Article 2 Institutions subject to reserve requirements

credit institutions as defined in the first subparagraph of Article 1(1) of Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking-up and pursuit of the business of credit institutions^f1, other than participating NCBs;

branches as defined in Article 1(3) of Directive 2000/12/EC, of credit institutions as defined in the first subparagraph of Article 1(1) of the same Directive, other than participating NCBs; these include branches of credit institutions which have neither their registered nor their head office in a participating Member State.

institutions subject to reorganisation measures;

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

institutions for which the purpose of the ECB’s minimum reserve system would not be met by imposing reserve requirements upon them. In reaching a decision on any such exemption, the ECB shall take into account one or more of the following criteria:

1. (i)

   the institution is authorised to pursue special-purpose functions only;

2. (ii)

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

3. (iii)

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

reorganisation measures;

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