Regulation (EC) No 1637/2006 of the European Central Bank of 2 November 2006 concerning transitional provisions for the application of minimum reserves by the European Central Bank following the introduction of the euro in Slovenia (ECB/2006/15)
Date: 2006-11-02
Institutions: European Central Bank
Subjects: European Central Bank, European System of Central Banks, Slovenia, central bank, financial institution, reserves

7.11.2006

EN

Official Journal of the European Union

L 306/15

REGULATION (EC) No 1637/2006 OF THE EUROPEAN CENTRAL BANK

of 2 November 2006

concerning transitional provisions for the application of minimum reserves by the European
Central Bank following the introduction of the euro in Slovenia

(ECB/2006/15)

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) and the first indent of Article 47(2) 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),

(3)

Having regard to Regulation (EC) No 1745/2003 (ECB/2003/9)
of 12 September 2003 on the application of minimum
reserves (2),

requires the adoption of transitional provisions in order
to ensure smooth integration without creating a dispro-
portionate burden for credit institutions in participating
Member States, including Slovenia.

Article 5 of the Statute in conjunction with Article 10 of
the Treaty establishing the European Community implies
to design and
an obligation for Member States
implement
appropriate
the
all
measures to collect the statistical information needed to
fulfil the statistical reporting requirements of the ECB and
to ensure timely preparation in the field of statistics to
adopt the euro,

national

level

at

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),

HAS ADOPTED THIS REGULATION:

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 (4), and in particular to
Articles 5(1) and 6(4) thereof,

to

regard

Regulation

Having
2423/2001
(ECB/2001/13) of 22 November 2001 concerning the conso-
institutions
lidated balance sheet of
sector (5)

the monetary financial

(EC) No

Whereas:

(1)

The introduction of the euro by Slovenia on 1 January
institutions and branches of
2007 means that credit
credit institutions located in Slovenia will be subject to
reserve requirements from that date.

(2)

The integration of
reserve system of

these entities into the minimum
the European Central Bank (ECB)

(1) OJ L 318, 27.11.1998, p. 1. Regulation as amended by Regulation

(EC) No 134/2002 (OJ L 24, 26.1.2002, p. 1).

(2) OJ L 250, 2.10.2003, p. 10.
(3) OJ L 318, 27.11.1998, p. 4.
(4) OJ L 318, 27.11.1998, p. 8.
(5) OJ L 333, 17.12.2001, p. 1. Regulation as last amended by Regu-
lation (EC) No 2181/2004 (ECB/2004/21) (OJ L 371, 18.12.2004,
p. 42).

Article 1

Definitions

the terms ‘institution’,
this Regulation,
For the purposes of
‘reserve base’, and
‘maintenance period’,
‘reserve requirement’,
‘participating Member State’ have the same meaning as in Regu-
lation (EC) No 1745/2003 (ECB/2003/9).

Article 2

Transitional provisions for institutions located in Slovenia

In derogation from Article 7 of Regulation (EC) No
1.
1745/2003 (ECB/2003/9), a transitional maintenance period
shall run from 1 to 16 January 2007 for institutions located
in Slovenia.

in accordance with the ECB’s

2.
The reserve base of each institution located in Slovenia for
the transitional maintenance period shall be defined in relation
to elements of its balance sheet as at 31 October 2006. Insti-
tutions located in Slovenia shall report their reserve base to
Banka Slovenije
reporting
framework for money and banking statistics, as laid down in
Institutions
Regulation (EC) No 2423/2001 (ECB/2001/13).
located in Slovenia that benefit
from the derogation under
Article 2(2) of Regulation (EC) No 2423/2001 (ECB/2001/13)
shall calculate a reserve base for the transitional maintenance
period on the basis of their balance sheet as at 30 September
2006.

L 306/16

EN

Official Journal of the European Union

7.11.2006

In respect of the transitional maintenance period, either an
3.
institution located in Slovenia or Banka Slovenije shall calculate
such institution’s minimum reserves. The party that calculates
the minimum reserves shall submit its calculation to the other
party allowing sufficient time for the latter to verify it and
the latest by 11 December 2006. The
submit revisions, at
including any revisions thereof,
calculated minimum reserves,
if applicable, shall be confirmed by the two parties at
the
latest on 12 December 2006. If the notified party does not
confirm the amount of minimum reserves by 12 December
2006,
the
calculated amount applies for
the transitional maintenance
period.

it shall be deemed to have acknowledged that

Article 3

Transitional provisions for institutions located in other
participating Member States

1.
The maintenance period applicable to institutions located
in other participating Member States pursuant to Article 7 of
Regulation (EC) No 1745/2003 (ECB/2003/9) shall
remain
unaffected by the existence of a transitional maintenance
period for institutions located in Slovenia.

2.
Institutions located in other participating Member States
may decide to deduct from their reserve base for the main-
tenance periods from 13 December 2006 to 16 January 2007
and from 17 January to 13 February 2007 any liabilities owed
to institutions located in Slovenia, even though at the time the
minimum reserves are calculated such institutions will not
appear on the list of institutions subject to reserve requirements
mentioned in Article 2(3) of Regulation (EC) No 1745/2003
(ECB/2003/9).

3.
Institutions located in other participating Member States
that wish to deduct liabilities owed to institutions located in
Slovenia shall, for the maintenance periods from 13 December
2006 to 16 January 2007 and from 17 January to 13 February
2007, calculate their minimum reserves on the basis of their
balance sheet as at 31 October 2006 and 30 November 2006
respectively and report a table in accordance with footnote 5 of
to Regulation (EC) No 2423/2001
Table 1 of Annex I
located in Slovenia as
showing institutions
(ECB/2001/13)
already subject to the ECB’s minimum reserve system.

institutions
No 2423/2001 (ECB/2001/13),
located in Slovenia as being banks located in the ‘Rest of the
world’.

showing

still

The tables shall be reported in accordance with the time limits
and procedures laid down in Regulation (EC) No 2423/2001
(ECB/2001/13).

4.
For the maintenance periods starting in December 2006,
January and February 2007, institutions located in other parti-
cipating Member States that benefit from the derogation under
Article 2(2) of Regulation (EC) No 2423/2001 (ECB/2001/13)
and wish to deduct liabilities owed to institutions located in
Slovenia, shall calculate their minimum reserves on the basis
of their balance sheet as at 30 September 2006 and report a
table in accordance with footnote 5 of Table 1 of Annex I to
Regulation (EC) No 2423/2001 (ECB/2001/13) showing insti-
to the ECB’s
tutions located in Slovenia as already subject
minimum reserve system.

This shall be without prejudice to the obligation for institutions
to report statistical
information for the periods concerned in
accordance with Table 1 of Annex I to Regulation (EC) No
2423/2001 (ECB/2001/13), still showing institutions located
in Slovenia as being banks located in the ‘Rest of the world’.

The tables shall be reported in accordance with the time limits
and procedures laid down in Regulation (EC) No 2423/2001
(ECB/2001/13).

Article 4

Entry into force and application

This Regulation shall enter into force on the day following

1.
its publication in the Official Journal of the European Union.

2.
In the absence of specific provisions in this Regulation,
the provisions of Regulations (EC) No 1745/2003 (ECB/2003/9)
and (EC) No 2423/2001 (ECB/2001/13) shall apply.

Done at Frankfurt am Main, 2 November 2006.

This shall be without prejudice to the obligation for institutions
information for the periods concerned in
to report statistical
to Regulation (EC)
accordance with Table 1 of Annex I

For the Governing Council of the ECB
The President of the ECB

Jean-Claude TRICHET