Article 3 · ECB/2021/1

Contents

Article 3Reserve holdings#

1.Institutions referred to in Article 1 shall hold minimum reserves, calculated in accordance with Article 6, as follows:

(a)the average end-of-day balance on one or more reserve accounts over the maintenance period shall be equal to or shall exceed the amount calculated for that period in accordance with Article 6;

(b)minimum reserves shall be held on reserve accounts, denominated in euro, with the relevant NCBs in each euro area Member State in which they are established;

(c)settlement accounts with the NCBs may be used as reserve accounts for the purposes of this Regulation;

(d)funds subject to any legal, contractual, regulatory or other restriction that would prevent the institution from liquidating, transferring, assigning or disposing of such funds during the relevant maintenance period shall be excluded from the reserve holdings.

For the purposes of point (d), institutions shall notify the relevant NCB of any restrictions referred to therein without undue delay.

2.Where an institution has several branches in the same euro area Member State, the following shall apply:

(a)the registered office or head office, if located in that Member State, shall fulfil the minimum reserve requirements set out in this Article for those branches in that Member State;

(b)that institution shall designate one of its branches in the same Member State for the purposes of fulfilling the minimum reserve requirements in this Article where it has neither a registered office nor a head office in that Member State;

(c)the relevant NCB shall use all end-of-day balances in the reserve accounts of the branches of that institution in the same Member State to assess whether paragraph 1(a) of this Article is fulfilled.

3.The European Central Bank (ECB) shall publish the following lists of institutions on its website:

(a)institutions subject to minimum reserve requirements pursuant to this Regulation;

(b)institutions exempted from minimum reserve requirements pursuant to Article 4, excluding those institutions referred to in points (a) to (c) of Article 4(2).