Article 1 · ECB/2026/10

Contents

Article 1Amendments#

Decision (EU) 2019/1743 (ECB/2019/31) is amended as follows:

(1)Article 1 is amended as follows

(a)paragraph 1 is replaced by the following:‘1.Holdings of reserves of institutions subject to Article 1 of Regulation (EU) 2021/378 of the European Central Bank (ECB/2021/1)^note held on the institutions’ reserve accounts as defined in Article 2, point (7), of that Regulation, which exceed the reserves required pursuant to Council Regulation (EC) No 2531/98^note and Regulation (EU) 2021/378 (ECB/2021/1) (hereinafter “excess reserves”) shall be remunerated as follows:

(a)for institutions that are eligible counterparties in Eurosystem monetary policy operations in accordance with Article 55 of Guideline of the European Central Bank (EU) 2015/510 (ECB/2014/60)^note:

(i)at the deposit facility rate, if they fulfil the access conditions to the deposit facility laid down in Article 22 of Guideline (EU) 2015/510 (ECB/2014/60); and

(ii)at zero percent or the deposit facility rate, whichever is lower, if they do not fulfil the access conditions to the deposit facility laid down in Article 22 of Guideline (EU) 2015/510 (ECB/2014/60);

(b)for institutions that are eligible counterparties in Eurosystem monetary policy operations in accordance with Article 55 of Guideline (EU) 2015/510 (ECB/2014/60) whose access to the Eurosystem’s deposit facility is limited, suspended or excluded due to the application of discretionary measures in accordance with Article 158 of Guideline (EU) 2015/510 (ECB/2014/60):

(i)at the deposit facility rate, for the combined amount held in the deposit facility and as excess reserves not exceeding the limitation as set out in the discretionary measures; and

(ii)at zero percent or the deposit facility rate, whichever is lower, for the amount exceeding the limitation, and in case of suspension or exclusion;

(c)for institutions that are not eligible counterparties in Eurosystem monetary policy operations in accordance with Article 55 of Guideline (EU) 2015/510 (ECB/2014/60), at zero percent or the deposit facility rate, whichever is lower.

Funds excluded from minimum reserves pursuant to Article 3(1), point (d), of Regulation (EU) 2021/378 (ECB/2021/1) shall be remunerated by the relevant NCB in accordance with their terms. If funds that should have been excluded pursuant to Article 3(1), point (d), of Regulation (EU) 2021/378 (ECB/2021/1) were inadvertently included in holdings of minimum reserves and are subsequently excluded from those minimum reserves pursuant to that provision, they shall not be considered to be excess reserves for the period in which they were included and shall be remunerated by the relevant NCB in accordance with Article 9(3) of that Regulation. Funds not held on the institutions’ reserve accounts or on the deposit facility shall be remunerated by the relevant NCB in accordance with the rules applicable to non-monetary policy deposits as set out in Article 2(1), point (c), or Article 2(3), point (b), of Decision (EU) 2024/1209 of the European Central Bank (ECB/2024/11)^note, as applicable.^note^note^note^note

(b)in paragraphs 2 and 4, references to ‘Articles 1 and 6 of Regulation (EC) No 1745/2003 (ECB/2003/9)’ are replaced by references to ‘Article 2 of Regulation (EU) 2021/378 (ECB/2021/1)’;

(c)in paragraph 4, references to ‘Article 10 or 11 of Regulation (EC) No 1745/2003 (ECB/2003/9)’ are replaced by references to ‘Article 10 or 11 of Regulation (EU) 2021/378 (ECB/2021/1)’;

(d)paragraph 5 is replaced by the following:‘5.In the event of a prolonged TARGET disruption over several business days, as referred to in Article 187a of Guideline (EU) 2015/510 (ECB/2014/60), paragraphs 1 to 4 shall apply.’;

(2)in Article 2(1), the introductory wording is replaced by the following:‘1.The ECB shall apply the remuneration rates set out in Article 2(4) of Decision (EU) 2024/1209 (ECB/2024/11) to certain deposits held with the ECB as follows:’.