Article 6 Reserve holdings

An institution shall hold its minimum reserves on one or more reserve accounts with the national central bank in each participating Member State in which it has an establishment, in relation to its reserve base in the corresponding Member State. Reserve accounts shall be denominated in euro. Institutions' settlement accounts with the participating NCBs may be used as reserve accounts.

An institution shall have complied with its reserve requirement if the average end-of-day balance on its reserve accounts over the maintenance period is not less than the amount defined for that period in accordance with the procedures set out in Article 5.

If an institution has more than one establishment in a participating Member State, its registered office or head office, if located in that Member State, shall be responsible for ensuring compliance with the institution's reserve requirement. If the institution has neither a registered office nor a head office in that Member State, it shall designate which of its branches in that Member State shall be responsible for ensuring compliance with the institution's reserve requirement. All these establishments' reserve holdings count together towards compliance with the institution's total reserve requirement in that Member State.