CELEX: 11992M/PRO/SEBC/19
Language: en
Date: 1992-02-07 00:00:00
Title: Treaty on European Union - Protocol on the statute of the european system of central banks and of the European Central Bank - Chapter IV: Monetary functions and operations of the ESCB - Article 19: Minimum reserves

Avis juridique important

|

11992M/PRO/SEBC/19

Treaty on European Union - Protocol on the statute of the european system of central banks and of the European Central Bank - Chapter IV: Monetary functions and operations of the ESCB - Article 19: Minimum reserves  

Official Journal C 191 , 29/07/1992 P. 0072

 Article 19  Minimum reserves 19.1. Subject to Article 2, the ECB may require credit institutions established in Member States to hold minimum reserves on accounts with the ECB and national central banks in pursuance of monetary policy objectives. Regulations  concerning the calculation and determination of the required minimum reserves may be established by the Governing Council. In cases of non-compliance the ECB shall be entitled to levy penalty interest and to impose other sanctions with comparable effect.  19.2. For the application of this Article, the Council shall, in accordance with the procedure laid down in Article 42, define the basis for minimum reserves and the maximum permissible ratios between those reserves and their basis, as well as the appropriate sanctions in cases of non-compliance.