Introductory text

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, and in particular 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 Bank^f1,

Whereas:

For the exclusion of interbank liabilities from the reserve base, any standard deduction to be applied to liabilities with a maturity of up to two years within the debt securities category should be based on the euro area-wide macro ratio between: (a) the stock of relevant instruments issued by credit institutions and held by other credit institutions and by the ECB and participating national central banks; and (b) the total amount outstanding of such instruments issued by credit institutions. The method for applying the standard deduction set out in Article 3(2) of Regulation (EC) No 1745/2003 of the European Central Bank (ECB/2003/9)^f2 should be further clarified.

Therefore, Regulation (EC) No 1745/2003 (ECB/2003/9) should be amended accordingly,

HAS ADOPTED THIS REGULATION: