Article 13 Mergers and divisions

For the maintenance period in which a merger takes effect, the merging institutions' reserve requirements shall be assumed by the acquiring institution and the acquiring institution shall benefit from any allowance described in Article 5(2) granted to the merging institutions. All the merging institutions' reserve holdings for the maintenance period in which the merger takes effect shall count together towards compliance with reserve requirements by the acquiring institution.

From the maintenance period immediately following the maintenance period in which the merger takes effect onwards, the acquiring institution shall be granted only one allowance as described in Article 5(2). For the maintenance period immediately following the one in which the merger takes effect, the acquiring institution's minimum reserves shall be calculated using a reserve base which aggregates the reserve bases of the merging institutions and, where appropriate, of the acquiring institution. The reserve bases to be aggregated are those which would have been relevant for this maintenance period had the merger not occurred. To the extent required to have adequate statistical information for each of the merging institutions, the acquiring institution shall assume the merging institutions' statistical reporting obligations. Specific provisions, depending on the features of the institutions involved in the merger, are set out in F1Annex III to Regulation (EU) No 1071/2013 (ECB/2013/33).

For the maintenance period in which a division takes effect, those recipient institutions which are credit institutions shall assume the reserve requirement of the institution being divided. Each of the recipient credit institutions shall be liable in proportion to the part of the reserve base of the institution being divided that is allocated to it. Reserves held by the institution being divided during the maintenance period in which the division takes effect shall be allocated between the recipient institutions which are credit institutions in the same proportions. For the maintenance period in which the division takes effect, the allowance described in Article 5(2) shall be granted to each of the recipient institutions which is a credit institution.

From the maintenance period immediately following the maintenance period in which the division takes effect and until the recipient institutions which are credit institutions have reported their respective reserve bases in accordance with Article 6 of Regulation (EU) No 1071/2013 (ECB/2013/33), each recipient institution which is a credit institution shall assume, possibly in addition to its own minimum reserves, the minimum reserves calculated on the basis of the part of the reserve base of the institution being divided that is allocated to it. From the maintenance period immediately following the maintenance period in which the division takes effect onwards, each recipient institution which is a credit institution shall be granted one allowance as described in Article 5(2).