Council Regulation (EC) No 134/2002 of 22 January 2002 amending Regulation (EC) No 2531/98 concerning the application of minimum reserves by the European Central Bank
Date: 2002-01-22
Institutions: Council of the European Union
Subjects: European Central Bank, European System of Central Banks, financial legislation, fine, foreign-exchange reserves, infringement of EU law

26.1.2002

EN

Official Journal of the European Communities

L 24/1

I

(Acts whose publication is obligatory)

COUNCIL REGULATION (EC) No 134/2002

of 22 January 2002

amending Regulation (EC) No 2531/98 concerning the application of minimum reserves by the
European Central Bank

THE COUNCIL OF THE EUROPEAN UNION,

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 19.2 thereof,

(3)

Having regard to the recommendation of the European Central
Bank (ECB),

Having regard to the opinion of the European Parliament (1),

Having regard to the opinion of the Commission (2),

(4)

impose sanctions (4) for the principles and procedures
relating to the imposition of sanctions.

The experience with the review procedure laid down in
Article 3(7) of Regulation (EC) No 2532/98 and simpli-
fied by Article 7(2) of Council Regulation (EC) No 2531/
98 has proved that the reduced period of 15 days does
not provide sufficient time for the Governing Council to
take a proper decision.

In order to provide for an effective review procedure, the
period for the Governing Council to take a decision
should be extended to two months,

Acting in accordance with the procedure laid down in Article
107(6) of the Treaty establishing the European Community and
in Article 42 of the Statute and under the conditions set out in
Article 43.1 of the Statute, paragraph 8 of the Protocol on
certain provisions relating to the United Kingdom of Great
Britain and Northern Ireland and paragraph 2 of the Protocol
on certain provisions relating to Denmark, both Protocols
being annexed to the said Treaty,

Whereas:

(1)

(2)

On 23 November 1998 the Council adopted Regulation
(EC) No 2531/98 concerning the
application of
minimum reserves by the European Central Bank (3).

Specific sanctions and procedures are set out in Regula-
tion (EC) No 2531/98, providing for a simplified proce-
dure for the imposition of sanctions in the event of
certain kinds of infringements but referring to Council
Regulation (EC) No 2532/98 of 23 November 1998
concerning the powers of the European Central Bank to

HAS ADOPTED THIS REGULATION:

Article 1

In Article 7(2) of Regulation (EC) No 2531/98, the reference to
Article 3(7) of Regulation (EC) No 2532/98 shall be deleted.

Article 2

This Regulation shall enter into force on the day of its publica-
tion in the Official Journal of the European Communities.

This Regulation shall apply to requests which are made after
the date of entry into force of this Regulation. For this purpose,
the date on which the request is received by the ECB shall be
the relevant date.

This Regulation shall be binding in its entirety and directly applicable in the Member States in
accordance with the Treaty establishing the European Community.

Done at Brussels, 22 January 2002.

For the Council

The President

R. DE RATO Y FIGAREDO

(1) Opinion delivered on 4.7.2001 (not yet published in the Official

Journal).

(2) Opinion delivered on 24.10.2001 (not yet published in the Official

Journal).

(3) OJ L 318, 27.11.1998, p. 1.

(4) OJ L 318, 27.11.1998, p. 4.