2008/892/EC: Decision of the European Central Bank of 28 October 2008 on transitional provisions for the application of minimum reserves by the European Central Bank following the introduction of the euro in Slovakia (ECB/2008/14)
Date: 2008-10-28
Institutions: European Central Bank
Subjects: European Central Bank, European System of Central Banks, Slovakia, central bank, financial institution, financial legislation, reserves

29.11.2008

EN

Official Journal of the European Union

L 319/73

EUROPEAN CENTRAL BANK

DECISION OF THE EUROPEAN CENTRAL BANK

of 28 October 2008

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

(ECB/2008/14)

(2008/892/EC)

THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK,

Whereas:

(1)

(2)

(3)

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 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),

Having regard to Regulation (EC) No 1745/2003 of
the
European Central Bank of 12 September 2003 on the appli­
cation of minimum reserves (ECB/2003/9) (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),

Having regard to Council Regulation (EC) No 2533/98 of
23 November 1998 concerning the collection of statistical
information by the European Central Bank (4), and in particular
Articles 5(1) and 6(4) thereof,

The adoption of the euro by Slovakia on 1 January 2009
institutions and branches of credit
means that credit
institutions
to
reserve requirements from that date.

located in Slovakia will be

subject

The integration of
these entities into the minimum
reserve system of the Eurosystem requires the adoption
of transitional provisions in order to ensure smooth inte­
gration without creating a disproportionate burden for
credit
States,
institutions
including Slovakia.

in participating Member

Article 5 of
the ESCB Statute in conjunction with
the Treaty establishing the European
Article 10 of
Community implies an obligation for Member States to
level all the appro­
design and implement at national
information
priate measures to collect
reporting
needed
requirements and to ensure timely preparation in the
field of statistics to adopt the euro,

the statistical

statistical

ECB’s

fulfil

the

to

HAS DECIDED AS FOLLOWS:

Having regard to Regulation (EC) No 2423/2001 of
the
European Central Bank of 22 November 2001 concerning the
consolidated balance sheet of the monetary financial institutions
sector (ECB/2001/13) (5),

(1) OJ L 318, 27.11.1998, 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.

Article 1

Definitions
For the purposes of this Decision, the terms ‘institution’, ‘reserve
requirement’,
‘reserve base’, and ‘partici­
pating Member State’ have the same meaning as in Regulation
(EC) No 1745/2003 (ECB/2003/9).

‘maintenance period’,

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Official Journal of the European Union

29.11.2008

Article 2

Transitional provisions for institutions located in Slovakia

1.
In derogation from Article 7 of Regulation (EC) No
1745/2003 (ECB/2003/9), a transitional maintenance period
shall run from 1 January 2009 to 20 January 2009 for insti­
tutions located in Slovakia.

2.
The reserve base of each institution located in Slovakia for
the transitional maintenance period shall be defined in relation
to elements of its balance sheet as at 31 October 2008. Insti­
tutions located in Slovakia shall report their reserve base to
Národná banka Slovenska in accordance with the ECB’s
reporting framework for money and banking statistics, as laid
down in Regulation (EC) No 2423/2001 (ECB/2001/13). Insti­
tutions located in Slovakia 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 2008.

3.
In respect of the transitional maintenance period, either an
institution located in Slovakia or Národná banka Slovenska 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
calculated minimum reserves,
and submit
including
shall be
applicable,
thereof,
confirmed by the two parties at the latest on 9 December
2008. If the notified party does not confirm the amount of
minimum reserves by 9 December 2008,
it shall be deemed
to have acknowledged that the calculated amount applies for
the transitional maintenance period.

revisions. The
revisions

any

if

these institutions may,

The provisions of paragraphs 2 to 4 of Article 3 shall
4.
apply mutatis mutandis to institutions located in Slovakia so
that
initial maintenance
periods, deduct from their reserve bases any liabilities owed
to institutions in Slovakia, although at the time the minimum
reserves are calculated such institutions will not appear on the
list of institutions subject to reserve requirements in Article 2(3)
of Regulation (EC) No 1745/2003 (ECB/2003/9).

their

for

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

remain
Regulation (EC) No 1745/2003 (ECB/2003/9) shall
unaffected by the existence of a transitional maintenance
period for institutions located in Slovakia.

2.
Institutions located in other participating Member States
may decide to deduct from their reserve base for the main­
tenance periods from 10 December 2008 to 20 January 2009
and from 21 January to 10 February 2009 any liabilities owed
to institutions located in Slovakia, 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
Slovakia shall, for the maintenance periods from 10 December
2008 to 20 January 2009 and from 21 January to 10 February
2009, calculate their minimum reserves on the basis of their
balance sheet at 31 October and 30 November 2008 respec­
tively 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 institutions located in Slovakia as already subject to the
ECB’s 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 Slovakia 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).

4.
For the maintenance periods starting in December 2008,
January and February 2009, institutions located in other partici­
pating 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
Slovakia, shall calculate their minimum reserves on the basis
of their balance sheet as at 30 September 2008 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 Slovakia as already subject
minimum reserve system.

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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
Slovakia 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).

2.

This Decision shall enter into force on 1 November 2008.

3.
In the absence of specific provisions in this Decision, the
provisions of Regulations (EC) No 1745/2003 (ECB/2003/9)
and (EC) No 2423/2001 (ECB/2001/13) shall apply.

Article 4

Done at Frankfurt am Main, 28 October 2008.

Entry into force and application

This Decision is addressed to Národná banka Slovenska,
1.
institutions located in Slovakia and institutions located in other
participating Member States.

The President of the ECB

Jean-Claude TRICHET