the governing council of the European Central Bank,Having regard to the Treaty on the Functioning of the European Union, and in particular to Article 132(3) thereof,Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular to Articles 34.3 and 19.1 thereof,Having regard to Council Regulation (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctionsnote, and in particular to Article 6(2) thereof,Whereas:
(1)In order to ensure legal certainty and in the interest of transparency, institutions should be informed of the methods applied by the ECB to calculate sanctions imposed for non-compliance with the minimum reserve requirements laid down in Regulation (EU) 2021/378 of the European Central Bank (ECB/2021/1)note.
(2)The formula and method applied by the ECB to calculate sanctions for failure to hold all or part of the required minimum reserves applied pursuant to Article 7(1) of Council Regulation (EC) No 2531/98note are specified in a Notice of the European Central Bank on the imposition of sanctions for breaches of the obligation to hold minimum reservesnote. In the interest of legal certainty and in order to prevent further fragmentation of the legal framework regarding the imposition of sanctions in different fields of the ECB’s competence, it is appropriate that the Notice be withdrawn and transfer its relevant content to Decision (EU) 2021/1815 of the European Central Bank (ECB/2021/45)note and that references in European Central Bank Regulation (EC) No 2157/1999 (ECB/1999/4)note are amended accordingly.
(3)Therefore, Regulation (EC) No 2157/1999 (ECB/1999/4) should be amended accordingly.
(4)In order to ensure a harmonised framework for the application of minimum reserve requirements, it is necessary that this Regulation apply from the same date as Decision (EU) 2021/1815 (ECB/2021/45),
HAS ADOPTED THIS REGULATION:
Article 1Amendments#
Regulation (EC) No 2157/1999 (ECB/1999/4) is amended as follows:
(1)in Articles 3(1), 11(5) and 12(1), the words ‘the Council Regulation’ are replaced by ‘Regulation (EC) No 2532/98’;
(2)in Articles 11(1) and 11(3), the words ‘the Council Regulation on minimum reserves’ are replaced by ‘Regulation (EC) No 2531/98’;
(3)Article 11 paragraph 2 is replaced by the following:‘2.Where the ECB imposes a sanction pursuant to Article 7(1) of Regulation (EC) No 2531/98, the applicable sanction shall be calculated using the formula and method specified in Decision (EU) 2021/1815 of the European Central Bank (ECB/2021/45)note.
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