Regulation (EC) No 1745/2003 of the European Central Bank of 12 September 2003 on the application of minimum reserves (ECB/2003/9)
Date: 2003-09-12
Institutions: European Central Bank
Subjects: European Central Bank, central bank, financial institution, provision

L 250/10

EN

Official Journal of the European Union

2.10.2003

REGULATION (EC) No 1745/2003 OF THE EUROPEAN CENTRAL BANK

of 12 September 2003

on the application of minimum reserves

(ECB/2003/9)

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, 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 Regu-
lation (EC) No 134/2002 (2),

Having regard to Council Regulation (EC) No 2532/98 of 23
November 1998 concerning the powers of
the European
Central Bank to impose sanctions (3),

Whereas:

(1)

Regulation (EC) No 2818/98 of the European Central
Bank of 1 December 1998 on the application of
minimum reserves (ECB/1998/15) (4) has been signifi-
cantly amended on two occasions. First, specific proce-
dures for mergers and divisions involving credit institu-
tions were introduced by Regulation (EC) No 1921/2000
of the European Central Bank of 31 August 2000 (ECB/
2000/8) (5) in order to clarify the obligations of these
institutions in respect of minimum reserves. Second, for
reasons of efficiency, other provisions were amended by
Regulation (EC) No 690/2002 of the European Central
Bank of 18 April 2002 (ECB/2002/3) (6) to clarify that
electronic money institutions will be subject to reserve
requirements; 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; and to clarify
the obligation to include in the reserve base the liabilities
of an institution in relation to a branch of the same
entity, or in relation to the head office or registered
office of the same entity, which are located outside parti-
cipating Member States. As new amendments are being
made to Regulation (EC) No 2818/98 (ECB/1998/15), it
is desirable, for reasons of clarity and rationalisation,
that
the provisions in question should be recast by
bringing them all together in a single text.

(2)

Article 19(1) of the Statute states that, if the European
Central Bank (ECB) requires credit institutions established
in participating Member States
to hold minimum
reserves, they are to be held on accounts with the ECB

(1) OJ L 318, 27.11.1998, p. 1.
(2) OJ L 24, 26.1.2002, p. 1.
(3) OJ L 318, 27.11.1998, p. 4.
(4) OJ L 356, 30.12.1998, p. 1.
(5) Regulation ECB/2000/8 of 31 August 2000 amending Regulation
(EC) No 2818/98 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
institution sector (ECB/1998/16) (OJ L
229, 9.9.2000, p. 34).

(6) Regulation ECB/2002/3 of 18 April 2002 amending Regulation
ECB/1998/15 on the application of minimum reserves (OJ L 106,
23.4.2002, p. 9).

and participating national central banks (participating
NCBs). It is considered appropriate that such reserves
should be held solely on accounts with participating
NCBs.

In order to be effective, the instrument of minimum
reserves also requires specification regarding the calcula-
tion and maintenance of minimum reserves and the
reporting and verification rules.

For the exclusion of interbank liabilities from the reserve
base, any standard deduction to be applied to liabilities
with a maturity of up to two years within the debt secu-
rities category should be based on the euro area-wide
macro ratio between (i) the stock of relevant instruments
issued by credit institutions and held by other credit
institutions and by the ECB and participating NCBs and
(ii) the total amount outstanding of such instruments
issued by credit institutions.

As a rule, the calendar of maintenance periods will be
aligned with the calendar of meetings of the Governing
Council of the ECB at which the monthly assessment of
the monetary policy stance is pre-scheduled.

Specific procedures for the notification and acknowl-
edgement of minimum reserves are necessary so that
institutions are aware of their obligations in respect of
minimum reserves in time,

(3)

(4)

(5)

(6)

HAS ADOPTED THIS REGULATION:

Article 1

Definitions

For the purposes of this Regulation:

— ‘participating Member State’ shall mean an EU Member
State which has adopted the euro in accordance with the
Treaty,

— ‘participating national central bank’

(participating NCB)
shall mean the national central bank of a participating
Member State,

— ‘Eurosystem’ shall designate the ECB and the participating

NCBs,

2.10.2003

EN

Official Journal of the European Union

L 250/11

— ‘institution’ shall mean any entity in a participating Member
State which the ECB, under the terms of Article 19(1) of
the Statute, may require to hold minimum reserves,

institution (the
assets and liabilities
acquiring institution), which may be a newly established
credit institution,

to another credit

— ‘reserve account’ shall mean an institution's account with a
participating NCB, the end-of-day balance of which counts
towards compliance with the institution's reserve require-
ment,

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

— ‘reserve requirement’ shall mean the requirement for institu-
tions to hold minimum reserves on reserve accounts with
participating NCBs,

Article 2

— ‘reserve ratio’ shall mean the percentage specified in Article

4 for any particular item in the reserve base,

Institutions subject to reserve requirements

— ‘maintenance period’ shall mean the period over which
compliance with reserve requirements is calculated and for
which such minimum reserves must be held on reserve
accounts,

— ‘end-of-day balance’ shall mean the balance at the point in
time when the finalisation of payment activities and entries
relating to possible access to the standing facilities of the
Eurosystem has taken place,

— ‘NCB business day’ shall mean any day on which a parti-
the purpose of

cular participating NCB is open for
conducting Eurosystem monetary policy operations,

— ‘resident’ shall mean any natural or legal person residing in
any of the participating Member States within the meaning
of Article 1(4) of Council Regulation (EC) No 2533/98 of
23 November 1998 concerning the collection of statistical
information by the European Central Bank (1),

— ‘reorganisation measures’ shall mean measures intended to
preserve or restore the financial situation of an institution
rights,
which could affect
including measures involving the possible suspension of
payments, suspension of enforcement measures or reduc-
tion in claims,

third parties' pre-existing

— ‘winding-up proceedings’ shall mean collective proceedings
concerning an institution which necessarily involve inter-
vention by the judicial authorities or any other competent
authority of a participating Member State with the aim of
realising assets under the supervision of those authorities,
including where the proceedings are terminated by a
composition or by another analogous measure,

— ‘merger’ shall mean an operation whereby one or more
credit
(the merging institutions), on being
dissolved without going into liquidation, transfer all their

institutions

(1) OJ L 318, 27.11.1998, p. 8.

The following categories of institutions shall be subject to

1.
reserve requirements:

(a) credit institutions as defined in the first subparagraph of
Article 1(1) 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 insti-
tutions (2), other than participating NCBs;

(b) branches as defined in Article 1(3) of Directive 2000/12/
EC, of credit institutions as defined in the first subpara-
graph of Article 1(1) of the same Directive, other than
participating NCBs; these include branches of credit institu-
tions which have neither their registered nor their head
office in a participating Member State.

institutions established in participating
Branches of credit
Member States which are located outside participating Member
States are not subject to reserve requirements.

2. Without being obliged to submit any request, an institu-
tion shall be exempted from reserve requirements from the
start of the maintenance period in which its authorisation is
withdrawn or renounced, or in 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.

The ECB may exempt the following institutions from reserve
requirements on a non-discriminatory basis:

(a) institutions subject to reorganisation measures;

(b) institutions for which the purpose of the ECB's minimum
reserve system would not be met by imposing reserve
requirements upon them. In reaching a decision on any
such exemption, the ECB shall take into account one or
more of the following criteria:

(i) the institution is pursuing special-purpose functions;

(2) OJ L 126, 26.5.2000, p. 1. Directive as amended by Directive

2000/28/EC (OJ L 275, 27.10.2000, p. 37).

L 250/12

EN

Official Journal of the European Union

2.10.2003

(ii) the institution is not exercising active banking func-
tions in competition with other credit institutions;

(iii) the institution has all

relating to regional and/or

its deposits earmarked for
international

purposes
development assistance.

3.
The ECB shall publish a list of institutions subject to
reserve requirements. The ECB shall also publish a list of insti-
tutions exempt from its reserve requirements for reasons other
than being subject to reorganisation measures. Institutions may
rely on these lists when deciding whether their liabilities are
owed to another institution that is itself subject to reserve
requirements. These lists shall not be determinative of whether
institutions are subject to reserve requirements in accordance
with this Article 2.

Article 3

Reserve base

the reserve base. The amount of such standard deduction shall
be published by the ECB in the same manner as the publication
of the list referred to in Article 2(3).

The institution shall calculate the reserve base in respect
3.
of a particular maintenance period on the basis of the data
relating to the month two months prior to the month within
which the maintenance period starts. The institution shall
report the reserve base to the relevant participating NCB as
required within the ECB's reporting framework for money and
banking statistics laid down in Regulation (EC) No 2423/2001
(ECB/2001/13).

For institutions which have been granted the derogation
4.
set out in Article 2(2) of Regulation (EC) No 2423/2001 (ECB/
2001/13), the reserve base shall be calculated, for three conse-
cutive maintenance periods beginning with the maintenance
period starting in the third month after the end of a quarter, on
the basis of end-of-quarter data reported in accordance with
Annex II to Regulation (EC) No 2423/2001 (ECB/2001/13).
These institutions shall notify their minimum reserves in accor-
dance with Article 5.

1.
An institution's reserve base shall comprise the following
liabilities (as defined within the ECB's reporting framework for
money and banking statistics in Regulation (EC) No 2423/2001
the European Central Bank of 22 November 2001
of
concerning the consolidated balance sheet of the monetary
institutions sector (ECB/2001/13) (1)) resulting from
financial
the acceptance of funds:

(a) deposits;

(b) debt securities issued.

Article 4

Reserve ratios

1.
A reserve ratio of 0 % shall apply to the following liability
categories (as defined within the ECB's reporting framework for
money and banking statistics in Regulation (EC) No 2423/2001
(ECB/2001/13)):

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

(a) deposits with agreed maturity over two years;

(b) deposits redeemable at notice over two years;

(c) repos;

The following liabilities shall be excluded from the reserve

years.

2.
base:

(a) liabilities which are owed to any other institution not listed
as being exempt from the ECB's minimum reserve system
according to Article 2(3), and

A reserve ratio of 2,0 % shall apply to all other liabilities

2.
included in the reserve base.

(d) debt securities issued with an agreed maturity over two

(b) liabilities which are owed to the ECB or to a participating

NCB.

Article 5

In applying this provision, the institution shall provide evidence
to the relevant participating NCB of the actual amount of its
liabilities owed to any other institution not listed as being
exempt from the ECB's minimum reserve system and of its
liabilities which are owed to the ECB or to a participating NCB
in order to exclude them from the reserve base.
If such
evidence cannot be presented for debt securities issued with an
agreed maturity of up to two years, the institution may apply a
standard deduction to the outstanding amount of its debt secu-
rities issued with an agreed maturity of up to two years from

(1) OJ L 333, 17.12.2001, p. 1.

Calculation and notification of minimum reserves

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 minimum reserves 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) remu-
neration of holdings of required reserves, and (ii) assessment of
an institution's compliance with the obligation to hold the
required amount of minimum reserves.

2.10.2003

EN

Official Journal of the European Union

L 250/13

An allowance of EUR 100 000, to be deducted from the
2.
amount of the minimum reserves, shall be granted to each
institution, subject to the provisions contained in Articles 11
and 13.

3.
Each participating NCB shall determine procedures for
the notification of institutions' individual minimum reserves, in
accordance with the following principles. Either the relevant
participating NCB or the institution shall take the initiative to
calculate that institution's minimum reserves for the relevant
maintenance period, on the basis of the statistical information
and of the reserve base reported in accordance with Article 5
of Regulation (EC) No 2423/2001 (ECB/2001/13). The calcu-
lating party shall notify the other party of
the calculated
minimum reserves at the latest three NCB business days before
the start of the maintenance period. The relevant participating
NCB may specify an earlier date as a time limit for the notifica-
tion of minimum reserves. It may also specify additional time
limits for the institution to notify any revisions to the reserve
base, and any revisions to the notified minimum reserves. If an
institution abuses the opportunity that is offered by its partici-
pating NCB to revise the reserve base and the minimum
reserves, the NCB may suspend permission for that institution
to submit revisions. The notified party shall acknowledge the
calculated minimum reserves at the latest on the NCB business
day preceding the start of the maintenance period. If the noti-
fied party has not replied to the notification by the end of the
NCB business day preceding the start of
the maintenance
period, it shall be deemed to have acknowledged the amount of
minimum reserves of the institution for the relevant mainte-
nance period. Once acknowledged, the institution's minimum
reserves for the relevant maintenance period cannot be revised.

4.
The participating NCBs shall publish calendars indicating
the forthcoming time limits for notification and acknowledge-
ment of data relevant to minimum reserves for the implementa-
tion of the procedures mentioned in this Article.

5. Where an institution fails to report the relevant statistical
information as specified in Article 5 of Regulation (EC) No
2423/2001 (ECB/2001/13), the relevant participating NCB shall
inform the institution concerned of the amount of the institu-
tion's minimum reserves that is to be notified or acknowledged,
in accordance with the procedures mentioned in this Article,
for the relevant maintenance period(s), estimated on the basis
of historical information reported by the institution and any
other relevant information. Article 6 of Regulation (EC) No
2531/98 and the ECB's power to impose sanctions for infringe-
ment of
shall
remain unaffected.

reporting requirements

the ECB's statistical

An institution shall have complied with its

reserve
2.
requirement if 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 proce-
dures set out in Article 5.

3.
If an institution has more than one establishment in a
participating Member State, its registered office or head office,
if
located in that Member State, shall be responsible for
ensuring compliance with the institution's reserve requirement.
If the institution has neither a registered office nor a head office
in that Member State, it shall designate which of its branches in
that Member State shall be responsible for ensuring compliance
with the institution's reserve requirement. All these establish-
ments' reserve holdings count together towards compliance
with the institution's total reserve requirement in that Member
State.

Article 7

Maintenance period

Unless the Governing Council of

the ECB decides to
1.
modify the calendar according to paragraph 2, the maintenance
period shall start on the settlement day of the main refinancing
operation following the meeting of the Governing Council, at
which the monthly assessment of the monetary policy stance is
pre-scheduled. The Executive Board of the ECB shall publish a
calendar of maintenance periods at least three months before
the start of each calendar year. Publication of such calendar
shall take place in the Official Journal of the European Union and
on the websites of the ECB and of the participating NCBs.

2.
The Governing Council shall decide on any modification
of this calendar that is necessary due to extraordinary circum-
stances and the Executive Board shall publish it in the same
manner well in advance of the start of the maintenance period
to which the modification is applied.

Article 8

Remuneration

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

Article 6

Reserve holdings

Rt ¼

rt ¼

Ht · nt · rt
100 · 360
Xnt

MRi
nt

i ¼ 1

An institution shall hold its minimum reserves on one or
1.
more reserve accounts with the national central bank in each
participating Member State in which it has an establishment, in
relation to its reserve base in the corresponding Member State.
Reserve accounts shall be denominated in euro. Institutions'
settlement accounts with the participating NCBs may be used
as reserve accounts.

Where:

Rt

Ht

= 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;

L 250/14

EN

Official Journal of the European Union

2.10.2003

nt

rt

= number of calendar days in the maintenance period t;

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

i

= ith calendar day of the maintenance period t;

MRi = marginal interest rate for the most recent main refinan-
cing operation settled on or before calendar day i.

The intermediary shall maintain these minimum reserve
3.
holdings in accordance with the general conditions of the ECB's
minimum reserve system. Not only the institutions for which
the intermediary is acting, but also the intermediary itself shall
be responsible for complying with those institutions' reserve
requirements. In the event of non-compliance, the ECB may
impose any applicable sanctions on the intermediary, on the
institution for which it is acting as intermediary, or on both, in
accordance with the liability for non-compliance.

2.
The remuneration shall be paid on the second NCB busi-
ness day following the end of the maintenance period over
which the remuneration was earned.

4.
The ECB or the relevant participating NCB may, at any
time, withdraw permission to hold minimum reserves indir-
ectly:

Article 9

Responsibility for verification

The participating NCBs shall exercise the right to verify the
accuracy and quality of
the information which institutions
provide to demonstrate compliance with the reserve require-
ment as specified in Article 6 of Regulation (EC) No 2531/98
without prejudice to the right of the ECB to exercise this right
itself.

Article 10

Indirect holding of minimum reserves through an inter-
mediary

1.
An institution may apply for permission to hold all its
minimum reserves indirectly through an intermediary resident
in the same Member State. The intermediary shall be an institu-
tion subject to reserve requirements which normally effects part
of the administration (e.g. treasury management) of the institu-
tion for which it is acting as intermediary, beyond the holding
of minimum reserves.

2.
Any application for permission to hold minimum reserves
through an intermediary as described in paragraph 1 above
shall be addressed to the national central bank of the partici-
pating Member State in which the applicant is established. The
application shall include a copy of an agreement between the
intermediary and the applicant in which both parties express
their consent to the arrangement. The agreement shall also
specify whether the applicant wishes to access Eurosystem
standing facilities and open market operations. The agreement
shall specify a notice period of at least 12 months. Upon
compliance with the above conditions, the relevant partici-
the applicant permission to hold
pating NCB may grant
minimum reserves through an intermediary, subject
to the
provisions of paragraph 4 of this Article. Such permission shall
be effective from the start of the first maintenance period
following the date permission is granted, and shall continue for
the duration of the aforementioned agreement between the
parties.

(i) if an institution which holds its reserves indirectly through
an intermediary, or the intermediary itself, fails to comply
the ECB minimum reserve
with its obligations under
system;

(ii) if

the conditions for the holding of reserves indirectly
specified in paragraphs 1 and 2 of this Article are no
longer fulfilled; or

(iii) for prudential reasons relating to the intermediary.

If such permission is withdrawn for prudential reasons relating
to the intermediary, the withdrawal may have immediate effect.
Subject to the requirements of paragraph 5, any withdrawal for
other reasons shall take effect at the end of the then current
maintenance period. An institution which holds its reserves
through an intermediary, or the intermediary itself, may, at any
time, ask for the permission to be withdrawn. Withdrawal
requires prior notification by the relevant participating NCB to
become effective.

The

institution which holds

5.
its minimum reserves
through an intermediary and the intermediary itself shall be
informed of any withdrawal of permission for reasons other
than prudential ones at least five working days before the end
of the maintenance period in which permission is withdrawn.

the intermediary shall report

6. Without prejudice to the individual statistical reporting
obligations of the institution which holds its minimum reserves
through an intermediary,
the
reserve base data in a sufficiently detailed manner to enable the
ECB to verify its accuracy and quality, having regard to the
provisions contained in Article 9, and determine the respective
minimum reserves and the reserve holdings data for itself, as
well as in respect of each institution for which it acts as inter-
mediary. That data shall be provided to the participating NCB
with which the minimum reserves are held. The intermediary
shall provide the aforementioned reserve base data according to
the same frequency and timetable as were established within
the ECB's reporting framework for money and banking statis-
tics laid down in Regulation (EC) No 2423/2001 (ECB/2001/
13).

2.10.2003

EN

Official Journal of the European Union

L 250/15

Article 11

Reserve holding on a consolidated basis

Institutions allowed to report statistical data as a group on a
consolidated basis (as defined within the ECB's reporting frame-
work for money and banking statistics in Regulation (EC) No
2423/2001 (ECB/2001/13)) must hold minimum reserves
through one of the institutions in the group which is acting as
intermediary exclusively for these institutions and in accor-
dance with the provisions in Article 10. The institution acting
as the intermediary for the group may apply to the ECB for
exemption from the provisions in Article 10(6). If the ECB
accepts its application, only the group as a whole shall be
entitled to receive the allowance referred to in Article 5(2).

Article 12

NCB business days

If one or more branches of a participating NCB are closed on
an NCB business day owing to local or regional bank holidays,
the relevant participating NCB shall inform the institutions in
advance of the arrangements to be made for transactions invol-
ving those branches.

Article 13

Mergers and divisions

1.
For the maintenance period in which a merger takes
effect, the merging institutions' reserve requirements shall be
assumed by the acquiring institution and the acquiring institu-
tion shall benefit from any allowance described in Article 5(2)
granted to the merging institutions. All the merging institu-
tions' reserve holdings for the maintenance period in which the
merger takes effect shall count together towards compliance
with reserve requirements by the acquiring institution.

2.
From the maintenance period immediately following the
maintenance period in which the merger takes effect onwards,
the acquiring institution shall be granted only one allowance as
described in Article 5(2). For the maintenance period immedi-
ately following the one in which the merger takes effect, the
acquiring institution's minimum reserves shall be calculated
using a reserve base which aggregates the reserve bases of the
merging institutions and, where appropriate, 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 information for each of the merging institutions, the
acquiring institution shall assume the merging institutions'
statistical reporting obligations. Specific provisions, depending
on the features of the institutions involved in the merger, are
set out in Annex II to Regulation (EC) No 2423/2001 (ECB/
2001/13).

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

institutions which are credit

4.
From the maintenance period immediately following the
maintenance period in which the division takes effect and until
the recipient
institutions have
reported their respective reserve bases in accordance with
Article 5 of Regulation (EC) No 2423/2001 (ECB/2001/13),
each recipient
institution which is a credit institution shall
assume, possibly in addition to its own minimum reserves, the
minimum reserves calculated on the basis of the part of the
reserve base of the institution being divided that is allocated to
it. From the maintenance period immediately following the
maintenance period in which the division takes effect onwards,
each recipient institution which is a credit institution shall be
granted one allowance as described in Article 5(2).

Article 14

Transitional provisions

The maintenance period starting on 24 January 2004

1.
shall end on 9 March 2004.

2.
The minimum reserves for this transitional maintenance
period shall be calculated using the reserve base at 31
December 2003. The reserve base at 30 September 2003 shall
be used for institutions reporting on a quarterly basis.

3.
The procedures for calculation, notification, confirmation,
revision and acknowledgment set out in Article 5(3), (4) and
(6) of Regulation (EC) No 2818/98 (ECB/1998/15) shall apply
to this transitional maintenance period.

Article 15

Final provisions

1.
This Regulation shall enter into force on 24 January
2004, with the exception of Article 5(3) and (5) which shall
enter into force on 10 March 2004.

L 250/16

EN

Official Journal of the European Union

2.10.2003

Regulation (EC) No 2818/98 (ECB/1998/15) of 1 December 1998 on the application of minimum
2.
reserves shall be repealed on 23 January 2004, with the exception of Article 5(3), (4) and (6) which shall
be repealed on 9 March 2004.

3.

References made to the repealed Regulation shall be construed as being made to this Regulation.

Done at Frankfurt am Main, 12 September 2003.

On behalf of the Governing Council of the
ECB

Willem F. DUISENBERG