CELEX ID: 32021R0378

--- ENGLISH ---

Document:
3.3.2021
EN
Official Journal of the European Union
L 73/1
REGULATION (EU) 2021/378 OF THE EUROPEAN CENTRAL BANK
of 22 January 2021
on the application of minimum reserve requirements (recast) 
(ECB/2021/1)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union,
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
)
,
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
)
,
Whereas:
(1)
Regulation (EC) No 1745/2003 of the European Central Bank (ECB/2003/9) 
(
3
)
 has been substantially amended several times. Since further amendments are to be made, that Regulation should be recast in the interests of clarity.
(2)
Under Article 6 of Regulation (EC) No 2531/98, the European Central Bank (ECB) has the right to collect from institutions the information necessary for the application of minimum reserve requirements, and to verify the accuracy and quality of the information which institutions provide to demonstrate compliance with those requirements. In order to reduce the overall reporting burden, it is appropriate that the statistical information regarding the monthly balance sheet collected pursuant to Regulation (EU) 2021/379 of the European Central Bank (ECB/2021/2) 
(
4
)
 be used for the regular calculation of the reserve base of credit institutions.
(3)
Increased transparency and clarity on a number of issues relating to the application of minimum reserve requirements is necessary, in particular with regard to: (a) the conditions relating to the application of minimum reserve requirements to institutions; (b) the fact that national central banks (NCBs) of the Member States whose currency is the euro (euro area NCBs) may decide to suspend or exclude access of institutions to Eurosystem’s open market operations and standing facilities (Eurosystem monetary policy operations); (c) the conditions by which funds should be counted as reserves for the purpose of fulfilling minimum reserve requirements; (d) the requirements for applications for permission to hold minimum reserve indirectly through an intermediary institution; and (e) the conditions for the withdrawal of permission to hold minimum reserves indirectly through an intermediary institution.
(4)
In order for the Eurosystem’s minimum reserve requirements system to be effective, it is also necessary to further specify minimum reserve requirements as regards the calculation, notification, acknowledgement and maintenance of minimum reserves, as well as reporting and verification.
(5)
It is appropriate that the information reported by intermediaries on the reserve base be sufficiently detailed to allow for accurate reporting under Regulation (EU) 2021/379 (ECB/2021/2). In addition, where the parent institution is granted permission to report the reserve base on an aggregated basis pursuant to this Regulation, it is appropriate that it reports the reserve base data on an aggregated basis to the relevant NCB in accordance with Regulation (EU) 2021/379 (ECB/2021/2).
(6)
In order to ensure an appropriate balance between ensuring the accuracy of data on minimum reserves and the smooth application of the regulatory framework, and in order to avoid having to re-issue valid and applicable permissions, any intermediaries that have been granted permission to report the reserve base on an aggregated basis under Regulation (EC) No 1745/2003 (ECB/2003/9) should be able to continue such reporting without having to apply for a new permission.
(7)
In accordance with Article 19(1) of the Statute of the European System of Central Banks and of the European Central Bank, the ECB may require credit institutions established in Member States whose currency is the euro (euro area Member States) to hold minimum reserves on accounts with the ECB and euro area NCBs. Since credit institutions hold accounts with the NCB in their respective jurisdiction, it is appropriate that such reserves should be held solely on accounts with NCBs.
(8)
Regulation (EC) No 2531/98 and Regulation (EC) No 2532/98 establish the ECB’s power to impose sanctions for infringement of statistical reporting requirements including for non-compliance with the minimum reserve requirements laid down in this Regulation.
(9)
In order to ensure legal certainty, it is necessary that the provisions of this Regulation, which are aligned with the amendment to the definition of ‘credit institutions’ in Regulation (EU) No 575/2013 of the European Parliament and the Council 
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 (pursuant to Regulation (EU) 2019/2033 of the European Parliament and of the Council 
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6
)
), apply at the same time as that amendment on 26 June 2021. However, for operational reasons, it is necessary to provide that the provisions on reserve holdings apply from 28 July 2021, the first day of the fifth maintenance period in 2021,
HAS ADOPTED THIS REGULATION:
Article 1
Subject matter and scope
This Regulation establishes the minimum reserve requirements for the following institutions:
(a)
credit institutions which are either:
(i)
authorised in accordance with Article 8 of Directive 2013/36/EU of the European Parliament and of the Council 
(
7
)
; or
(ii)
exempt from such authorisation pursuant to Article 2(5) of Directive 2013/36/EU;
(b)
branches of credit institutions, including branches established in Member States whose currency is the euro (euro area Member State) of credit institutions with neither their registered office nor their head office located in a euro area Member State; but excluding branches established outside of a euro area Member State of credit institutions which are established in a euro area Member State.
Article 2
Definitions
For the purposes of this Regulation, the following definitions apply:
(1)
‘minimum reserves’ means the amount of funds that an institution is required to hold as reserves in its reserve accounts with the relevant national central bank;
(2)
‘minimum reserve requirements’ means all the requirements that institutions are required to comply with pursuant to this Regulation in relation to minimum reserves as regards the calculation, notification, acknowledgement, and maintenance of minimum reserves, and reporting and verification;
(3)
‘euro area Member State’ means a Member State whose currency is the euro;
(4)
‘credit institution’ means ‘credit institution’ as defined in Article 4(1)(1) of Regulation (EU) No 575/2013;
(5)
‘branch’ means ‘branch’ as defined in Article 4(1)(17) of Regulation (EU) No 575/2013;
(6)
‘relevant NCB’ means the national central bank (NCB) of the euro area Member State in which the institution is resident;
(7)
‘reserve accounts’ means the accounts in which an institution holds its reserves with the relevant NCB;
(8)
‘reserve base’ means the sum of the eligible liabilities used for calculating the minimum reserves of an institution;
(9)
‘reserve ratio’ means the percentage applied to items of the reserve base for calculating an institution’s minimum reserves;
(10)
‘maintenance period’ means the period over which compliance with minimum reserve requirements is assessed;
(11)
‘end-of-day balance’ means the reserve holdings at the time when the finalisation of payment activities has taken place and entries relating to access to the standing facilities of the Eurosystem have been made;
(12)
‘NCB business day’ means any day on which a particular NCB is open for the purpose of conducting Eurosystem monetary policy operations;
(13)
‘TARGET2 business day’ means any day on which TARGET2 is open for the settlement of payment orders as defined in Guideline ECB/2012/27 of the European Central Bank 
(
8
)
;
(14)
‘resident’ means any natural or legal person residing in any of the euro area Member States within the meaning of Article 1(4) of Council Regulation (EC) No 2533/98 
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;
(15)
‘merger’ means an operation whereby one or more credit institutions (the acquired institutions), on being dissolved without going into liquidation, transfer all their assets and liabilities to another credit institution (the acquiring institution), which may be a newly established credit institution;
(16)
‘division’ means an operation whereby one credit institution (the institution being divided), on being dissolved without going into liquidation, transfers all its assets and liabilities to more than one institution (the recipient institutions), which may be newly established credit institutions.
Article 3
Reserve holdings
1.   Institutions referred to in Article 1 shall hold minimum reserves, calculated in accordance with Article 6, as follows:
(a)
the average end-of-day balance on one or more reserve accounts over the maintenance period shall be equal to or shall exceed the amount calculated for that period in accordance with Article 6;
(b)
minimum reserves shall be held on reserve accounts, denominated in euro, with the relevant NCBs in each euro area Member State in which they are established;
(c)
settlement accounts with the NCBs may be used as reserve accounts for the purposes of this Regulation;
(d)
funds subject to any legal, contractual, regulatory or other restriction that would prevent the institution from liquidating, transferring, assigning or disposing of such funds during the relevant maintenance period shall be excluded from the reserve holdings.
For the purposes of point (d), institutions shall notify the relevant NCB of any restrictions referred to therein without undue delay.
2.   Where an institution has several branches in the same euro area Member State, the following shall apply:
(a)
the registered office or head office, if located in that Member State, shall fulfil the minimum reserve requirements set out in this Article for those branches in that Member State;
(b)
that institution shall designate one of its branches in the same Member State for the purposes of fulfilling the minimum reserve requirements in this Article where it has neither a registered office nor a head office in that Member State;
(c)
the relevant NCB shall use all end-of-day balances in the reserve accounts of the branches of that institution in the same Member State to assess whether paragraph 1(a) of this Article is fulfilled.
3.   The European Central Bank (ECB) shall publish the following lists of institutions on its website:
(a)
institutions subject to minimum reserve requirements pursuant to this Regulation;
(b)
institutions exempted from minimum reserve requirements pursuant to Article 4, excluding those institutions referred to in points (a) to (c) of Article 4(2).
Article 4
Exemptions from minimum reserve requirements
1.   Institutions shall be exempt from the minimum reserve requirements in Article 3 where either of the following apply:
(a)
an authorisation referred to in Article 1(a)(i) is withdrawn or renounced; or
(b)
an institution is subject to winding-up proceedings pursuant to Directive 2001/24/EC of the European Parliament and of the Council 
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10
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.
2.   The ECB may grant exemptions from the minimum reserve requirements in Article 3, upon request by the relevant NCB, where any of the following apply:
(a)
an institution is subject to a reorganisation measure pursuant to Directive 2001/24/EC;
(b)
an institution is subject to a freezing order imposed by the Union or by a Member State, or is subject to measures imposed by the Union pursuant to Article 75 of the Treaty, which restricts the institution’s ability to use its funds;
(c)
that institution’s access to the Eurosystem’s open market operations or standing facilities has been suspended or excluded by the ECB and NCBs (Eurosystem) pursuant to Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60) 
(
11
)
;
(d)
it is not appropriate to require minimum reserves from that institution.
For the purposes of point (c) of the first subparagraph, where an institution’s access to the Eurosystem’s open market operations or standing facilities is restored by the Governing Council of the ECB pursuant to Article 158 of Guideline (EU) 2015/510 (ECB/2014/60), the exemption shall no longer apply from the start of the next maintenance period.
3.   For the purposes of granting exemptions in accordance with paragraph 2(d), the relevant NCBs and the ECB shall take all of the following into account:
(a)
whether that institution is authorised to pursue special-purpose functions only;
(b)
whether that institution is prohibited from exercising active banking functions in competition with other credit institutions;
(c)
whether that institution is under a legal obligation to have all its deposits earmarked for purposes relating to regional and/or international development assistance.
For the purposes of point (a), an institution is authorised to pursue special-purpose functions only where it exercises specific public administration tasks or the institution is forbidden by law or statute to undertake the business of credit institutions.
4.   The exemptions referred to in this Article shall apply from the start of the maintenance period in which the relevant event occurs.
Article 5
Reserve base
1.   Institutions shall calculate their reserve base using the statistical information on the following liabilities reported pursuant to Regulation (EU) 2021/379 (ECB/2021/2):
(a)
deposits;
(b)
debt securities issued.
Where an institution holds liabilities owed to a branch of the same entity located outside the euro area, or to the head office or registered office of the same entity which is located outside the euro area, those liabilities shall be included in the reserve base.
2.   The following liabilities shall be excluded from the reserve base calculated pursuant to paragraph 1:
(a)
liabilities owed to any other institution where that institution:
(i)
is subject to minimum reserve requirements pursuant to this Regulation; and
(ii)
is not exempt or has not been granted an exemption from minimum reserve requirements pursuant to Article 4;
(b)
liabilities owed to the ECB or to an NCB of a euro area Member State.
3.   Where liabilities are excluded from the reserve base in accordance with paragraph 2, the institution shall:
(a)
inform the relevant NCB of the excluded amount without undue delay;
(b)
provide evidence of those liabilities;
(c)
deduct the amount of those liabilities from the reserve base after providing evidence of the amount to the relevant NCB in accordance with point (b).
For the purposes of point (b), where an institution is unable to provide evidence to the relevant NCB of the amount of liabilities within the category of ‘debt securities issued’, that institution shall apply the standard deduction published on the ECB’s website to the outstanding amount of the debt securities which it has issued and which have an original maturity of up to and including two years.
4.   The ECB, when determining the standard deduction applied to liabilities within the debt securities category with a maturity of up to two years referred to in paragraph 3, shall take into account the euro area-wide macro ratio between the stock of relevant instruments issued by credit institutions and held by other credit institutions and by the ECB and relevant NCBs and the total amount outstanding of such instruments issued by credit institutions.
5.   Institutions shall calculate their reserve base with respect to 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.
6.   Tail institutions, as defined in Article 2 of Regulation (EU) 2021/379 (ECB/2021/2), shall calculate their reserve base for two consecutive 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 Regulation (EU) 2021/379 (ECB/2021/2). Those institutions shall notify the relevant NCB of their minimum reserves in accordance with Article 7.
Article 6
Calculation of minimum reserves
1.   Minimum reserves held by institutions pursuant to Article 3 shall be calculated using the following reserve ratios for each of the liabilities of the reserve base referred to in Article 5:
(a)
a reserve ratio of 0 % shall apply to the following categories referred to in Part 2 of Annex II to Regulation (EU) 2021/379 (ECB/2021/2):
(i)
deposits which fulfil one of the following conditions:
—
have an agreed maturity over two years;
—
are redeemable at notice over two years;
—
are repurchase agreements (repos);
(ii)
debt securities issued with an original maturity over two years;
(b)
a reserve ratio of 1 % on all other liabilities included in the reserve base.
2.   NCBs or the institution shall deduct a lump sum allowance of EUR 100 000 from the calculation of minimum reserves of each institution, subject to the requirements of Articles 10 to 12.
3.   NCBs shall use the minimum reserves calculated in accordance with Article 6 for the following:
(a)
to remunerate holdings of minimum reserves;
(b)
to assess whether Article 3(1)(a) is fulfilled.
Article 7
Notification of minimum reserves
1.   NCBs shall establish the procedure for notifying institutions’ individual minimum reserves. That procedure shall include whether the relevant NCB or the institution calculates the minimum reserves in accordance with Article 6.
2.   Where the relevant NCB calculates an institution’s minimum reserves pursuant to paragraph 1, all of the following shall apply:
(a)
the relevant NCB shall notify that institution of its minimum reserves at the latest three NCB business days before the start of the maintenance period;
(b)
that institution shall acknowledge its minimum reserves at the latest on the NCB business day preceding the start of the maintenance period;
(c)
where the institution does not reply to the notification referred to in point (a) by the end of the NCB business day preceding the start of the maintenance period, the acknowledgement referred to in point (b) shall be deemed to have taken place and the minimum reserves notified shall apply to that institution for that maintenance period.
3.   Where an institution calculates its minimum reserves pursuant to paragraph 1, all of the following shall apply:
(a)
that institution shall notify the relevant NCB of its minimum reserves at the latest three NCB business days before the start of the maintenance period;
(b)
the relevant NCB shall acknowledge that institution’s minimum reserves at the latest on the NCB business day preceding the start of the maintenance period;
(c)
if the relevant NCB does not reply to the notification referred to in point (a) by the end of the NCB business day preceding the start of the maintenance period, the acknowledgement referred to in point (b) shall be deemed to have taken place and the minimum reserves notified shall apply to that institution for that maintenance period.
4.   For the purposes of paragraphs 2 and 3, the relevant NCB may specify an earlier date for the notification of the minimum reserves.
5.   NCBs may specify the conditions and time limits within which institutions may revise the reserve base and the minimum reserves notified in accordance with this Article. No revisions shall be permitted after the acknowledgement of minimum reserves referred to in paragraphs 2 and 3.
6.   The relevant NCBs shall make available calendars indicating the time limits for the notification and acknowledgement of data relevant to the calculation of minimum reserves for the implementation of the procedures mentioned in this Article.
7.   Where an institution has failed to report the statistical information specified in Regulation (EU) 2021/379 (ECB/2021/2), the relevant NCB shall estimate the minimum reserves of that institution for the relevant maintenance period on the basis of historical information reported by the institution and any other relevant information, and shall notify the institution of its minimum reserves at least three NCB business days before the start of that maintenance period.
Article 8
Maintenance period
1.   A maintenance period shall begin on the settlement day of the main refinancing operation following the meeting of the Governing Council at which the assessment of the monetary policy stance is pre-scheduled and shall end the day before the start of the following maintenance period, unless otherwise specified by the Governing Council.
2.   The Executive Board of the ECB shall publish a calendar of maintenance periods on the website of the ECB. NCBs shall also publish that calendar on their respective websites. That calendar shall be published by the ECB and the NCBs at least three months before the start of each calendar year.
3.   The Governing Council may modify the calendar referred to in paragraph 2. That modified calendar shall be published on the websites of the ECB and of the NCBs before the maintenance period to which the modification relates.
Article 9
Remuneration
1.   The relevant NCB shall remunerate holdings of minimum reserves in the reserve accounts at the average, taken over the maintenance period, of the 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):
Where:
R
t
=
remuneration to be paid on holdings of minimum reserves for the maintenance period 
t
;
H
t
=
average daily holdings of minimum reserves for the maintenance period 
t
;
n
t
=
number of calendar days in the maintenance period 
t
;
r
t
=
rate of remuneration on holdings of minimum reserves for the maintenance period 
t
; standard rounding of the rate of remuneration to two decimals shall be applied;
i
=
i
th calendar day of the maintenance period 
t
;
MR
i
=
marginal interest rate for the most recent main refinancing operation settled on or before calendar day 
i
.
2.   The relevant NCB shall pay the remuneration on the holdings of minimum reserves on the second TARGET2 business day following the end of the maintenance period over which the remuneration was earned.
Article 10
Indirect holding of minimum reserves through an intermediary
1.   An institution may apply to the relevant NCB for permission to hold all its minimum reserves indirectly through an intermediary institution where that intermediary institution:
(a)
is resident in the same Member State;
(b)
is subject to minimum reserve requirements;
(c)
normally carries out certain administrative tasks (e.g. treasury management) for that institution, beyond the holding of minimum reserves.
2.   For the purposes of paragraph 1, where an institution applies for permission to hold all its minimum reserves indirectly through an intermediary institution, it shall conclude an agreement with that intermediary institution to that effect. That agreement shall specify at least the following:
(a)
whether the applicant wishes to access Eurosystem standing facilities and open market operations;
(b)
a notice period of at least 12 months, without prejudice to the provisions in Article 10(7)(b).
Where an institution gives notice as referred to in point (b), it shall inform the relevant NCB thereof without undue delay.
3.   Where the parent of a group consolidates in its statistical reporting the business of subsidiaries which are resident in the same Member State in accordance with Article 6(1) of Regulation (EU) 2021/379 (ECB/2021/2), that parent may apply to the relevant NCB for permission to hold the minimum reserves of the group as an intermediary.
4.   Where a parent applies for permission to hold the minimum reserves of the group as an intermediary pursuant to paragraph 3, that parent shall conclude an agreement with each institution in that group to act as an intermediary. Those agreements shall specify at least the following:
(a)
whether the parent or subsidiaries will access Eurosystem standing facilities and open market operations;
(b)
a notice period of at least 12 months.
5.   The relevant NCB may grant permission to the applicant institution to hold minimum reserves through an intermediary and shall notify that institution and the intermediary institution thereof without undue delay. That permission shall take effect from the start of the first maintenance period following the date permission is granted, and shall apply for the duration of the agreement referred to in paragraph 2 or 4, or until the permission is withdrawn pursuant to paragraphs 7 and 8.
A permission granted to an institution to hold minimum reserves through an intermediary pursuant to Article 10 of Regulation (EC) No 1745/2003 (ECB/2003/9) shall be deemed to be granted in accordance with this paragraph for the purposes of this Regulation.
6.   Where an intermediary institution holds minimum reserves for another institution pursuant to this Article, it shall hold those reserves in its own reserve accounts in addition to its own reserves held in accordance with this Regulation.
7.   The ECB or the relevant NCB may, at any time, withdraw the permission granted pursuant to paragraph 5 where any of the following apply:
(a)
either party to the agreement referred to in paragraph 2 or 4 fails to fulfil the requirements of this Regulation;
(b)
either party to the agreement referred to in paragraph 2 or 4 requests such withdrawal of permission pursuant to this Article;
(c)
the conditions for the indirect holding of minimum reserves specified in paragraph 1 are no longer fulfilled;
(d)
prudential reasons relating to the intermediary institution exist.
8.   The relevant NCB or the ECB shall consider the following when determining whether to withdraw permission pursuant to paragraph 7:
(a)
whether the parties have agreed to terminate the agreement by mutual consent;
(b)
whether the institution holding its minimum reserves indirectly through an intermediary is able to fulfil its own reserve requirements.
9.   Where the relevant NCB or the ECB withdraws permission pursuant to paragraph 7, the following shall apply:
(a)
the withdrawal of the permission shall take effect at the end of a maintenance period except where the permission is withdrawn pursuant to paragraph 7(d);
(b)
where the permission is withdrawn pursuant to paragraph 7(d), the withdrawal shall have immediate effect and the minimum notification period provided for in point (c) of this paragraph shall not apply;
(c)
the relevant NCB or the ECB shall notify both parties to the agreement referred to in paragraph 2 or 4 of the withdrawal at least five working days before the end of the final maintenance period for which the permission applies.
10.   Where the ECB imposes sanctions pursuant to Regulation (EC) No 2532/98, it may impose those sanctions on the intermediary institution and the institution for which it holds reserves.
Article 11
Aggregated reporting of the reserve base
1.   Where an institution applies to the relevant NCB for permission to hold all its minimum reserves indirectly through a parent institution pursuant to Article 10(3), that parent institution may apply to the relevant NCB for permission to report the reserve base and the reserve base of the institutions in that group on an aggregated basis and in accordance with Regulation (EU) 2021/379 (ECB/2021/2). NCBs may grant permission to parent institutions to report the reserve base on an aggregated basis and in accordance with Regulation (EU) 2021/379 (ECB/2021/2).
2.   Where a parent institution applies to the relevant NCB for permission to report the reserve base on an aggregated basis pursuant to paragraph 1, the relevant NCB shall ensure that the agreement referred to in Article 10(4) includes an acknowledgement of the potential loss of the deduction of the lump sum allowance referred to in Article 6(2) at an individual level.
3.   Where the relevant NCB grants permission to a parent institution to report the reserve base on an aggregated basis pursuant to paragraph 1, it shall notify the relevant institution thereof without undue delay. That permission shall take effect from the start of the first maintenance period following the date that the permission is granted, and shall apply for the duration of the agreement referred to in paragraph 2 or until that permission is withdrawn.
4.   Where the relevant NCB grants permission to a parent institution to report the reserve base on an aggregated basis pursuant to paragraph 1, one lump sum allowance referred to in Article 6(2) shall be automatically deducted from the minimum reserves held by the intermediary institution.
5.   A permission granted to an institution by the ECB to report the reserve base on an aggregated basis pursuant to Article 11 of Regulation (EC) No 1745/2003 (ECB/2003/9) shall be considered valid and applicable for the purposes of this Regulation until that permission is withdrawn.
Article 12
Mergers and divisions
1.   Where a merger takes effect during a maintenance period, all of the following shall apply:
(a)
the acquiring institution shall fulfil the requirements of this Regulation for the acquired institution;
(b)
the acquiring institution’s minimum reserves shall be reduced by each lump sum allowance applicable pursuant to Article 6(2);
(c)
NCBs shall assess whether institutions fulfil the requirements of Article 3(1)(a) by taking into account the end-of day holdings in the reserve accounts of both the acquiring and acquired institutions.
2.   The following shall apply during the maintenance period immediately following the maintenance period referred to in paragraph 1:
(a)
the minimum reserves of the acquiring institution shall be reduced in accordance with Article 6(2) by only one lump sum; and
(b)
the acquiring institution’s minimum reserves shall be calculated for the purposes of Article 6 using a reserve base which aggregates the reserve bases of the acquired institutions and of the acquiring institution.
For the purposes of point (b), the calculation shall use the reserve bases of each institution for the relevant maintenance period as if the merger had not occurred, and in accordance with the rules set out in Annex III, Part 2 of Regulation (EU) 2021/379 (ECB/2021/2).
The first subparagraph shall also apply for subsequent maintenance periods where the conditions of paragraph 4 of Part 2 of Annex III to Regulation (EU) 2021/379 (ECB/2021/2) are met.
3.   Where a division takes effect during a maintenance period, the following shall apply:
(a)
the recipient institutions which are credit institutions shall fulfil the requirements of this Regulation for the institution being divided;
(b)
each of the recipient credit institutions shall fulfil the requirements of this Regulation for that part of the reserve base of the institution being divided that is allocated to it;
(c)
reserves held by the institution being divided shall be allocated proportionally between the recipient institutions;
(d)
the lump sum allowance referred to in Article 6(2) shall be deducted from the minimum reserves of each recipient institution.
4.   The following shall apply during the maintenance period immediately following the maintenance period in which the division takes effect and until the recipient institutions report their respective reserve bases in accordance with Regulation (EU) 2021/379 (ECB/2021/2):
(a)
each recipient institution shall fulfil the requirements of this Regulation for that part of the reserve base of the institution being divided that is allocated to it, if any; and
(b)
the lump sum allowance referred to in Article 6(2) shall be deducted from the minimum reserves of each recipient institution.
Article 13
Delegation of powers in the event of adoption of the euro
1.   Where a Member State adopts the euro in accordance with the Treaty, the Governing Council hereby delegates power to the Executive Board to determine, after taking into consideration the views of the Market Operations Committee of the ESCB, the following:
(a)
the dates of a transitional maintenance period for the application of minimum reserve requirements pursuant to Article 3 to institutions established in that Member State, with the start date being the date of the adoption of the euro in that Member State;
(b)
the manner of calculation of the reserve base referred to in Article 5 during the transitional maintenance period referred to in point (a);
(c)
the deadline for the calculation and verification of the minimum reserves by the institutions established in that Member State or by the relevant NCB for the transitional maintenance period.
The Executive Board shall adopt and publish a decision pursuant to the first subparagraph at least two months prior to the date of the adoption of the euro in the relevant Member State and shall notify the Governing Council thereof.
2.   The Governing Council further delegates to the Executive Board the power to allow for a deduction from the reserve base of liabilities owed to institutions established in the Member State adopting the euro by institutions established in other euro area Member States for the relevant maintenance periods during and immediately following the transitional maintenance period referred to in paragraph 1(a).
This first subparagraph shall apply where institutions in the Member State adopting the euro do not appear on the list of institutions referred to in Article 3(3)(a) at the time the minimum reserves are calculated. In this event, decisions adopted by the Executive Board allowing for the deduction pursuant to this paragraph may further specify the manner of in which the deduction of such liabilities shall be calculated.
.
Article 14
Verification
1.   The relevant NCBs may exercise the right to verify the accuracy and quality of the information on the reserve base provided by institutions, in accordance with Article 6(3) of Regulation (EC) No 2531/98.
2.   Where an institution notifies its calculation of minimum reserves pursuant to Article 7(3), the relevant NCB shall verify the accuracy of that calculation and shall monitor the consistency with the statistical information reported pursuant to Regulation (EU) 2021/379 (ECB/2021/2).
Article 15
Repeal
1.   Regulation (EC) No 1745/2003 (ECB/2003/9) is repealed with effect from 26 June 2021.
2.   References to the repealed Regulation shall be construed as references to this Regulation and shall be read in accordance with the correlation table in Annex II.
Article 16
Final provisions
This Regulation shall enter into force on the fifth day following its publication in the 
Official Journal of the European Union
.
It shall apply from 26 June 2021. However, Article 3 shall apply from 28 July 2021, on the first day of the fifth maintenance period in 2021.
This Regulation shall be binding in its entirety and directly applicable in the Member States in accordance with the Treaties.
Done at Frankfurt am Main, 22 January 2021.
For the Governing Council of the ECB
The President of the ECB
Christine LAGARDE
(
1
)
  
            
OJ L 318, 27.11.1998, p. 1
.
(
2
)
  
            
OJ L 318, 27.11.1998, p. 4
.
(
3
)
  Regulation (EC) No 1745/2003 of the European Central Bank of 12 September 2003 on the application of minimum reserves (ECB/2003/9) (
OJ L 250, 2.10.2003, p. 10
).
(
4
)
  Regulation (EU) 2021/379 of the European Central Bank of 22 January 2021 on the balance sheet items of credit institutions and of the monetary financial institutions sector (ECB/2021/2) (see page 16 of this Official Journal).
(
5
)
  Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (
OJ L 176, 27.6.2013, p. 1
.).
(
6
)
  Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (
OJ L 314, 5.12.2019, p. 1
).
(
7
)
  Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (
OJ L 176, 27.6.2013, p. 338
).
(
8
)
  Guideline ECB/2012/27 of the European Central Bank of 5 December 2012 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (
OJ L 30, 30.1.2013, p. 1
).
(
9
)
  Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank (
OJ L 318, 27.11.1998, p. 8
).
(
10
)
  Directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions (
OJ L 125, 5.5.2001, p. 15
).
(
11
)
  Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60) (
OJ L 91, 2.4.2015, p. 3
).
ANNEX I
Repealed Regulation with list of the successive amendments thereto
Regulation (EC) No 1745/2003 of the European Central Bank (ECB/2003/9) (
OJ L 250, 2.10.2003, p. 10
).
Regulation (EC) No 1052/2008 of the European Central Bank (ECB/2008/10) (
OJ L 282, 25.10.2008, p. 14
).
Regulation (EU) No 1358/2011 of the European Central Bank (ECB/2011/26) (
OJ L 338, 21.12.2011, p. 51
).
Regulation (EU) No 1376/2014 of the European Central Bank (ECB/2014/52) (
OJ L 366, 20.12.2014, p. 79
).
Regulation (EU) 2016/1705 of the European Central Bank (ECB/2016/26) (
OJ L 257, 23.9.2016, p. 10
).
ANNEX II
Correlation table
Regulation (EC) No 1745/2003
This Regulation
Article 1
Article 2
Article 2(1)
Article 1
Article 2(2), first subparagraph
Article 4(1)
Article 2(2), second subparagraph
Article 4(2), 4(3)
Article 2(3)
Article 3(3)
—
Article (3)(1)(d) and Article 3(4)
Article 3(1)
Article 5(1)
Article 3(2)
Article 5(2)
Article 3(2a), first subparagraph
Article 5(3)
Article 3(2a), second subparagraph
Article 5(4)
—
Article 5(5)
Article 3(3)
Article 5(6)
Article 3(4)
Article 5(7)
Article 4(1)
Article 6(1)(a)
Article 4(2)
Article 6(1)(b)
Article 5(1)
Article 6(1), introductory sentence and Article 6(3)
Article 5(2)
Article 6(2)
Article 5(3)
Article 7(1) to (5)
Article 5(4)
Article 7(6)
Article 5(5)
Article 7(7)
Article 6(1), first and second sentences
Article 3(1)(b)
Article 6(1), third sentence
Article 3(1)(c)
Article 6(2)
Article 3(1)(a)
Article 6(3)
Article 3(2)
Article 7
Article 8
Article 8
Article 9
Article 9
Article 14(1)
Article 10(1) and (2)
Article 10(1) and (2), 10(5)
Article 10(3)
Article 10(6) and (10)
Article 10(4)
Article 10(7) and Article 10(9)(a) and (c)
Article 10(5)
Article 10(9)(b)
—
Article 10(4) to (5) and (8)
Article 10(6)
Recital 5, Article 14(2)
Article 11
Article 11
Article 12
—
Article 13
Article 12
Article 13a
Article 13
Article 14
Article 15
—
Article 15
Article 16
—
Annexes I and II

Summary:
Minimum reserves
SUMMARY OF:
Regulation (EC) 
No 2531/98
 concerning the application of minimum reserves by the European Central Bank
Regulation (EU) 2021/378 on the application of minimum reserve requirements (ECB/2021/1)
Decision (EU) 2021/1815 on the methodology applied for the calculation of sanctions for non-compliance with the requirement to hold minimum reserves and related minimum reserve requirements (ECB/2021/45)
WHAT IS THE AIM OF THE REGULATIONS AND OF THE DECISION?
Regulations (EC) 
No 2531/98
 and (EU) 2021/378 establish the 
Eurosystem
’s minimum reserve
1
 framework and lay down rules for the holding of minimum reserves by credit institutions
2
 and their branches in the 
euro area
.
They regulate all relevant aspects, from determining the actual reserve ratio, to the maintenance and remuneration of minimum reserves and the relevant reporting and verification of data. They also provide for exemptions from minimum reserve requirements and the power to impose sanctions.
Decision (EU) 2021/1815 sets out the methodology applied by the ECB for the calculation of sanctions
3
 for non-compliance with the minimum reserve requirements.
KEY POINTS
Council Regulation (EC) 
No 2531/98
 determines the basis and ratios for minimum reserves and establishes the right of the 
European Central Bank (ECB)
 to collect and verify information necessary for the application of minimum reserves. It also enables the ECB to impose sanctions on an institution for not complying with statistical reporting requirements or failing to hold sufficient minimum reserves.
Regulation (EU) 2021/378 (ECB/2021/1)
 regulates the minimum reserve holdings and provides the formulas to be used by euro-area credit institutions to calculate the minimum reserves which are to be held in 
euro
 reserve accounts with their EU 
Member States
’ national central banks (NCBs).
The ECB publishes on its website the list of institutions subject to the Eurosystem’s minimum reserve requirements. The institutions whose authorisation has been withdrawn or renounced and those subject to winding-up proceedings are exempted from the minimum reserve requirements. Further exemptions may be granted to institutions:
which are subject to a reorganisation measure;
on which a freezing order or another measure restricting the institution’s ability to use funds is imposed;
whose access to the Eurosystem’s open market operations or standing facilities has been suspended or excluded;
for which it is not appropriate to require minimum reserves.
The 
euro-area credit institutions
 subject to the minimum reserve requirements calculate their own reserve base
4
 (if this is not done by the NCBs) using their statistical information on deposits and debt securities issued. They may hold their minimum reserves indirectly through an intermediary which is resident in the same Member State, is subject to minimum reserve requirements and normally carries out certain administrative tasks.
The NCBs notify the credit institutions on the minimum reserves they should hold (if the NCB does the calculation) or acknowledge the minimum reserves calculated by the institutions themselves.
They also remunerate holdings of minimum reserves according to Regulation (EU) 2021/378 and have the right to verify the accuracy and quality of the information on the reserve base provided by the institutions.
Specific rules come into play when:
the reserve base is reported on an aggregated basis;
a merger between two institutions takes place during the maintenance period
5
;
a Member State adopts the euro.
If banks do not meet their minimum reserve requirements, the ECB has the power to impose a sanction that is proportionate to the breach and that is calculated based on established formula and method.
FROM WHEN DO THE REGULATIONS AND THE DECISION APPLY?
 
 
Regulation (EU) 2021/378 (ECB/2021/1) has applied from 
26 June 2021
, apart from Article 3 (calculation of reserve holdings), which took effect on 
28 July 2021
 (the first day of the fifth maintenance period).
 
Regulation (EC) No 2531/98 has applied since 
1 January 1999
.
 
Decision (EU) 2021/1815 (ECB/2021/45) has applied since 
3 November 2021
.
 
BACKGROUND
On the basis of the 
Statute of the European System of Central Banks and of the European Central Bank
, the ECB may require euro-area credit institutions to hold minimum reserves for monetary policy purposes.
Minimum reserves help to stabilise money market interest rates and enable credit institutions to handle daily liquidity fluctuations.
Reserves held with national central banks increase demand for central bank credit, making it easier for the ECB to steer money market rates through regular liquidity-providing operations.
For further information, see:
Minimum reserves
 (European Central Bank).
KEY TERMS
Minimum reserves.
 Amount of funds an institution must hold in its reserve accounts with the relevant national central bank.
Credit institution.
 An undertaking receiving deposits or other repayable funds from the public and granting credits.
Sanctions.
 Fines, periodic penalty payments, penalty interest and non-interest-bearing deposits.
Reserve base.
 The sum of eligible liabilities used to calculate an institution’s minimum reserves.
Maintenance period.
 The period over which compliance with minimum reserve requirements is assessed.
MAIN DOCUMENTS
Council Regulation (EC) 
No 
2531/98
 of 
23 November 1998
 concerning the application of minimum reserves by the European Central Bank (OJ L 318, 
27.11.1998
, 
pp. 1–3
).
Successive amendments to Regulation (EC) 
No 2531/98
 have been incorporated into the original text. This 
consolidated version
 is of documentary value only.
Regulation (EU) 
2021/378
 of the European Central Bank of 
22 January 2021
 on the application of minimum reserve requirements (ECB/2021/1) (OJ L 73, 
3.3.2021
, 
pp. 1–15
).
See 
consolidated version
.
Decision (EU) 
2021/1815
 of the European Central Bank of 
7 October 2021
 on the methodology applied for the calculation of sanctions for non-compliance with the requirement to hold minimum reserves and related minimum reserve requirements (ECB/2021/45).
RELATED DOCUMENTS
Consolidated version of the Treaty on the Functioning of the European Union – 
Protocol (
No 4
)
 on the Statute of the European System of Central Banks and of the European Central Bank (OJ C 202, 
7.6.2016
, 
pp. 230–250
).
Directive 
2013/36/EU
 of the European Parliament and of the Council of 
26 June 2013
 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 
27.6.2013
, 
pp. 338–436
).
See 
consolidated version
Council Regulation (EC) 
No 
2532/98
 of 
23 November 1998
 concerning the powers of the European Central Bank to impose sanctions (OJ L 318, 
27.11.1998
, 
pp. 4–7
).
See 
consolidated version
.
last update 
8.11.2024

--- DANISH ---

Document:
3.3.2021
DA
Den Europæiske Unions Tidende
L 73/1
DEN EUROPÆISKE CENTRALBANKS FORORDNING (EU) 2021/378
af 22. januar 2021
om anvendelsen af mindstereservekrav (omarbejdning) (ECB/2021/1)
STYRELSESRÅDET FOR DEN EUROPÆISKE CENTRALBANK HAR —
under henvisning til traktaten om Den Europæiske Unions funktionsmåde,
under henvisning til statutten for Det Europæiske System af Centralbanker og Den Europæiske Centralbank, særlig artikel 19, stk. 1,
under henvisning til Rådets forordning (EF) nr. 2531/98 af 23. november 1998 om Den Europæiske Centralbanks anvendelse af mindstereserver 
(
1
)
,
under henvisning til Rådets forordning (EF) nr. 2532/98 af 23. november 1998 om Den Europæiske Centralbanks beføjelser til at pålægge sanktioner 
(
2
)
, og
ud fra følgende betragtninger:
(1)
Den Europæiske Centralbanks forordning (EF) nr. 1745/2003 (ECB/2003/9) 
(
3
)
 har flere gange undergået betydelige ændringer. Da der skal foretages yderligere ændringer, bør forordningen omarbejdes af hensyn til klarhed.
(2)
I henhold til artikel 6 i Rådets forordning (EF) nr. 2531/98 har ECB ret til fra institutionerne at indsamle de oplysninger, der er nødvendige for anvendelse af mindstereservekravene, samt til at verificere nøjagtigheden og kvaliteten af de oplysninger, institutionerne fremsender, for at påvise overholdelse af disse krav. For at reducere den samlede indberetningsbyrde bør de statistiske oplysninger vedrørende den månedlige balance, der indsamles i henhold til Den Europæiske Centralbanks forordning (EU) 2021/379 (ECB/2021/2) 
(
4
)
, anvendes til den regelmæssige beregning af reservekravsgrundlaget for kreditinstitutter.
(3)
Der er behov for øget gennemsigtighed og klarhed om en række spørgsmål vedrørende anvendelsen af mindstereservekrav, navnlig for så vidt angår: a) forholdene, der vedrører anvendelsen af mindstereservekravene på institutter, b) det forhold, at de nationale centralbanker i de medlemsstater, der har euroen som valuta (nationale centralbanker i euroområdet), kan beslutte at suspendere institutters adgang til Eurosystemets åbne markedsoperationer og stående faciliteter (Eurosystemets pengepolitiske operationer) eller udelukke dem herfra, c) de forhold, der ligger til grund for opgørelsen af midler som reserver med henblik på opfyldelse af mindstereservekravene, d) kravene i forbindelse med ansøgning om tilladelse til at holde mindstreserver indirekte gennem et formidlende institut, og e) forholdene i forbindelse med inddragelse af tilladelse til at holde mindstereserver indirekte gennem et formidlende institut.
(4)
For at Eurosystemets system for mindstereservekrav kan være effektivt, er det også nødvendigt at specificere mindstereservekrav med hensyn til beregning, meddelelse, godkendelse og opretholdelse af mindstereserver samt rapportering og verifikation.
(5)
De oplysninger, som formidlerne indberetter vedrørende reservekravsgrundlaget, bør være tilstrækkeligt detaljerede til at muliggøre en nøjagtig indberetning i henhold til forordning (EU) 2021/379 (ECB/2021/2). Hvis moderinstituttet har fået tilladelse til at indberette reservekravsgrundlaget på et aggregeret grundlag i henhold til denne forordning, er det desuden hensigtsmæssigt, at det indberetter dataene om reservekravsgrundlaget på et aggregeret grundlag til den relevante nationale centralbank i overensstemmelse med forordning (EU) 2021/379 (ECB/2021/2).
(6)
For at sikre en passende balance mellem nøjagtigheden af data om mindstereserver, og at de retlige rammer kan anvendes problemfrit, og for at undgå at skulle genudstede gyldige og gældende tilladelser, bør formidlere, der har fået tilladelse til at indberette reservekravsgrundlaget på et aggregeret grundlag i henhold til forordning (EF) nr. 1745/2003 (ECB/2003/9), kunne fortsætte denne indberetning uden at skulle ansøge om en fornyet tilladelse.
(7)
I henhold til artikel 19.1 i statutten for Det Europæiske System af Centralbanker og Den Europæiske Centralbank kan ECB kræve, at kreditinstitutter, der er etableret i medlemsstater, der har euroen som valuta (medlemsstater i euroområdet), holder mindstereserver på konti hos ECB og de nationale centralbanker i euroområdet. Da kreditinstitutter har konti hos den nationale centralbank inden for deres respektive jurisdiktion, er det hensigtsmæssigt, at sådanne reserver udelukkende holdes på konti hos de nationale centralbanker.
(8)
I forordning (EF) nr. 2531/98 og forordning (EF) nr. 2532/98 fastsættes ECB's beføjelse til at pålægge sanktioner for overtrædelse af statistiske rapporteringskrav, herunder for manglende overholdelse af de mindstereservekrav, der er fastsat i denne forordning.
(9)
Af hensyn til retssikkerheden er det nødvendigt, at bestemmelserne i denne forordning, som bringes i overensstemmelse med definitionen af »kreditinstitutter« I Europa-Parlamentets og Rådets forordning (EU) nr. 575/2013 
(
5
)
 (i Europa-Parlamentets og Rådets forordning (EU) 2019/2033 
(
6
)
), finder anvendelse fra den samme dato som den ændring, dvs. den 26. juni 2021. Af operationelle grunde er det dog nødvendigt at fastsætte, at bestemmelserne om reservebeholdninger finder anvendelse fra den 28. juli 2021, dvs. den første dag i den femte reservekravsperiode i 2021 —
VEDTAGET DENNE FORORDNING:
Artikel 1
Genstand og anvendelsesområde
Denne forordning fastsætter mindstereservekravene for følgende institutter:
a)
kreditinstitutter, som enten:
i)
har opnået tilladelse i overensstemmelse med artikel 8 i Europa-Parlamentets og Rådets direktiv 2013/36/EU 
(
7
)
;, eller
ii)
er undtaget fra en sådan tilladelse i henhold til artikel 2, stk. 5, i direktiv 2013/36/EU
b)
filialer af kreditinstitutter, herunder filialer etableret i medlemsstater, der har euroen som valuta (medlemsstat i euroområdet), af kreditinstitutter, som hverken har deres hjemsted eller hovedkontor i en medlemsstat i euroområdet, men eksklusive filialer etableret uden for en medlemsstat i euroområdet af kreditinstitutter, som er etableret i en medlemsstat i euroområdet.
Artikel 2
Definitioner
I denne forordning forstås ved:
1)
»mindstereserver«: det beløb, som et institut skal holde som reserver på sine reservekonti hos den relevante nationale centralbank
2)
»mindstereservekrav«: alle de krav, som institutterne skal opfylde i henhold til denne forordning vedrørende mindstereserver for så vidt angår beregning, meddelelse, godkendelse og opretholdelse af mindstereserver samt rapportering og verifikation
3)
»medlemsstat i euroområdet«: en medlemsstat, der har euroen som valuta
4)
»kreditinstitut«: har samme betydning som defineret i artikel 4, stk. 1, i forordning (EU) nr. 575/2013
5)
»filial« (branch): har samme betydning som defineret i artikel 4, stk. 1, nr. 17), i forordning (EU) nr. 575/2013
6)
»relevante nationale centralbank«: den nationale centralbank i den medlemsstat i euroområdet, hvor instituttet har sit hjemsted
7)
»reservekonti«: de konti, hvor et institut holder sine reserver hos den relevante nationale centralbank
8)
»reservekravsgrundlag«: summen af de nedskrivningsrelevante passiver, der anvendes ved beregningen af et instituts mindstereserver
9)
»reservekravskoefficient«: den procentdel, der anvendes på poster i reservekravsgrundlaget ved beregningen af et instituts mindstereserver
10)
»reservekravsperiode«: perioden, for hvilken det beregnes, om mindstereservekravene er overholdt
11)
»saldo ultimo dagen«: reservebeholdningen på det tidspunkt, hvor betalingsaktiviteterne er afsluttet, og posteringer i forbindelse med anvendelsen af Eurosystemets stående faciliteter er foretaget
12)
»NCB-bankdag«: alle dage, hvor en given national centralbank holder åbent med det formål at udføre Eurosystemets pengepolitiske operationer
13)
»TARGET2-bankdag«: enhver dag, hvor TARGET2 er åben for afvikling af betalingsordrer som defineret i Den Europæiske Centralbanks retningslinje ECB/2012/27 
(
8
)
14)
»resident«: enhver fysisk eller juridisk person, der har bopæl eller hjemsted i en medlemsstat i euroområdet, som omhandlet i artikel 1, stk. 4, i Rådets forordning (EF) nr. 2533/98 
(
9
)
15)
»fusion«: den foranstaltning, hvorved et eller flere kreditinstitutter (de erhvervede institutter) ved opløsning uden likvidation overfører deres samlede aktiver og passiver til et andet kreditinstitut (det overtagende institut), som kan være et nyetableret kreditinstitut
16)
»spaltning«: den foranstaltning, hvorved et kreditinstitut (det spaltede institut) ved opløsning uden likvidation overfører sine samlede aktiver og passiver til flere institutter (de modtagende institutter), som kan være nyetablerede kreditinstitutter.
Artikel 3
Reservebeholdninger
1.   De institutter, der er omhandlet i artikel 1, skal holde mindstereserver, der beregnes i henhold til artikel 6 som følger:
a)
den gennemsnitlige saldo ultimo dagen på en eller flere reservekravskonti i reservekravsperioden er lig med eller overstiger det beløb, der er beregnet for denne periode i henhold til artikel 6,
b)
mindstereserver holdes på reservekonti, denomineret i euro, hos de relevante nationale centralbanker i den enkelte medlemsstat i euroområdet, hvor de er etableret,
c)
afviklingskonti hos de nationale centralbanker kan anvendes som reservekonti med henblik på denne forordning,
d)
midler, der er omfattet af lovbestemte, kontraktlige eller andre begrænsninger, som forhindrer instituttet i at afvikle, overføre, tildele eller afhænde sådanne midler i den relevante reservekravsperiode, udelukkes fra reservebeholdningerne.
Med henblik på litra d) underretter institutter uden unødig forsinkelse den relevante nationale centralbank om eventuelle deri nævnte begrænsninger.
2.   Hvis et institut har flere filialer i den samme medlemsstat i euroområdet, gælder samtlige følgende betingelser:
a)
hjemstedet eller hovedkontoret, hvis det er beliggende i denne medlemsstat, skal opfylde de mindstereservekrav, der er fastsat i denne artikel, for de pågældende filialer i den pågældende medlemsstat,
b)
instituttet skal udpege en af sine filialer i den samme medlemsstat med henblik på at opfylde mindstereservekravene i denne artikel, hvis det hverken har hjemsted eller hovedkontor i den pågældende medlemsstat,
c)
den relevante nationale centralbank skal lægge alle balancer ultimo dagen på reservekontiene for instituttets filialer i samme medlemsstat til grund ved vurderingen af, om denne artikels stk. 1, litra a), er opfyldt.
3.   Den Europæiske Centralbank (ECB) offentliggør følgende fortegnelser over institutter på sit websted:
a)
institutter, der er omfattet af mindstereservekrav i henhold til denne forordning,
b)
institutter, der er undtaget fra mindstereservekrav i henhold til artikel 4, bortset fra de institutter, der er omhandlet i artikel 4, stk. 2, litra a) -c).
Artikel 4
Undtagelser fra mindstereservekravene
1.   Institutterne er undtaget fra mindstereservekravene i artikel 3, hvis en af følgende betingelser er opfyldt:
a)
en tilladelse som omhandlet i artikel 1, litra a), nr. i), inddrages, eller instituttet frasiger sig den, eller
b)
et institut er omfattet af en likvidationsprocedure i henhold til Europa-Parlamentets og Rådets direktiv 2001/24/EF 
(
10
)
.
2.   ECB kan indrømme undtagelse fra mindstereservekravene i artikel 3 efter anmodning fra den relevante nationale centralbank, såfremt en af følgende betingelser er opfyldt:
a)
et institut er omfattet af en saneringsforanstaltning i henhold til direktiv 2001/24/EF
b)
et institut er omfattet af en afgørelse om indefrysning, der er pålagt af Unionen eller en medlemsstat, eller er omfattet af foranstaltninger, der er indført af Unionen i henhold til traktatens artikel 75, som begrænser instituttets evne til at anvende sine midler
c)
instituttets adgang til Eurosystemets markedsoperationer eller stående faciliteter er blevet suspenderet eller udelukket af ECB og de nationale centralbanker (Eurosystemet) i henhold til Den Europæiske Centralbanks retningslinje (EU) 2015/510 (ECB/2014/60) 
(
11
)
,
d)
det ikke er hensigtsmæssigt at kræve, at det pågældende institut holder mindstereserver.
For så vidt angår stk. 2, litra c), gælder undtagelsen ikke længere fra starten af den næste reservekravsperiode, hvis et instituts adgang til Eurosystemets markedsoperationer er blevet genoprettet af ECB's Styrelsesråd i henhold til artikel 158 i retningslinje (EU) 2015/510 (ECB/2014/60).
3.   For så vidt angår muligheden for at indrømme den i stk. 2, litra d), omhandlede undtagelse, tager de relevante nationale centralbanker og ECB hensyn til følgende:
a)
om instituttet alene har tilladelse til at udøve særlige funktioner,
b)
om instituttet ikke har tilladelse til at drive aktiv bankvirksomhed i konkurrence med andre kreditinstitutter,
c)
om instituttet er retligt forpligtet til at have alle sine indskud øremærket til regional og/eller international udviklingsstøtte.
For så vidt angår litra a), har et institut alene tilladelse til at udøve særlige funktioner, hvis det udøver specifikke offentlige forvaltningsopgaver, eller instituttet ved lov eller vedtægter har forbud mod at udøve virksomhed som kreditinstitut.
4.   Undtagelserne, der er omhandlet i denne artikel, finder anvendelse fra starten af den reservekravsperiode, hvor den relevante begivenhed indtræffer.
Artikel 5
Reservekravsgrundlag
1.   Institutterne beregner deres reservekravsgrundlag under anvendelse af statistiske oplysninger om følgende passiver, der er indberettet i henhold til forordning (EU) 2021/379 (ECB/2021/2):
a)
indlån
b)
udstedte gældsinstrumenter.
Hvis et institut holder passiver, der skyldes til en filial af den samme enhed, som er beliggende uden for euroområdet, eller til den samme enheds hovedkontor eller hjemsted, som befinder sig uden for euroområdet, er de pågældende passiver inkluderet i reservekravsgrundlaget.
2.   Institutterne udelukker følgende passiver fra reservekravsgrundlaget, som beregnet i henhold til stk. 1:
a)
passiver over for et andet institut, hvis dette institut:
i)
er omfattet af mindstereservekrav i henhold til denne forordning, og
ii)
ikke er undtaget fra eller ikke er blevet bevilget en undtagelse fra minimumsreservekravet i henhold til artikel 4,
b)
passiver over for ECB eller en national centralbank i en medlemsstat i euroområdet.
3.   Hvis passiver er udelukket fra reservekravsgrundlaget i overensstemmelse med stk. 2, skal instituttet:
a)
hurtigst muligt underrette den relevante nationale centralbank om det udelukkede beløb,
b)
fremlægge dokumentation for disse passiver,
c)
trække beløbet for disse passiver fra reservekravsgrundlaget, efter at have fremlagt dokumentation for beløbet til den relevante nationale centralbank i overensstemmelse med litra b).
For så vidt angår litra b), skal et institut, hvis det ikke er i stand til at forelægge den relevante nationale centralbank dokumentation for størrelsen af passiverne i kategorien »udstedte gældsværdipapirer«, anvende standardfradraget, som er offentliggjort på ECB's websted, på den udestående del af dets udstedte gældsværdipapirer, som har en oprindelig løbetid på op til og med to år.
4.   Ved fastsættelsen af standardfradraget for passiver inden for kategorien gældsværdipapirer med en løbetid på op til to år, som omhandlet i stk. 3, tager ECB hensyn til makroforholdet for hele euroområdet (»macro ratio«) mellem beholdningen af relevante instrumenter, som er udstedt af kreditinstitutter, og som indehaves af andre kreditinstitutter, ECB og relevante nationale centralbanker, og det samlede udestående beløb af sådanne instrumenter udstedt af kreditinstitutter.
5.   Institutterne beregner deres reservekravsgrundlag for en given reservekravsperiode på grundlag af de data, der vedrører måneden, der går to måneder forud for den måned, i hvilken reservekravsperioden starter.
6.   Haleinstitutter, som defineret i artikel 2 i forordning (EU) 2021/379 (ECB/2021/2), beregner deres reservekravsgrundlag for to på hinanden følgende reservekravsperioder begyndende med den reservekravsperiode, der starter i den tredje måned efter udgangen af et kvartal, på grundlag af data ultimo kvartalet, som er indberettet i overensstemmelse med forordning (EU) 2021/379 (ECB/2021/2). Disse institutter underretter den relevante nationale centralbank om deres mindstereserver i overensstemmelse med artikel 7.
Artikel 6
Beregning af mindstereserver
1.   De mindstereserver, som institutterne holder i henhold til artikel 3, beregnes på grundlag af følgende reservekravskoefficienter for hvert af de passiver i reservekravsgrundlaget, der er omhandlet i artikel 5:
a)
en reservekravskoefficient på 0 % gælder for følgende kategorier, jf. del 2 i bilag II til forordning (EU) 2021/379 (ECB/2021/2):
i)
indlån, der opfylder en af følgende betingelser:
—
har en aftalt løbetid på over to år,
—
har et opsigelsesvarsel på over to år,
—
er genkøbsaftaler (repoer).
ii)
gældsinstrumenter udstedt med en oprindelig løbetid på over to år.
b)
for alle andre passiver, som medtages i reservekravsgrundlaget, gælder en reservekravskoefficient på 1 %.
2.   De nationale centralbanker eller instituttet fratrækker et engangsbeløb på 100 000 EUR ved beregningen af hvert instituts reserver, med forbehold af kravene i artikel 10-12.
3.   De nationale centralbanker anvender de mindstereserver, der er beregnet i overensstemmelse med artikel 6, til følgende:
a)
at forrente beholdninger af mindstereserver,
b)
at vurdere, om artikel 3, stk. 1, litra a), er opfyldt.
Artikel 7
Underretning om mindstereserver
1.   De nationale centralbanker fastlægger proceduren for underretning af institutterne om deres individuelle mindstereserver. Proceduren skal inkludere, hvorvidt det er den relevante nationale centralbank eller instituttet, der beregner mindstereserverne i overensstemmelse med artikel 6.
2.   Hvis den relevante nationale centralbank beregner et instituts mindstereserver i henhold til stk. 1, gælder samtlige følgende betingelser:
a)
den relevante nationale centralbank skal underrette det pågældende institut om dets mindstereserver senest tre NCB-bankdage før reservekravsperiodens start,
b)
instituttet skal anerkende dets mindstekrav senest den NCB-bankdag, der går forud for reservekravsperiodens start,
c)
hvis instituttet ikke har svaret på den i litra a) omhandlede underretning ved udgangen af den NCB-bankdag, der går forud for reservekravsperiodens start, anses den i litra b) omhandlede anerkendelse for at have fundet sted, og de meddelte mindstereserver gælder for den pågældende reservekravsperiode.
3.   Hvis et institut beregner sine mindstereserver i henhold til stk. 1, gælder samtlige følgende betingelser:
a)
instituttet skal underrette den relevante nationale centralbank om sine mindstereserver senest tre NCB-bankdage før reservekravsperiodens start,
b)
den relevante nationale centralbank skal anerkende instituttets mindstereserver senest den NCB-bankdag, der går forud for reservekravsperiodens start,
c)
hvis den relevante nationale centralbank ikke har svaret på den i litra a) omhandlede underretning ved udgangen af den NCB-bankdag, der går forud for reservekravsperiodens start, anses den i litra b) omhandlede anerkendelse for at have fundet sted, og de meddelte mindstereserver gælder for det pågældende institut i den pågældende reservekravsperiode.
4.   Med henblik på stk. 2 og 3 kan den relevante nationale centralbank fastsætte en tidligere dato for underretning om mindstereserverne.
5.   De nationale centralbanker kan fastsætte de betingelser og tidsfrister, inden for hvilke institutterne kan revidere reservekravsgrundlaget og de mindstereserver, der er meddelt i overensstemmelse med denne artikel. Ændringer er ikke tilladt efter anerkendelse af de i stk. 2, og 3, omhandlede mindstereserver.
6.   Med henblik på gennemførelsen af de i denne artikel nævnte procedurer offentliggør de relevante nationale centralbanker kalendere med angivelse af tidsfristerne for meddelelse og anerkendelse af data, som er relevante for beregningen af mindstereserver.
7.   Hvis et institut ikke har indberettet de statistiske oplysninger, der er angivet i forordning (EU) 2021/379 (ECB/2021/2), anslår den relevante nationale centralbank instituttets mindstereserver for den relevante reservekravsperiode på grundlag af historiske oplysninger, som er indberettet af instituttet, og eventuelle andre relevante oplysninger, og underretter instituttet om dets mindstereserver senest tre NCB-bankdage før starten af den pågældende reservekravsperiode.
Artikel 8
Reservekravsperiode
1.   En reservekravsperiode begynder på afviklingsdagen for den primære markedsoperation, der følger efter det møde i Styrelsesrådet, hvor vurderingen af den pengepolitiske stilling er planlagt at finde sted, og afsluttes dagen før starten af den efterfølgende reservekravsperiode, medmindre Styrelsesrådet fastsætter andet.
2.   ECB's direktion offentliggør en kalender over reservekravsperioderne på ECB's websted. De nationale centralbanker offentliggør ligeledes denne kalender på deres respektive websteder. Denne kalender offentliggøres af ECB og de nationale centralbanker mindst tre måneder før starten af hvert kalenderår.
3.   Styrelsesrådet kan ændre den i stk. 2 nævnte kalender. Den ændrede kalender offentliggøres på ECB's og de nationale centralbankers websteder før den reservekravsperiode, som ændringen vedrører.
Artikel 9
Forrentning
1.   Den relevante nationale centralbank forrenter reservekravsbeholdninger på reservekravskonti med den gennemsnitlige rentesats for Eurosystemets primære markedsoperationer i reservekravsperioden (vægtet efter antallet af kalenderdage) efter nedenstående formel (resultatet afrundes til nærmeste cent):
Hvor:
R
t
=
renten, der betales på beholdninger af mindstereserver i reservekravsperioden 
t,
H
t
=
den gennemsnitlige daglige reservekravsbeholdning i reservekravsperioden 
t,
n
t
=
antallet af kalenderdage i reservekravsperioden 
t,
r
t
=
rentesatsen for beholdninger af mindstereserver i reservekravsperioden 
t
; der anvendes en standardafrunding til to decimaler,
i
=
den 
i'
ende kalenderdag i reservekravsperioden 
t,
MR
i
=
den marginale rentesats på de seneste primære markedsoperationer, som er afviklet på eller før kalenderdag 
i.
2.   Den relevante nationale centralbank betaler den rente, som er påløbet beholdningen af mindstereserver, på den anden TARGET2-bankdag efter udløbet af den reservekravsperiode, hvor renten er optjent.
Artikel 10
Indirekte beholdninger af mindstereserver gennem en formidler
1.   Et institut kan anmode den relevante nationale centralbank om tilladelse til at holde alle sine mindstereserver indirekte gennem et formidlende institut, hvis dette formidlende institut:
a)
har sit hjemsted i den samme medlemsstat,
b)
er underlagt reservekrav,
c)
normalt udfører visse administrative opgaver (f.eks. likviditetsstyring) for det pågældende institut, ud over at holde dets mindstereserver.
2.   Med henblik på anvendelsen af stk. 1 indgår et institut, som ansøger om tilladelse til at holde alle sine mindstereserver indirekte gennem et formidlende institut, en aftale herom med dette formidlende institut. Aftalen skal som minimum specificere følgende:
a)
om ansøgeren ønsker at benytte Eurosystemets stående faciliteter og markedsoperationer,
b)
et opsigelsesvarsel på mindst 12 måneder, uden at dette berører bestemmelserne i artikel 10, stk. 7, litra b).
Hvis et institut afgiver varsel, jf. litra b), oplyser det hurtigst muligt den relevante nationale centralbank herom.
3.   Hvis moderselskabet i en koncern i sin statistiske rapportering konsoliderer datterselskaber, der har hjemsted i den samme medlemsstat i henhold til artikel 6, stk. 1, i forordning (EU) 2021/379 (ECB/2021/2), kan dette moderselskab ansøge den relevante nationale centralbank om tilladelse til at holde mindstereserverne for koncernen som formidler.
4.   Hvis et moderselskab ansøger om tilladelse til at holde mindstereserverne for koncernen som formidler i henhold til stk. 3, indgår moderselskabet en aftale med de enkelte institutter i koncernen om at fungere som formidler. Disse aftaler skal som minimum specificere følgende:
a)
om moderselskabet eller datterselskaberne ønsker at benytte Eurosystemets stående faciliteter og markedsoperationer,
b)
et opsigelsesvarsel på mindst 12 måneder.
5.   Den relevante nationale centralbank kan give det ansøgende institut tilladelse til at holde mindstereserver gennem en formidler og underretter dette institut og det formidlende institut herom uden unødig forsinkelse. Denne tilladelse får virkning fra starten af den første reservekravsperiode efter datoen for meddelelse af tilladelsen og gælder så længe, som den i stk. 2 eller 4 omhandlede aftale gælder, eller indtil tilladelsen inddrages i henhold til stk. 7-8.
Hvis et institut har fået tilladelse til at holde mindstereserver gennem en formidler i henhold til artikel 10 i forordning (EF) nr. 1745/2003 (ECB/2003/9), betragtes denne tilladelse som værende givet i overensstemmelse med dette stykke i denne forordning.
6.   Hvis et formidlende institut holder mindstereserver for et andet institut i henhold til nærværende artikel, skal det holde disse reserver på sine egne reservekonti i tillæg til dets egne reserver, som holdes i overensstemmelse med denne forordning.
7.   ECB eller den relevante nationale centralbank kan til enhver tid inddrage den tilladelse, der er givet i medfør af stk. 5, hvis en af følgende betingelser er opfyldt:
a)
en af parterne i den i stk. 2 eller 4 omhandlede aftale ikke opfylder kravene i denne forordning,
b)
en af parterne i den i stk. 2 eller 4 omhandlede aftale anmoder om en sådan inddragelse af tilladelse i henhold til denne artikel,
c)
betingelserne for den indirekte besiddelse af mindstereserver, jf. stk. 1, ikke længere er opfyldt,
d)
der foreligger tilsynsmæssige årsager, der vedrører det formidlende institut.
8.   Den relevante nationale centralbank eller ECB tager i forbindelse med vurderingen af, om tilladelsen skal inddrages i henhold til stk. 7, hensyn til:
a)
om parterne er blevet enige om at bringe aftalen til ophør ved fælles overenskomst,
b)
om instituttet, der holder sine mindstereserver indirekte gennem en formidler, er i stand til at opfylde sine egne reservekrav.
9.   Hvis den relevante nationale centralbank eller ECB inddrager en tilladelse i henhold til stk. 7, gælder samtlige følgende betingelser:
a)
inddragelsen af tilladelsen træder i kraft ved udgangen af en reservekravsperiode, medmindre tilladelsen inddrages i henhold til stk. 7, litra d),
b)
hvis tilladelsen inddrages i henhold til stk. 7, litra d), har inddragelsen øjeblikkelig virkning, og den i litra c) i dette stykke omhandlede minimumsfrist for underretning finder ikke anvendelse,
c)
den relevante nationale centralbank eller ECB underretter begge parter i den i stk. 2 eller 4 omhandlede aftale om inddragelsen mindst fem arbejdsdage før udløbet af den sidste reservekravsperiode, for hvilken tilladelsen gælder.
10.   Hvis ECB beslutter at pålægge sanktioner i medfør af forordning (EF) nr. 2532/98, kan disse sanktioner pålægges det formidlende institut og det institut, for hvilket det holder reserver.
Artikel 11
Aggregeret indberetning af reservekravsgrundlaget
1.   Hvis et institut anmoder den relevante nationale centralbank om tilladelse til at holde alle sine mindstereserver indirekte gennem et moderinstitut i henhold til artikel 10, stk. 3, kan dette moderselskab anmode den relevante nationale centralbank om tilladelse til at indberette reservekravsgrundlaget og reservekravsgrundlaget for institutterne i den pågældende koncern på et aggregeret grundlag og i overensstemmelse med forordning (EU) 2021/379 (ECB/2021/2). De nationale centralbanker kan give moderinstitutter tilladelse til at indberette reservekravsgrundlaget på et aggregeret grundlag og i overensstemmelse med forordning (EU) 2021/379 (ECB/2021/2).
2.   Hvis et moderinstitut anmoder den relevante nationale centralbank om tilladelse til at indberette reservekravsgrundlaget på et aggregeret grundlag i henhold til stk. 1, sikrer den relevante nationale centralbank, at den aftale, der er omhandlet i artikel 10, stk. 4, omfatter en anerkendelse af, at fradraget af det engangsbeløb, der er omhandlet i artikel 6, stk. 2, kan gå tabt på individuelt niveau.
3.   Hvis den relevante nationale centralbank giver et moderinstitut tilladelse til at indberette reservekravsgrundlaget på et aggregeret grundlag i henhold til stk. 1, underretter den det pågældende institut herom uden unødig forsinkelse. Denne tilladelse får virkning fra starten af den første reservekravsperiode efter datoen for meddelelse af tilladelsen og gælder så længe, den i stk. 2 omhandlede aftale gælder, eller indtil tilladelsen inddrages.
4.   Hvis den relevante nationale centralbank giver et moderinstitut tilladelse til at indberette reservekravsgrundlaget på et aggregeret grundlag i henhold til stk. 1, trækkes et engangsbeløb i henhold til artikel 6, stk. 2, automatisk fra de mindstereserver, som det formidlende institutn holder.
5.   Hvis ECB har givet et institut tilladelse til at indberette reservekravsgrundlaget på et aggregeret grundlag i henhold til artikel 11 i forordning (EF) nr. 1745/2003 (ECB/2003/9), betragtes denne tilladelse som gyldig og gældende i henhold til denne forordning, indtil den pågældende tilladelse tilbagetrækkes.
Artikel 12
Fusioner og spaltninger
1.   Hvis en fusion får virkning i en reservekravsperiode, gælder samtlige følgende betingelser:
a)
det overtagende institut skal opfylde kravene i denne forordning for det erhvervede institut,
b)
det overtagende instituts mindstereserver nedsættes med hvert engangsbeløb, der finder anvendelse i henhold til artikel 6, stk. 2,
c)
de nationale centralbanker vurderer, om institutterne opfylder kravene i artikel 3, stk. 1, litra a), under hensyntagen til beholdningen ultimo dagen på reservekontiene for både det overtagende institut og de erhvervede institutter.
2.   Følgende gælder i den reservekravsperiode, der følger umiddelbart efter den i stk. 1 omhandlede reservekravsperiode:
a)
det overtagende instituts mindstereserver nedsættes i overensstemmelse med artikel 6, stk. 2, med kun ét engangsbeløb, og
b)
det overtagende instituts mindstereserver beregnes med henblik på artikel 6 under anvendelse af et reservekravsgrundlag, der aggregerer reservekravsgrundlaget for de erhvervede institutter og det overtagende institut.
Med henblik på litra b) foretages beregningen på grundlag af hvert enkelt instituts reservekravsgrundlag i den relevante reservekravsperiode, som hvis fusionen ikke havde fundet sted, og i overensstemmelse med reglerne i bilag III, del 2, i forordning (EU) 2021/379 (ECB/2021/2).
Første afsnit finder også anvendelse på efterfølgende reservekravsperioder, hvis betingelserne i bilag III, del 2, punkt 4, til forordning (EU) 2021/379 (ECB/2021/2).
3.   Hvis en spaltning får virkning i en reservekravsperiode, gælder følgende:
a)
de modtagende institutter, som er kreditinstitutter, skal opfylde kravene i denne forordning for det institut, der spaltes,
b)
hvert af de modtagende kreditinstitutter skal opfylde kravene i denne forordning for den del af reservekravsgrundlaget, som de overtager fra det institut, der spaltes,
c)
reserverne, som holdes af det institut, der spaltes, fordeles forholdsmæssigt mellem de modtagende institutter,
d)
det i artikel 6, stk. 2, omhandlede engangsbeløb fratrækkes fra hver enkelt modtagende instituts mindstereserver.
4.   Følgende gælder i den reservekravsperiode, der følger umiddelbart efter den reservekravsperiode, hvor spaltningen får virkning, og indtil de modtagende institutter indberetter deres respektive reservekravsgrundlag i overensstemmelse med forordning (EU) 2021/379 (ECB/2021/2):
a)
hvert af de modtagende institutter skal opfylde kravene i denne forordning for den del af reservekravsgrundlaget, som de overtager fra det institut, der spaltes, og
b)
det i artikel 6, stk. 2, omhandlede engangsbeløb fratrækkes fra hvert enkelt modtagende instituts mindstereserver.
Artikel 13
Delegation af beføjelser i tilfælde af, at euroen indføres
1.   I de tilfælde, hvor en medlemsstat indfører euroen i overensstemmelse med traktaten, giver Styrelsesrådet herved Direktionen bemyndigelse til at træffe beslutning om følgende under hensyntagen til ESCB's Markedsoperationskomités synspunkter:
a)
datoerne for en overgangsperiode, hvor mindstereservekravet i henhold til artikel 3 kan anvendes på institutter, der er etableret i den pågældende medlemsstat, idet startdatoen er datoen for indførelsen af euroen i den pågældende medlemsstat,
b)
beregningsmetoden for reservekravsgrundlaget, der er omhandlet i artikel 5, i den i litra a) omhandlede overgangsperiode,
c)
fristen, som institutterne, der er etableret i den pågældende medlemsstat, eller den relevante nationale centralbank har til at beregne og verificere mindstereserverne for overgangsperioden.
Direktionen vedtager og offentliggør en afgørelse i henhold til første afsnit mindst to måneder før datoen for indførelse af euroen i den pågældende medlemsstat og underretter Styrelsesrådet herom.
2.   Endvidere giver Styrelsesrådet Direktionen bemyndigelse til at tillade, at institutter, der er etableret i andre medlemsstater i euroområdet, kan fratrække passiverne over for institutter, der er etableret i medlemsstaten, der indfører euroen, fra reservekravet i reservekravsperioderne under og umiddelbart efter den i stk. 1, litra a), omhandlede overgangsperiode for reservekrav.
Første afsnit finder anvendelse, hvis institutter i den medlemsstat, der indfører euroen, ikke er anført på listen over institutter, der er omhandlet i artikel 3, stk. 3, litra a), på det tidspunkt, hvor mindstereserverne beregnes. I dette tilfælde kan afgørelser, der træffes af Direktionen, og som giver ret til fradrag i henhold til dette stykke, yderligere præcisere, hvorledes fradraget af sådanne passiver skal beregnes.
.
Artikel 14
Verifikation
1.   De relevante nationale centralbanker kan udøve deres ret til at kontrollere nøjagtigheden og kvaliteten af de oplysninger om reservekravsgrundlaget, som institutterne fremsender, jf. artikel 6, stk. 3, i forordning (EF) nr. 2531/98.
2.   Hvis et institut meddeler, at det har beregnet sine mindstereserver i henhold til artikel 7, stk. 3, kontrollerer den relevante nationale centralbank nøjagtigheden af denne beregning og overvåger, at oplysningerne stemmer overens med de statistiske oplysninger, der er indberettet i henhold til forordning (EU) 2021/379 (ECB/2021/2).
Artikel 15
Ophævelse
1.   Forordning (EF) nr. 1745/2003 (ECB/2003/9) ophæves med virkning fra den 26. juni 2021.
2.   Henvisninger til den ophævede forordning skal forstås som henvisninger til denne forordning og læses i overensstemmelse med sammenligningstabellen i bilag II.
Artikel 16
Afsluttende bestemmelser
Denne forordning træder i kraft på femtedagen efter dens offentliggørelse i Den Europæiske Unions Tidende.
Den finder anvendelse fra den 26. juni 2021. Artikel 3 finder dog anvendelse fra den 28. juli 2021, dvs. den første dag i den femte reservekravsperiode i 2021.
Denne forordning er bindende i alle enkeltheder og gælder umiddelbart i medlemsstaterne i henhold til traktaterne.
Udfærdiget i Frankfurt am Main, den 22. januar 2021.
For ECB's Styrelsesråd
Christine LAGARDE
Formand for ECB
(
1
)
  
            
EFT L 318 af 27.11.1998, s. 1
.
(
2
)
  
            
EFT L 318 af 27.11.1998, s. 4
.
(
3
)
  Den Europæiske Centralbanks forordning (EF) nr. 1745/2003 af 12. september 2003 om anvendelse af mindstereserver (ECB/2003/9) (
EUT L 250 af 2.10.2003, s. 10
).
(
4
)
  Den Europæiske Centralbanks forordning (EU) 2021/379 af 22. januar 2021 om balanceposter i kreditinstitutter og i MFI-sektoren (monetære finansielle institutioner) (ECB/2021/2) (se side 16 i denne EUT).
(
5
)
  Europa-Parlamentets og Rådets forordning (EU) nr. 575/2013 af 26. juni 2013 om tilsynsmæssige krav til kreditinstitutter og investeringsselskaber og om ændring af forordning (EU) nr. 648/2012 (
EUT L 176 af 27.6.2013, s. 1
.).
(
6
)
  Europa-Parlamentets og Rådets forordning (EU) 2019/2033 af 27. november 2019 om tilsynsmæssige krav til investeringsselskaber og om ændring af forordning (EU) nr. 1093/2010, (EU) nr. 575/2013, (EU) nr. 600/2014 og (EU) nr. 806/2014 (
EUT L 314 af 5.12.2019, s. 1
).
(
7
)
  Europa-Parlamentets og Rådets direktiv 2013/36/EU af 26. juni 2013 om adgang til at udøve virksomhed som kreditinstitut og om tilsyn med kreditinstitutter og investeringsselskaber, om ændring af direktiv 2002/87/EF og om ophævelse af direktiv 2006/48/EF og 2006/49/EF (
EUT L 176 af 27.6.2013, s. 338
).
(
8
)
  Den Europæiske Centralbanks retningslinje ECB/2012/27 af 5. december 2012 om TARGET2 (Trans-European Automated Real-time Gross settlement Express Transfer system) (
EUT L 30 af 30.1.2013, s. 1
).
(
9
)
  Rådets forordning (EF) nr. 2533/98 af 23. november 1998 om Den Europæiske Centralbanks indsamling af statistisk information (
EFT L 318 af 27.11.1998, s. 8
).
(
10
)
  Europa-Parlamentets og Rådets direktiv 2001/24/EF af 4. april 2001 om sanering og likvidation af kreditinstitutter (
EUT L 125 af 5.5.2001, s. 15
).
(
11
)
  Den Europæiske Centralbanks retningslinje (EU) 2015/510 af 19. december 2014 om gennemførelse af Eurosystemets pengepolitiske ramme (ECB/2014/60) (
EUT L 91 af 2.4.2015, s. 3
).
BILAG I
Ophævet forordning med liste over efterfølgende ændringer heraf
Den Europæiske Centralbanks forordning (EF) nr. 1745/2003 (ECB/2003/9) (
EUT L 250 af 2.10.2003, s. 10
).
Den Europæiske Centralbanks forordning (EF) nr. 1052/2008 (ECB/2008/10) (
EUT L 282 af 25.10.2008, s. 14
).
Den Europæiske Centralbanks forordning (EU) nr. 1358/2011 (ECB/2011/26) (
EUT L 338 af 21.12.2011, s. 51
).
Den Europæiske Centralbanks forordning (EU) nr. 1376/2014 (ECB/2014/52) (
EUT L 366 af 20.12.2014, s. 79
).
Den Europæiske Centralbanks forordning (EU) 2016/1705 (ECB/2016/26) (
EUT L 257 af 23.9.2016, s. 10
).
BILAG II
Sammenligningstabel
Forordning (EF) nr. 1745/2003
Denne forordning
Artikel 1
Artikel 2
Artikel 2, stk. 1
Artikel 1
Artikel 2, stk. 2), første afsnit
Artikel 4, stk. 1
Artikel 2, nr. 2), andet afsnit
Artikel 4, stk. 2, og 3
Artikel 2, stk. 3
Artikel 3, stk. 3
—
Artikel 3, stk. 1, litra d), og artikel 3, stk. 4
Artikel 3, stk. 1
Artikel 5, stk. 1
Artikel 3, stk. 2
Artikel 5, stk. 2
Artikel 3, stk. 2a), første afsnit
Artikel 5, stk. 3
Artikel 3, stk. 2a), andet afsnit
Artikel 5, stk. 4
—
Artikel 5, stk. 5
Artikel 3, stk. 3
Artikel 5, stk. 6
Artikel 3, stk. 4
Artikel 5, stk. 7
Artikel 4, stk. 1
Artikel 6, stk. 1, litra a)
Artikel 4, stk. 2
Artikel 6, stk. 1, litra b)
Artikel 5, stk. 1
Artikel 6, stk. 1, indledende afsnit og artikel 6, stk. 3
Artikel 5, stk. 2
Artikel 6, stk. 2
Artikel 5, stk. 3
Artikel 7, stk. 1-5
Artikel 5, stk. 4
Artikel 7, stk. 6
Artikel 5, stk. 5
Artikel 7, stk. 7
Artikel 6, stk. 1, første og andet punktum
Artikel 3, stk. 1, litra b)
Artikel 6, stk. 1, tredje punktum
Artikel 3, stk. 1, litra c)
Artikel 6, stk. 2
Artikel 3, stk. 1, litra a)
Artikel 6, stk. 3
Artikel 3, stk. 2
Artikel 7
Artikel 8
Artikel 8
Artikel 9
Artikel 9
Artikel 14, stk. 1
Artikel 10, stk. 1 og 2
Artikel 10, stk. 1 og 2, og artikel 10, stk. 5
Artikel 10, stk. 3
Artikel 10, stk. 6 og 10
Artikel 10, stk. 4
Artikel 10, stk. 7, og artikel 10, stk. 9, litra a) og c)
Artikel 10, stk. 5
Artikel 10, stk. 9, litra b)
—
Artikel 10, stk. 4, 5 og 8
Artikel 10, stk. 6
Betragtning 5, artikel 14, stk. 2
Artikel 11
Artikel 11
Artikel 12
—
Artikel 13
Artikel 12
Artikel 13a
Artikel 13
Artikel 14
Artikel 15
—
Artikel 15
Artikel 16
—
Bilag I og II

Summary:
Mindstereserver
RESUMÉ AF:
Rådets forordning (EF) 
nr. 2531/98
 om Den Europæiske Centralbanks anvendelse af mindstereserver
Forordning (EU) 2021/378 om anvendelsen af mindstereservekrav (ECB/2021/1)
Afgørelse (EU) 2021/1815 om den metode, der anvendes til beregning af sanktioner for manglende overholdelse af kravet om at holde mindstereserver og dermed forbundne mindstereservekrav (ECB/2021/45)
HVAD ER FORMÅLET MED FORORDNINGERNE OG AFGØRELSEN?
Forordning (EF) 
nr. 2531/98
 og (EU) 2021/378 fastsætter 
Eurosystemets
 ramme for mindstereserver
1
 og fastsætter regler for beholdning af mindstereserver for kreditinstitutter
2
 og deres filialer i 
euroområdet
.
De regulerer alle relevante aspekter, fra fastsættelse af den faktiske reservekravskoefficient til opretholdelse og forrentning af mindstereserver og den relevante indberetning og verifikation af data. De indeholder også bestemmelser om undtagelser fra mindstereservekrav og beføjelse til at pålægge sanktioner.
Afgørelse (EU) 2021/1815 fastsætter den metode, der anvendes af ECB til beregning af sanktioner
3
 for manglende overholdelse af mindstereservekravene.
HOVEDPUNKTER
Rådets forordning (EF) 
nr. 2531/98
 fastsætter grundlaget og koefficienterne for mindstereserver og fastsætter 
Den Europæiske Centralbanks (ECB)
 ret til at indsamle og verificere oplysninger, der er nødvendige for anvendelsen af mindstereserver. Den giver også ECB mulighed for at pålægge et institut sanktioner for ikke at opfylde kravene til statistisk rapportering eller for ikke at holde tilstrækkelige mindstereserver.
Forordning (EU) 2021/378 (ECB/2021/1)
 regulerer mindstereservekravene og fastsætter de formler, som kreditinstitutter i euroområdet skal anvende til at beregne de mindstereserver, der skal holdes på 
euro
-reservekravskonti i deres 
EU-medlemsstaters
 nationale centralbanker.
ECB offentliggør på sit websted listen over institutter, der er underlagt Eurosystemets mindstereservekrav. De institutter, hvis tilladelse er blevet inddraget eller givet afkald på, og dem, der er omfattet af likvidationsproceduren, er fritaget for mindstereservekravene. Der kan indrømmes yderligere undtagelser til institutioner:
som er omfattet af en saneringsforanstaltning
for hvilke der er pålagt en indefrysning eller en anden foranstaltning, der begrænser instituttets evne til at anvende midler
hvis adgang til Eurosystemets markedsoperationer eller stående faciliteter er suspenderet eller udelukket
for hvilke det ikke er hensigtsmæssigt at kræve mindstereserver.
Kreditinstitutter i euroområdet
, der er underlagt mindstereservekrav, beregner deres eget reservekravsgrundlag
4
 (hvis dette ikke gøres af de nationale centralbanker) ved hjælp af deres statistiske information om indlån og udstedte gældsinstrumenter. De kan holde deres mindstereserver indirekte gennem en mellemmand, der har sit hjemsted i samme medlemsstat, er underlagt mindstereservekrav og normalt udfører visse administrative opgaver.
De nationale centralbanker underretter kreditinstitutterne om de mindstereserver, de skal holde (hvis den nationale centralbank foretager beregningen), eller anerkender de mindstereserver, som institutionerne selv beregner.
De forrenter også beholdninger af mindstereserver i henhold til forordning (EU) 2021/378 og har ret til at kontrollere nøjagtigheden og kvaliteten af de oplysninger om reservekravsgrundlaget, som institutterne stiller til rådighed.
Særlige regler træder i kraft, når:
reservekravsgrundlaget indberettes på aggregeret basis
en fusion mellem to institutioner finder sted i reservekravsperioden
5
en medlemsstat indfører euroen.
Hvis bankerne ikke opfylder deres mindstereservekrav, har ECB beføjelse til at pålægge en sanktion, som står i rimeligt forhold til overtrædelsen og beregnes ud fra fastsatte formler og metoder.
HVORNÅR GÆLDER FORORDNINGERNE OG AFGØRELSEN FRA?
 
 
Forordning (EU) 2021/378 (ECB/2021/1) trådte i kraft den 
26. juni 2021
, bortset fra artikel 3 (beregning af reservekravskonti), som trådte i kraft den 
28. juli 2021
 (den første dag i den femte reservekravsperiode).
 
Forordning (EF) nr. 2531/98 trådte i kraft den 
1. januar 1999
.
 
Afgørelse (EU) 2021/1815 (ECB/2021/45) trådte i kraft den 
3. november 2021
.
 
BAGGRUND
På grundlag af 
statutten for Det Europæiske System af Centralbanker og Den Europæiske Centralbank
 kan ECB kræve, at kreditinstitutter i euroområdet holder mindstereserver til pengepolitiske formål.
Mindstereserver bidrager til at stabilisere pengemarkedsrenten og sætte kreditinstitutter i stand til at håndtere daglige likviditetsudsving.
Reserver, som de nationale centralbanker holder, øger efterspørgslen efter centralbankernes kredit, hvilket gør det lettere for ECB at styre pengemarkedsrenterne gennem regelmæssige likviditetstilførende operationer.
For yderligere oplysninger henvises til:
Mindstereserver
 (Den Europæiske Centralbank).
VIGTIGE BEGREBER
Mindstereserver.
 Det beløb, som et institut skal holde som reserver på sine reservekravskonti hos den relevante nationale centralbank.
Kreditinstitut.
 En virksomhed, hvis aktivitet består i fra offentligheden at tage imod indskud eller andre midler, der skal tilbagebetales, og yder lån.
Sanktioner.
 Bøder, periodisk betalte afgifter, renter og ikkerentebærende deponeringer.
Reservekravsgrundlag.
 Summen af de nedskrivningsrelevante passiver, der anvendes ved beregning af et instituts mindstereserver.
Reservekravsperiode.
 Den periode, hvor overholdelsen af mindstereservekravene vurderes.
HOVEDDOKUMENTER
Rådets forordning (EF) 
nr. 
2531/98
 af 
23. november 1998
 vedrørende Den Europæiske Centralbanks anvendelse af mindstereserver (EFT L 318 af 
27.11.1998
, 
s. 1-3
).
Efterfølgende ændringer til forordning (EF) 
nr. 2531/98
 er blevet indarbejdet i grundteksten. Denne 
konsoliderede udgave
 har ingen retsvirkning.
Den Europæiske Centralbanks forordning (EU) 
2021/378
 af 
22. januar 2021
 om anvendelsen af mindstereservekrav (ECB/2021/1) (EUT L 73 af 
3.3.2021
, 
s. 1-15
).
Se den 
konsoliderede udgave
.
Den Europæiske Centralbanks afgørelse (EU) 
2021/1815
 af 
7. oktober 2021
 om den metode, der anvendes til beregning af sanktioner for manglende overholdelse af kravet om at holde mindstereserver og dermed forbundne mindstereservekrav (ECB/2021/45).
TILHØRENDE DOKUMENTER
Konsolideret udgave af traktaten om Den Europæiske Unions funktionsmåde — 
Protokol (
nr. 4
)
 om statutten for Det Europæiske System af Centralbanker og Den Europæiske Centralbank (EUT C 202 af 
7.6.2016
, 
s. 230-250
).
Europa-Parlamentets og Rådets direktiv 
2013/36/EU
 af 
26. juni 2013
 om adgang til at udøve virksomhed som kreditinstitut og om tilsyn med kreditinstitutter og investeringsselskaber, om ændring af direktiv 2002/87/EF og om ophævelse af direktiv 2006/48/EF og 2006/49/EF (EUT L 176 af 
27.6.2013
, 
s. 338-436
).
Se den 
konsoliderede udgave
.
Rådets forordning (EF) 
nr. 
2532/98
 af 
23. november 1998
 om Den Europæiske Centralbanks beføjelser til at pålægge sanktioner (EFT L 318 af 
27.11.1998
, 
s. 4-7
).
Se den 
konsoliderede udgave
.
seneste ajourføring 
8.11.2024