Decision 2021/1815 - Decision (EU) 2021/1815 of the European Central Bank of 7 October 2021 on the methodology applied for the calculation of sanctions for non-compliance with the requirement to hold minimum reserves and related minimum reserve requirements (ECB/2021/45) - Main contents
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official title
Decision (EU) 2021/1815 of the European Central Bank of 7 October 2021 on the methodology applied for the calculation of sanctions for non-compliance with the requirement to hold minimum reserves and related minimum reserve requirements (ECB/2021/45)| Legal instrument | Decision |
|---|---|
| Number legal act | Decision 2021/1815 |
| Regdoc number | ECB(2021)45 |
| CELEX number i | 32021D1815 |
| Document | 07-10-2021; Date of adoption |
|---|---|
| Publication in Official Journal | 15-10-2021; OJ L 367 p. 4-8 |
| Effect | 03-11-2021; Entry into force See Art 4 |
| End of validity | 31-12-9999 |
15.10.2021 |
EN |
Official Journal of the European Union |
L 367/4 |
DECISION (EU) 2021/1815 OF THE EUROPEAN CENTRAL BANK
of 7 October 2021
on the methodology applied for the calculation of sanctions for non-compliance with the requirement to hold minimum reserves and related minimum reserve requirements (ECB/2021/45)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union, and in particular to Article 132(3) thereof,
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 and Article 34 thereof,
Having regard to Council Regulation (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions (1), and in particular to Article 6(2) thereof,
Whereas:
(1) |
In order to ensure legal certainty and in the interest of transparency, institutions should be informed of the methods applied by the ECB to calculate sanctions imposed pursuant to Article 7(1) of Council Regulation (EC) No 2531/98 (2) for non-compliance with the minimum reserve requirements laid down in Regulation (EU) 2021/378 of the European Central Bank (ECB/2021/1) (3). |
(2) |
The formula and method applied by the ECB to calculate sanctions for failure to hold all or part of the required minimum reserves are specified in a Notice of the European Central Bank on the imposition of sanctions for breaches of the obligation to hold minimum reserves (4). In the interest of legal certainty and in order to prevent further fragmentation of the legal framework regarding the imposition of sanctions in different fields of the ECB’s competence, it is appropriate that the Notice be withdrawn and its relevant content be transferred to a new Decision. |
(3) |
Similarly, it is necessary in the interests of transparency to lay down the formula and method applied by the ECB to calculate sanctions pursuant to Article 7(3) of Council Regulation (EC) No 2531/98 for failure to comply with the requirement to notify the relevant national central bank of any restrictions that would prevent the institution from liquidating, transferring, assigning or disposing of its funds held in minimum reserve pursuant to the second subparagraph of Article 3(1) of Regulation (EU) 2021/378 (ECB/2021/1). |
(4) |
In order to ensure a harmonised framework for the application of minimum reserve requirements, it is necessary that this Decision apply from the same date as the amendment to Article 11 of Regulation (EC) No 2157/1999 of the European Central Bank (ECB/1999/4) (5), |
HAS ADOPTED THIS DECISION:
Article 1
Subject matter
This Decision establishes the methodology applied by the ECB when calculating sanctions imposed pursuant to Article 7 of Regulation (EC) No 2531/98.
Article 2
Methodology applied for calculation of sanctions for failure to hold minimum reserves
Where the ECB imposes a sanction pursuant to Article 7(1) of Regulation (EC) No 2531/98, the applicable sanction for failure to hold minimum reserves pursuant to Regulation (EU) 2021/378 (ECB/2021/1) shall be calculated based on the formula and method set out in Annex I to this Decision.
Article 3
Methodology applied for calculation of sanctions for failure to comply with notification requirements in relation to minimum reserves
Where the ECB imposes a sanction pursuant to Article 7(3) of Regulation (EC) No 2531/98 for a failure to comply with the requirement to notify the relevant national central bank of any restrictions that would prevent an institution from liquidating, transferring, assigning or disposing of its funds held in minimum reserve pursuant to the second subparagraph of Article 3(1) of Regulation (EU) 2021/378 (ECB/2021/1), the applicable sanction shall be calculated based on the formula and method set out in...
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