shall assume,
in addition to its own
reporting obligations, the reporting obligations of merging insti-
tutions
information relating to the quarter
statistical
for
preceding the merger.

Same procedure as in case 3 is applied.

Same procedure as in case 4 is applied.

For the maintenance period consecutive to the merger,
the
reserve requirement of the acquiring institution is calculated on
the basis of a reserve base aggregating the reserve bases of the
merging institutions. The reserve bases to be aggregated are those
which would have been relevant for this maintenance period had
the merger not occurred. Only one lump-sum allowance is
granted. The acquiring institution shall assume the reporting
information
obligations of merging institutions for statistical
relating to the month preceding the merger.

the
For the maintenance period consecutive to the merger,
reserve requirement of the acquiring institution is calculated on
the basis of a reserve base aggregating the reserve bases of the
merging institutions. The reserve bases to be aggregated are those
which would have been relevant for this maintenance period had
the merger not occurred. Only one lump-sum allowance is
granted. The acquiring institution shall assume the reporting
obligations of merging institutions for data relating to the month
or the quarter preceding the merger, depending on the institu-
tion.

9.9.2000

EN

Official Journal of the European Communities

L 229/43

Case No

13.

Type of merger

Obligations to be assumed

A merger where a “tail” institution (acquiring institution)
is
created from one or more “tail” institutions (merging institu-
tions) takes effect within the period between the end of a
quarter and the deadline set by the relevant NCB in accordance
with Article 4 of this Regulation for the reporting of statistical
information relating to the preceding quarter.

From the maintenance period consecutive to the merger and until
the acquiring institution has reported, for the first time after the
merger, quarterly data in accordance with the reduced reporting
requirements imposed upon “tail” reporters as set out in Annex II
to this Regulation, the reserve requirement of the acquiring insti-
tution is calculated on the basis of a reserve base aggregating the
reserve bases of the merging institutions. The reserve bases to be
aggregated are those which would have been relevant for this
maintenance period had the merger not occurred. Only one
lump-sum allowance is granted. The acquiring institution shall
assume the reporting obligations of merging institutions for data
relating to the quarter preceding the merger.

(1) The table presents the details of more complex procedures applied to specific cases. For cases not presented in the table the normal rules for reporting of statistical

information and calculation of reserve requirement, as set out in Article 3 of Regulation (EC) No 2818/98 of the European Central Bank, apply.’