PŘÍLOHA I

L0912015EN310120141219 EN0002.0001831842ANNEX I MINIMUM RESERVES The content of this Annex is for information purposes only. In the event of conflict between this Annex and the legal framework for the Eurosystem's minimum reserve system as described in paragraph 1, the latter prevails. 1. Pursuant to Article 19 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the Statue of the ESCB), the European Central Bank (ECB) requires credit institutions to hold minimum reserves on accounts with national central banks (NCBs) within the framework of the Eurosystem's minimum reserve system. The legal framework for this system is laid down in Article 19 of the Statute of the ESCB, Regulation (EC) No 2531/98 and Regulation (EC) No 1745/2003 (ECB/2003/9). The application of Regulation (EC) No 1745/2003 (ECB/2003/9) ensures that the terms and conditions of the Eurosystem's minimum reserve system are uniform throughout Member States whose currency is the euro.2. The Eurosystem's minimum reserves system primarily pursues the aims of stabilising money market interest rates and creating (or enlarging) a structural liquidity shortage.3. In accordance with Article 2(1) of Regulation (EC) No 1745/2003 (ECB/2003/9), the Eurosystem's minimum reserve system applies to credit institutions established in Member States whose currency is the euro. In addition, branches in the euro area of credit institutions not incorporated in the euro area are also subject to the Eurosystem's minimum reserve system. However, branches established outside the euro area of credit institutions incorporated in the euro area are not subject to this system.4. Pursuant to Article 2(2) of Regulation (EC) No 1745/2003 (ECB/2003/9), institutions will be automatically exempt from reserve requirements from the start of the maintenance period within which their authorisation is withdrawn or surrendered, or within which a decision to submit the institution to winding-up proceedings is taken by a judicial authority or any other competent authority of a Member State.5. Pursuant to Article 2(2) of Regulation (EC) No 1745/2003 (ECB/2003/9), the ECB may exempt, on a non-discriminatory basis, the institutions listed in points (a) to (c) thereof from reserve requirements. Such institutions include, inter alia, institutions subject to reorganisation measures and institutions subject to the freezing of funds and/or other measures imposed by the Union under Article 75 of the Treaty or by a Member State restricting the use of their funds or a decision of the ECB's Governing Council suspending or excluding their access to open market operations or the Eurosystem's standing facilities.6. Pursuant to Article 2(3) of Regulation (EC) No 1745/2003 (ECB/2003/9), the ECB establishes and maintains a list of institutions subject to the Eurosystem's minimum reserve system.7. The ECB also publishes a list of any institutions exempt from their obligations under this system for reasons other than their being subject to reorganisation measures or the freezing of funds and/or other measures imposed by the Union under Article 75 of the Treaty or by a Member State restricting the use of their funds or in respect of which the ECB's Governing Council issued a decision suspending or excluding their access to open market operations or the Eurosystem's standing facilities.8. The reserve base of each institution is determined in relation to elements of its balance sheet. The balance sheet data are reported to the NCBs within the general framework of the ECB's monetary and financial statistics. Institutions calculate the reserve base in respect of a particular maintenance period on the basis of the data relating to the month that is two months prior to the month within which the maintenance period starts pursuant to Article 3(3) of Regulation (EC) No 1745/2003 (ECB/2003/9), subject to the exceptions for tail institutions, as laid down in Article 3(4) of the same Regulation.9. The reserve ratios are determined by the ECB subject to the maximum limit specified in Regulation (EC) No 2531/98.10. The amount of minimum reserves to be held by each institution in respect of a particular maintenance period are calculated by applying the reserve ratios to each relevant item of the reserve base for that period. The minimum reserves identified by the relevant participating NCB and by the institution in accordance with the procedures mentioned in Article 5 of Regulation (EC) No 1745/2003 (ECB/2003/9) constitute the basis for: (a) remuneration of holdings of required reserves; and (b) assessment of an institution's compliance with the obligation to hold the required amount of minimum reserves.11. In order to pursue the aim of stabilising interest rates, the Eurosystem's minimum reserve system enables institutions to make use of averaging provisions, implying that compliance with reserve requirements is determined on the basis of the average of the end-of-calendar-day balances on the counterparties' reserve accounts over a maintenance period. Compliance with the reserve requirement is determined on the basis of an institution's average daily reserve holdings over the maintenance period. The maintenance period is defined in Article 7 of Regulation (EC) No 1745/2003 (ECB/2003/9).12. In accordance with Article 8 of Regulation (EC) No 1745/2003 (ECB/2003/9), institutions' holdings of required reserves are remunerated at the average, over the maintenance period, of the ECB's rate (weighted according to the number of calendar days) on the main refinancing operations according to the following formula (whereby the result is rounded to the nearest cent):R t H t n t r t 100360 r t n t i 1MR i n t Where: Rt remuneration to be paid on holdings of required reserves for the maintenance period t; Ht average daily holdings of required reserves for the maintenance period t ;nt number of calendar days in the maintenance period t ;rt rate of remuneration on holdings of required reserves for the maintenance period t . Standard rounding of the rate of remuneration to two decimals shall be applied;ii th calendar day of the maintenance period t ;MRi marginal interest rate for the most recent main refinancing operation settled on or before calendar day i . Where an institution fails to comply with other obligations under ECB regulations and decisions relating to the Eurosystem's minimum reserve system (e.g. if relevant data are not transmitted in time or are not accurate), the ECB is empowered to impose sanctions in accordance with Regulation (EC) No 2532/98 and Regulation (EC) No 2157/1999 (ECB/1999/4). The ECB's Executive Board may specify and publish the criteria according to which it will apply the sanctions provided for in Article 7(1) of Regulation (EC) No 2531/98.