Regulation (EC) No 690/2002 of the European Central Bank of 18 April 2002 amending Regulation (EC) No 2818/98 (ECB/1998/15) on the application of minimum reserves (ECB/2002/3)
Date: 2002-04-18
Institutions: European Central Bank
Subjects: European Central Bank, central bank, financial regulation, foreign-exchange reserves

23.4.2002

EN

Official Journal of the European Communities

L 106/9

REGULATION (EC) No 690/2002 OF THE EUROPEAN CENTRAL BANK

of 18 April 2002

amending Regulation (EC) No 2818/98 (ECB/1998/15) on the application of minimum reserves

(ECB/2002/3)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL
BANK,

have been harmonised by Article 14 of Directive 2000/
12/EC.

Having regard to the Statute of the European System of Central
Banks and of the European Central Bank, 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), as amended by
Regulation (EC) No 134/2002 (2), and in particular to Article 2
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) (3), as amended by Regulation (EC) No 1921/
2000 (ECB/2000/8) (4), should be amended for the following
reasons:

(1)

(2)

(3)

Directive 2000/28/EC (5) extended the definition of
credit institutions contained in Article 1, point 1, first
subparagraph, of Directive 2000/12/EC of the European
Parliament and of
the Council of 20 March 2000
relating to the taking up and pursuit of the business of
credit institutions (6) to electronic money institutions. In
order to clarify that electronic money institutions will be
subject to minimum reserve requirements for reasons of
equal treatment between the various categories of elec-
tronic money issuers, the reference to the definition of
credit institutions contained in Article 2(1) of Regulation
(EC) No 2818/98 (ECB/1998/15) should be amended
accordingly.

Pursuant to Article 2(2) of Regulation (EC) No 2818/98
(ECB/1998/15), the ECB may exempt institutions which
are subject
to winding-up proceedings from reserve
requirements on a non-discriminatory basis.

It is appropriate for reasons of efficiency to establish a
general rule according to which credit institutions will
be automatically exempted from reserve requirements
for the whole maintenance period within which they
cease to exist as such.

(4)

The rules regarding withdrawal or lapse of the author-
isation to carry on the business of a credit institution

(1) OJ L 318, 27.11.1998, p. 1.
(2) OJ L 24, 26.1.2002, p. 1.
(3) OJ L 356, 30.12.1998, p. 1.
(4) OJ L 229, 9.9.2000, p. 34.
(5) OJ L 275, 27.10.2000, p. 37.
(6) OJ L 126, 26.5.2000, p. 1.

(5)

(6)

(7)

It is necessary for the automatic exemption procedure in
the event of winding-up proceedings to apply without
prejudice to the possibility of applying for an exemption
under Article 2(2) of Regulation (EC) No 2818/98 (ECB/
1998/15)
specific features of
national procedures.

the purposes of

for

It
is necessary to expressly clarify the obligation to
include in the reserve base the liabilities of an institution
vis-à-vis a branch of the same entity, or vis-à-vis the
head office or registered office of the same entity, which
are located outside participating Member States.

The possibility of the Eurosystem conducting in parallel
more than one main refinancing operation, with such
requires an
operations having different maturities,
amendment to the formula concerning the calculation of
the remuneration of holdings of required reserves,

HAS ADOPTED THIS REGULATION:

Article 1

Regulation (EC) No 2818/98 (ECB/1998/15)
follows:

is amended as

1. Article 2(1) is replaced by the following:

The following categories of

‘1.
subject to reserve requirements:

institutions

shall be

(a) credit institutions as defined in Article 1, point 1, first
subparagraph, of Directive 2000/12/EC of the European
relating to the
Parliament and of
taking-up and pursuit of the business of credit institu-
tions, other than participating NCBs;

the Council (*)

(b) branches of credit institutions as defined in Article 1,
point 1, first subparagraph, of Directive 2000/12/EC,
other than participating NCBs; these include branches of
credit institutions which have neither their registered
nor their head office in a participating Member State.

institutions established in partici-
Branches of credit
pating Member States which are located outside partici-
pating Member States shall not be subject to reserve
requirements.

(*) OJ L 126, 26.5.2000, p. 1.’

L 106/10

EN

Official Journal of the European Communities

23.4.2002

2. Article 2 is amended as follows:

(a) The following subparagraph is inserted at the begin-

ning of paragraph 2:

‘2. Without being under an obligation to submit
any request, an institution shall be exempted from
reserve requirements from the start of
the mainte-
nance period within which its authorisation is with-
drawn or renounced, or within which a decision to
submit
the institution to winding-up proceedings is
taken by a judicial authority or any other competent
authority of a participating Member State.’

(b) In paragraph 2(a), the words ‘winding-up proceedings

or’ are deleted.

3. The following sentence is inserted at

the end of para-

graph 1 of Article 3:

‘If an institution has liabilities vis-à-vis a branch of the
same entity, or vis-à-vis the head office or
registered
the same entity, which are located outside
office of
participating Member States, it shall include such liabilities
in the reserve base.’

4. Article 8(1) is replaced by the following:

Where:
Rt

=

Ht =

nt =

rt

=

i =
MRi

remuneration to be paid on holdings of required
reserves for the maintenance period t

average daily holdings of required reserves for
the maintenance period t

number of calendar days
period t

in the maintenance

rate of
required
remuneration on holdings of
reserves for the maintenance period t. Standard
remuneration to two
rounding of
decimals will be applied

the rate of

ith calendar day of the maintenance period t

= marginal

settled

operation

interest rate for the most recent main
before
refinancing
calendar day i. Where more than one main refi-
nancing operation is conducted for settlement on
the same day, a simple average of the marginal
rates of the operations conducted in parallel
is
used.’

on

or

‘1.
Holdings of required reserves are remunerated at
the average, taken over the maintenance period, of the
(weighted according to the number of
ESCB's
calendar days)
the main refinancing operations
according to the following formula (whereby the result is
rounded to the nearest cent):

rate

for

Article 2

Entry into force

This Regulation shall enter into force at the beginning of the
maintenance period starting during the month following its
publication in the Official Journal of the European Communities.

This Regulation shall be binding in its entirety and directly applicable in all Member
States.

Done at Frankfurt am Main, 18 April 2002.

On behalf of the Governing Council of the
ECB

Willem F. DUISENBERG