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Decision of the European Central Bank of 28 October 2008 on transitional provisions for the application of minimum reserves by the European Central Bank following the introduction of the euro in Slovakia (ECB/2008/14) (2008/892/EC)

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Article 2Transitional provisions for institutions located in Slovakia

1.In derogation from Article 7 of Regulation (EC) No 1745/2003 (ECB/2003/9), a transitional maintenance period shall run from 1 January 2009 to 20 January 2009 for institutions located in Slovakia.

2.The reserve base of each institution located in Slovakia for the transitional maintenance period shall be defined in relation to elements of its balance sheet as at 31 October 2008. Institutions located in Slovakia shall report their reserve base to Národná banka Slovenska in accordance with the ECB’s reporting framework for money and banking statistics, as laid down in Regulation (EC) No 2423/2001 (ECB/2001/13). Institutions located in Slovakia that benefit from the derogation under Article 2(2) of Regulation (EC) No 2423/2001 (ECB/2001/13) shall calculate a reserve base for the transitional maintenance period on the basis of their balance sheet as at 30 September 2008.

3.In respect of the transitional maintenance period, either an institution located in Slovakia or Národná banka Slovenska shall calculate such institution’s minimum reserves. The party that calculates the minimum reserves shall submit its calculation to the other party allowing sufficient time for the latter to verify it and submit revisions. The calculated minimum reserves, including any revisions thereof, if applicable, shall be confirmed by the two parties at the latest on 9 December 2008. If the notified party does not confirm the amount of minimum reserves by 9 December 2008, it shall be deemed to have acknowledged that the calculated amount applies for the transitional maintenance period.

4.The provisions of paragraphs 2 to 4 of Article 3 shall apply mutatis mutandis to institutions located in Slovakia so that these institutions may, for their initial maintenance periods, deduct from their reserve bases any liabilities owed to institutions in Slovakia, although at the time the minimum reserves are calculated such institutions will not appear on the list of institutions subject to reserve requirements in Article 2(3) of Regulation (EC) No 1745/2003 (ECB/2003/9).

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