Introductory text
United Kingdom
Regulation (EC) No 1052/2008 of the European Central Bank
of 22 October 2008
amending Regulation (EC) No 1745/2003 (ECB/2003/9) on the application of minimum reserves
(ECB/2008/10)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ESCB Statute), 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 Bankf1,
Having regard to Council Regulation (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctionsf2,
Whereas:
(1)
Article 19.1 of the ESCB Statute provides that the Governing Council of the European Central Bank (ECB) may establish regulations concerning the calculation and determination of the required minimum reserves.
(2)
Article 2 of Regulation (EC) No 2531/98 provides that the ECB may, on a non-discriminatory basis, exempt institutions from the obligation to hold minimum reserves in accordance with criteria established by the ECB.
(3)
The ECB considers it necessary to tighten the criteria for granting exemptions from reserve requirements and, in addition, to add a new criterion regarding the possibility to grant an exemption to institutions subject to measures imposed by the Community or a Member State which result in the freezing of funds or the restriction of the use of an institution’s funds or are otherwise subject to a decision of the ECB’s Governing Council suspending or excluding their access to open market operations or to the Eurosystem’s standing facilities.
(4)
In the light of past experience, it is also necessary to amend Regulation (EC) No 1745/2003 of the European Central Bank (ECB/2003/9)f3 to refine the definition of the components of the reserve base in respect of which minimum reserves are calculated and the provisions on granting an exemption from the requirements of separate reporting for institutions holding minimum reserves through an intermediary.
(5)
Regulation (EC) No 1745/2003 (ECB/2003/9) should also provide for general criteria governing transitional maintenance periods for institutions which become subject to the ECB’s reserve requirements on account of the adoption of the euro by the Member State in which they are located,
HAS ADOPTED THIS REGULATION: