Regulation (EC) No 690/2002 of the European Central Bank of 18 April 2002 amending Regulation (EC) No 2818/98 (ECB/1998/15) on the application of minimum reserves (ECB/2002/3)

• Published date: 23 April 2002
• Subject Matter: Economic and monetary policy,Economic and Monetary Union,European Central Bank (ECB)
• Official Gazette Publication: Official Journal of the European Communities, L 106, 23 April 2002

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32002R0003(01)

Regulation (EC) No 690/2002 of the European Central Bank of 18 April 2002 amending Regulation (EC) No 2818/98 (ECB/1998/15) on the application of minimum reserves (ECB/2002/3)

Official Journal L 106 , 23/04/2002 P. 0009 - 0010

Regulation (EC) No 690/2002 of the European Central Bank

of 18 April 2002

amending Regulation (EC) No 2818/98 (ECB/1998/15) on the application of minimum reserves

(ECB/2002/3)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular to Article 19.1 thereof,

Having regard to Council Regulation (EC) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank(1), as amended by Regulation (EC) No 134/2002(2), and in particular to Article 2 thereof,

Whereas:

Regulation (EC) No 2818/98 of the European Central Bank of 1 December 1998 on the application of minimum reserves (ECB/1998/15)(3), as amended by Regulation (EC) No 1921/2000 (ECB/2000/8)(4), should be amended for the following reasons:

(1) Directive 2000/28/EC(5) extended the definition of credit institutions contained in Article 1, point 1, first subparagraph, of Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions(6) to electronic money institutions. In order to clarify that electronic money institutions will be subject to minimum reserve requirements for reasons of equal treatment between the various categories of electronic money issuers, the reference to the definition of credit institutions contained in Article 2(1) of Regulation (EC) No 2818/98 (ECB/1998/15) should be amended accordingly.

(2) Pursuant to Article 2(2) of Regulation (EC) No 2818/98 (ECB/1998/15), the ECB may exempt institutions which are subject to winding-up proceedings from reserve requirements on a non-discriminatory basis.

(3) It is appropriate for reasons of efficiency to establish a general rule according to which credit institutions will be automatically exempted from reserve requirements for the whole maintenance period within which they cease to exist as such.

(4) The rules regarding withdrawal or lapse of the authorisation to carry on the business of a credit institution have been harmonised by Article 14 of Directive...