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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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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)
THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘ESCB Statute’), and in particular Article 19.1 and the first indent of Article 47.2 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),
Having regard to Regulation (EC) No 1745/2003 of the European Central Bank of 12 September 2003 on the application of minimum reserves (ECB/2003/9)(2),
Having regard to Council Regulation (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions(3),
Having regard to Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank(4), and in particular Articles 5(1) and 6(4) thereof,
Having regard to Regulation (EC) No 2423/2001 of the European Central Bank of 22 November 2001 concerning the consolidated balance sheet of the monetary financial institutions sector (ECB/2001/13)(5),
Whereas:
(1) The adoption of the euro by Slovakia on 1 January 2009 means that credit institutions and branches of credit institutions located in Slovakia will be subject to reserve requirements from that date.
(2) The integration of these entities into the minimum reserve system of the Eurosystem requires the adoption of transitional provisions in order to ensure smooth integration without creating a disproportionate burden for credit institutions in participating Member States, including Slovakia.
(3) Article 5 of the ESCB Statute in conjunction with Article 10 of the Treaty establishing the European Community implies an obligation for Member States to design and implement at national level all the appropriate measures to collect the statistical information needed to fulfil the ECB’s statistical reporting requirements and to ensure timely preparation in the field of statistics to adopt the euro,
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