Legal framework
The legal framework of the minimum reserve system consists of a range of EU and ECB regulations, as listed below:
According to Article 19.1 of the ESCB/ECB Statute, the ECB requires all banks established euro area countries to hold minimum reserves with their national central bank. In Austria, around 500 banks are currently subject to minimum reserve requirements. They must hold their minimum reserves with the OeNB, which is responsible for monitoring banks’ compliance with the minimum reserve requirement and initiating sanctioning proceedings in case of noncompliance. The OeNB maintains and publishes a list of all banks required to hold minimum reserves in Austria.
Current regulations and decisions concerning the ECB's minimum reserve system
- Council Regulation (EC) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank (OJ L 318, 27.11.1998, p. 1). The legal act has been amended by the Council Regulation (EC) No 134/2002 (OJ L 24, 26.1.2002, p. 1).
- Council Regulation (EC) No 2532/1998 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions (OJ L 318, 27.11.1998, p. 4). The legal act has been amended by the Council Regulation (EU) 2015/159 (OJ L 27, 3.2.2015, p. 1).
- European Central Bank Regulation (EC) No 2157/1999 of 23 September 1999 on the powers of the European Central Bank to impose sanctions (ECB/1999/4) (OJ L 264, 12.10.1999, p. 21). The legal act has been amended by the European Central Bank Regulation (EC) No 985/2001 (OJ L 137, 19.5.2001, p. 24).
- Regulation (EU) 2021/378 of the European Central Bank of 22 January 2021 on the application of minimum reserve requirements (ECB/2021/1) (OJ L 73, 3.3.2021, p. 1). The legal act has been amended by the European Central Bank Regulation (EU) 2022/2419 (OJ L 318, 12.12.2022, p. 7) and by the European Central Bank Regulation (EU) 2021/378 (OJ L 216, 1.9.2023, p. 96).
- 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) (OJ L 367, 15.10.2021, p. 4).