L 250/10 Official Journal of the European Union 2.10.2003 REGULATION (EC) No 1745/2003 OF THE EUROPEAN CENTRAL BANK of 12 September 2003 on the application of minimum reserves (ECB/2003/9) 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 ('), as amended by Regu- lation (EC) No 134/2002 (3, Having regard to Council Regulation (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions (), Whereas: (1) Regulation (EC) No 2818/98 of the European Central Bank of 1 December 1998 on the application of minimum reserves (ECB/1998/15) () has been signifi- cantly amended on two occasions. First, specific proce- dures for mergers and divisions involving credit institu- tions were introduced by Regulation (EC) No 1921/2000 of the European Central Bank of 31 August 2000 (ECB/ 2000/8) (°) in order to clarify the obligations of these institutions in respect of minimum reserves. Second, for reasons of efficiency, other provisions were amended by Regulation (EC) No 690/2002 of the European Central Bank of 18 April 2002 (ECB/2002/3) () to clarify that electronic money institutions will be subject to reserve requirements; 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; and to clarify the obligation to include in the reserve base the liabilities of an institution in relation to a branch of the same entity, or in relation to the head office or registered office of the same entity, which are located outside parti- cipating Member States. As new amendments are being made to Regulation (EC) No 2818/98 (ECB[1998/15), it is desirable, for reasons of clarity and rationalisation, that the provisions in question should be recast by bringing them all together in a single text. 2)  Article 19(1) of the Statute states that, if the European Central Bank (ECB) requires credit institutions established in participating Member States to hold minimum reserves, they are to be held on accounts with the ECB 1 () OJ L 318, 27.11.1998, p. 1. () OJ L 24, 26.1.2002, p. 1. () OJ L 318, 27.11.1998, p. 4. () OJ L 356, 30.12.1998, p. 1. () Regulation ECB/2000/8 of 31 August 2000 amending Regulation (EC) No 2818/98 on the application of minimum reserves (ECB/ 1998/15) and amending Regulation (EC) No 2819/98 of the European Central Bank concerning the consolidated balance sheet of the monetary financial institution sector (ECB/1998/16) (O] L 229, 9.9.2000, p. 34). Regulation ECB/2002/3 of 18 April 2002 amending Regulation ECB/1998/15 on the application of minimum reserves (O] L 106, 23.4.2002, p. 9). — and participating national central banks (participating NCBs). It is considered appropriate that such reserves should be held solely on accounts with participating NCBs. (3) In order to be effective, the instrument of minimum reserves also requires specification regarding the calcula- tion and maintenance of minimum reserves and the reporting and verification rules. (4 For the exclusion of interbank liabilities from the reserve base, any standard deduction to be applied to liabilities with a maturity of up to two years within the debt secu- rities category should be based on the euro area-wide macro ratio between (i) the stock of relevant instruments issued by credit institutions and held by other credit institutions and by the ECB and participating NCBs and (ii) the total amount outstanding of such instruments issued by credit institutions. (5)  As a rule, the calendar of maintenance periods will be aligned with the calendar of meetings of the Governing Council of the ECB at which the monthly assessment of the monetary policy stance is pre-scheduled. (6)  Specific procedures for the notification and acknowl- edgement of minimum reserves are necessary so that institutions are aware of their obligations in respect of minimum reserves in time, HAS ADOPTED THIS REGULATION: Atrticle 1 Definitions For the purposes of this Regulation: — ‘participating Member State’ shall mean an EU Member State which has adopted the euro in accordance with the Treaty, — ‘participating national central bank’ (participating NCB) shall mean the national central bank of a participating Member State, — ‘Eurosystem’ shall designate the ECB and the participating NCBs,