30.12.98 Official Journal of the European Communities L 356/1 (Acts whose publication is obligatory) REGULATION (EC) No 2818/98 OF THE EUROPEAN CENTRAL BANK of 1 December 1998 on the application of minimum reserves (ECB/1998/15) THE GOVERNING COUNCIL OF THE EUROPEAN HAS ADOPTED THIS REGULATION: CENTRAL BANK, Having regard to the Statute of the European System of . Central Banks and of the European Central Bank (herein- Article 1 after referred to as ‘the Statute’) and in particular Article 19.1 thereof, Definitions Having regard to Council Regulation (EC) No 2531/98 of For the purposes of this Regulation: 23 November 1998 concerning the application of minimum reserves by the European Central Bank ('), — ‘participating Member State’ shall mean an EU Having regard to Council Regulation (EC) No 2532/98 of 23 November 1998 concerning the powers of the Euro- pean Central Bank to impose sanctions (%), Whereas Article 19.1 of the Statute states that, if the European Central Bank (ECB) decides to require credit institutions established in participating Member States to hold minimum reserves, they are to be held on accounts with the ECB and participating national central banks (participating NCBs); whereas it is considered appropriate that such reserves should be held on accounts with parti- cipating NCBs; Whereas, in order to be effective, the instrument of minimum reserves also requires specification regarding the calculation and maintenance of reserve requirements and the reporting and verification rules; Whereas, for the exclusion of interbank liabilities from the reserve base, any standardised deduction to be applied for liabilities with a maturity of up to two years within the debt securities category and for money market paper should be based on the euro area-wide macro ratio between the stock of relevant instruments issued by credit institutions and held by other credit institutions and by the ECB and participating NCBs, on the one hand, and the total amount outstanding of such instruments issued by credit institutions, on the other, () OJ L 318, 27. 11. 1998, p. 1. () OJ L 318, 27. 11. 1998, p. 4. Member State which has adopted the single currency in accordance with the Treaty, ‘participating national central bank’ (participating NCB) shall mean the national central bank of a participating Member State, ‘institution’ shall mean any entity in a participating Member State which the ECB, under the terms of Article 19.1 of the Statute, may require to hold minimum reserves, ‘reserve account’ shall mean an institution’s account with a participating NCB, the end-of-day balance of which counts towards fulfilment of the institution’s reserve requirement, ‘reserve requirement’ shall mean the requirement for institutions to hold minimum reserves on reserve accounts with participating NCBs, ‘reserve ratio’ shall mean the percentage specified in Article 4 for any particular item in the reserve base, ‘maintenance period’ shall mean the period over which compliance with reserve requirements is calcu- lated and for which such minimum reserves must be held on reserve accounts, ‘end-of-day balance’ shall mean the balance at the point in time when the finalisation of payment activ- ities and entries related to possible access to the standing facilities of the European System of Central Banks (ESCB) has taken place, ‘NCB business day’ shall mean any day on which a particular participating NCB is open for the purpose of conducting ESCB monetary policy operations,