Article 6 · ECB/2021/1

Contents

Article 6Calculation of minimum reserves#

1.Minimum reserves held by institutions pursuant to Article 3 shall be calculated using the following reserve ratios for each of the liabilities of the reserve base referred to in Article 5:

(a)a reserve ratio of 0 % shall apply to the following categories referred to in Part 2 of Annex II to Regulation (EU) 2021/379 (ECB/2021/2):

(i)deposits which fulfil one of the following conditions:

—have an agreed maturity over two years;

—are redeemable at notice over two years;

—are repurchase agreements (repos);

(ii)debt securities issued with an original maturity over two years;

(b)a reserve ratio of 1 % on all other liabilities included in the reserve base.

2.NCBs or the institution shall deduct a lump sum allowance of EUR 100000 from the calculation of minimum reserves of each institution, subject to the requirements of Articles 10 to 12.

3.NCBs shall use the minimum reserves calculated in accordance with Article 6 for the following:

(a)to remunerate holdings of minimum reserves;

(b)to assess whether Article 3(1)(a) is fulfilled.