{
  "url": "https://openlegislation.uk/eu-regulation-2016-1705/article-1",
  "json_url": "https://openlegislation.uk/eu-regulation-2016-1705/article-1.json",
  "legislation": "eur/2016/1705",
  "legislation_title": "Regulation (EU) 2016/1705 of the European Central Bank of 9 September 2016 amending Regulation (EC) No 1745/2003 (ECB/2003/9) on the application of minimum reserves (ECB/2016/26)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2016-1705",
  "path": "article/1",
  "kind": "article",
  "number": "1",
  "heading": "Amendments",
  "text": "Regulation (EC) No 1745/2003 (ECB/2003/9) is amended as follows:\n(1) Article 3 is amended as follows:\n(a) paragraphs 1 and 2 are replaced by the following:\n‘1. An institution's reserve base shall comprise the following liabilities, as defined in the ECB's reporting framework laid down in Regulation (EU) No 1071/2013 of the European Central Bank (ECB/2013/33), resulting from the acceptance of funds:\n(a) deposits; and\n(b) debt securities issued.\nIf an institution has liabilities in relation to a branch of the same entity, or in relation to the head office or registered office of the same entity, which are located outside participating Member States, it shall include such liabilities in the reserve base.\n2. The following liabilities shall be excluded from the reserve base:\n(a) liabilities owed to any other institution not included on the list of institutions exempt from the ECB's minimum reserve requirements in accordance with Article 2(3); and\n(b) liabilities owed to the ECB or to a participating NCB.’;\n(b) the following paragraph 2a is inserted:\n‘2a. For the liability category “deposits” referred to in point (a) of paragraph 1, the exclusion, as referred to in paragraph 2, shall be effected in the following manner: the institution shall provide evidence to the relevant participating NCB of the amount of liabilities referred to in points (a) and (b) of paragraph 2, and the amount evidenced shall be deducted from the reserve base.\nFor the liability category “debt securities issued” referred to in point (b) of paragraph 1, the exclusion, as referred to in paragraph 2, shall be effected by deducting an amount from the reserve base in the following manner:\n(a) the institution shall provide evidence to the relevant participating NCB of the amount of liabilities referred to in points (a) and (b) of paragraph 2, and the amount evidenced shall be deducted from the reserve base;\n(b) where the institution is unable to provide evidence to the relevant participating NCB of the amount of liabilities referred to in points (a) and (b) of paragraph 2, the 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.’.\n(2) Throughout the Regulation, the words ‘for money and banking statistics’ are deleted.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Regulation (EU) No 1071/2013 of the European Central Bank of 24 September 2013 concerning the balance sheet of the monetary financial institutions sector (ECB/2013/33) (OJ L 297, 7.11.2013, p. 1).’;"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2016/1705/article/1",
    "retrieved_at": "2026-11-01T14:45:32.324243+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}