Regulation (EC) No 1052/2008 of the European Central Bank of 22 October 2008 amending Regulation (EC) No 1745/2003 (ECB/2003/9) on the application of minimum reserves (ECB/2008/10)
Date: 2008-10-22
Institutions: European Central Bank
Subjects: European Central Bank, central bank, financial regulation, provision

L 282/14

EN

Official Journal of the European Union

25.10.2008

REGULATION (EC) No 1052/2008 OF THE EUROPEAN CENTRAL BANK

of 22 October 2008

amending Regulation (EC) No 1745/2003 (ECB/2003/9) on the application of minimum reserves

(ECB/2008/10)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

(5)

Having regard to the Statute of the European System of Central
Banks and of the European Central Bank (hereinafter the ESCB
Statute), and in particular to Article 19.1 thereof,

Regulation (EC) No 1745/2003 (ECB/2003/9) should
also provide for general criteria governing transitional
maintenance periods
institutions which become
subject to the ECB’s reserve requirements on account of
the adoption of the euro by the Member State in which
they are located,

for

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),

HAS ADOPTED THIS REGULATION:

Having regard to Council Regulation (EC) No 2532/98 of
23 November 1998 concerning the powers of the European
Central Bank to impose sanctions (2),

Regulation (EC) No 1745/2003 (ECB/2003/9)
follows:

is amended as

Article 1

Whereas:

1. Article 2(2) and (3) are replaced by the following:

(1)

(2)

(3)

(4)

the ESCB Statute provides that

Article 19.1 of
the
Governing Council of the European Central Bank (ECB)
may establish regulations concerning the calculation and
determination of the required minimum reserves.

Article 2 of Regulation (EC) No 2531/98 provides that
the ECB may, on a non-discriminatory basis, exempt
from the obligation to hold minimum
institutions
reserves in accordance with criteria established by the
ECB.

The ECB considers it necessary to tighten the criteria for
granting exemptions from reserve requirements and,
in
addition, to add a new criterion regarding the possibility
to grant an exemption to institutions subject to measures
imposed by the Community or a Member State which
result in the freezing of funds or the restriction of the use
of an institution’s funds or are otherwise subject to a
decision of the ECB’s Governing Council suspending or
excluding their access to open market operations or to
the Eurosystem’s standing facilities.

In the light of past experience,
it is also necessary to
amend Regulation (EC) No 1745/2003 of the European
Central Bank (ECB/2003/9) (3) to refine the definition of
the components of the reserve base in respect of which
minimum reserves are calculated and the provisions on
granting an exemption from the requirements of separate
institutions holding minimum reserves
reporting for
through an intermediary.

‘2. Without being obliged to submit any request, an insti­
tution 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 subject to the freezing of funds and/or other
measures imposed by the Community or a Member State
under Article 60(2) of the Treaty restricting the use of
their funds or a decision of the ECB’s Governing Council
suspending or excluding their access to open market
operations or the Eurosystem’s standing facilities;

(c)

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:

(1) OJ L 318, 27.11.1998, p. 1.
(2) OJ L 318, 27.11.1998, p. 4.
(3) OJ L 250, 2.10.2003, p. 10.

(i) the institution is authorised to pursue special-

purpose functions only;

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Official Journal of the European Union

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(ii) the institution is prohibited from exercising active
banking functions in competition with other credit
institutions;

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

(iii) the institution is under a legal obligation to have all
its deposits earmarked for purposes
relating to
regional and/or international development assistance.

3.
The ECB shall publish a list of institutions subject to
reserve requirements. The ECB shall also publish a list of
institutions
for
reasons other than being subject to:

requirements

from its

exempt

reserve

‘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)):

(a) deposits with agreed maturity over two years;

(b) deposits redeemable at notice over two years;

(a) reorganisation measures;

(c) repos;

(b) the freezing of funds and/or other measures imposed by
the Community or a Member State under Article 60(2)
of the Treaty restricting the use of an institution’s funds
or a decision issued by the ECB’s Governing Council
suspending or excluding an institution’s access to open
market operations or the Eurosystem’s standing facilities.

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 deter­
minative of whether
to reserve
requirements in accordance with Article 2.’

institutions are subject

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

The following liabilities shall be excluded from the

‘2.
reserve 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);

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

NCB.

the institution shall provide
In applying this provision,
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 original maturity of up to and
including two years, the institution may apply a standard
deduction to the outstanding amount of its debt securities
issued with an original maturity of up to and including two
years from 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).’

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

years.’

4. Article 11 is replaced by the following:

‘Article 11

Reserve holding on a consolidated basis

Institutions allowed to report statistical data regarding their
consolidated reserve base as a group (as defined within the
ECB’s reporting framework for money and banking statistics
in Regulation (EC) No 2423/2001 (ECB/2001/13) shall hold
minimum reserves through one of the institutions in the
group which is acting as intermediary exclusively for these
institutions and in accordance with the provisions
in
Article 10. On receiving authorisation from the ECB to
carry out statistical reporting regarding the consolidated
reserve base for the institutions in the group, the institution
acting as the intermediary for the group shall automatically
be exempted from the provisions in Article 10(6) and only
the group as a whole shall be entitled to receive the
allowance referred to in Article 5(2).’

5. The following Article 13a is inserted:

‘Article 13a

Euro area enlargement

The ECB’s Governing Council delegates power to the
1.
ECB’s Executive Board to decide, in cases when a Member
State adopts the euro in accordance with the Treaty on the
following matters, after taking into consideration the views
of
the ESCB, as
applicable:

the Market Operations Committee of

(a)

the dates of the transitional maintenance period for the
application of minimum reserve requirements to insti­
tutions located in that Member State, with the initial
date being the date of the adoption of the euro in that
Member State;

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Official Journal of the European Union

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(b) the manner of calculation of the reserve base for the
purposes of determining the level of minimum reserves
required to be held by institutions located in the Member
State adopting the euro during the transitional main­
tenance period taking into account the ECB’s reporting
framework for money and banking statistics as laid
down
2423/2001
in
(ECB/2001/13); and

Regulation

(EC)

No

list of

the minimum reserves are calculated such institutions do not
to reserve
appear on the
the decisions
requirements in Article 2(3).
issued by the Executive Board of
this
paragraph may further specify the manner in which the
deduction of such liabilities shall be carried out.

the ECB under

In this event,

institutions

subject

(c)

the time limit by which the calculation and verification
of the minimum reserves is to be carried out by the
institutions located in the Member State adopting the
euro and their national central bank in respect of the
transitional maintenance period.

The Executive Board shall publish a statement on its decision
at least two months before the date of the adoption of the
euro in that Member State.

2.
The Governing Council of the ECB further delegates to
the Executive Board of the ECB the power to authorise insti­
tutions located in other participating Member States to
deduct from their reserve base for the maintenance periods
coinciding with and succeeding the transitional maintenance
period any liabilities owed to institutions located in the
Member State adopting the euro even though at the time

3.
Any decision issued by the Executive Board under para­
graphs 1 and 2 shall be promptly notified to the Governing
Council of the ECB, and the Executive Board of the ECB shall
abide by any decision adopted by the Governing Council of
the ECB thereon.’

Article 2

Final provision

This Regulation shall enter into force on the day following its
publication in the Official Journal of the European Union.

Done at Frankfurt am Main, 22 October 2008.

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

Jean-Claude TRICHET