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Document 02014D0023(01)-20150501
Decision of the European Central Bank of 5 June 2014 on the remuneration of deposits, balances and holdings of excess reserves (ECB/2014/23) (2014/337/EU)
Consolidated text: Decision of the European Central Bank of 5 June 2014 on the remuneration of deposits, balances and holdings of excess reserves (ECB/2014/23) (2014/337/EU)
Decision of the European Central Bank of 5 June 2014 on the remuneration of deposits, balances and holdings of excess reserves (ECB/2014/23) (2014/337/EU)
No longer in force
2014D1023 — EN — 01.05.2015 — 001.001
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DECISION OF THE EUROPEAN CENTRAL BANK of 5 June 2014 on the remuneration of deposits, balances and holdings of excess reserves (ECB/2014/23) (OJ L 168, 7.6.2014, p.115) |
Amended by:
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DECISION (EU) 2015/509 OF THE EUROPEAN CENTRAL BANK of 18 February 2015 |
L 91 |
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2.4.2015 |
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DECISION OF THE EUROPEAN CENTRAL BANK
of 5 June 2014
on the remuneration of deposits, balances and holdings of excess reserves
(ECB/2014/23)
(2014/337/EU)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union, and in particular the first and fourth indents of Article 127(2) thereof,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular the first and fourth indents of Article 3.1 and Articles 17, 18 and 22 thereof,
Having regard to Guideline ECB/2011/14 of 20 September 2011 on monetary policy instruments and procedures of the Eurosystem ( 1 ),
Having regard to Guideline ECB/2012/27 of 5 December 2012 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) ( 2 ),
Having regard to Guideline ECB/2014/9 of 20 February 2014 on domestic assets and liability management operations by the national central banks ( 3 ),
Whereas:|
(1) |
The Governing Council may decide from time to time to lower the deposit facility rate to below zero per cent. |
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(2) |
In the event of a reduction of the deposit facility rate, rules for the remuneration of deposits, balances and holdings of excess reserves under Guidelines ECB/2011/14, ECB/2012/27 and ECB/2014/9 need to be adjusted accordingly, |
HAS ADOPTED THIS DECISION:
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Article 2
Remuneration of holdings of excess reserves
Reserve holdings exceeding the required minimum reserves shall be remunerated at zero per cent or the deposit facility rate, whichever is lower.
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Article 5
Remuneration of certain deposits held with the ECB
Accounts maintained with the ECB in accordance with Decision ECB/2003/14 ( 4 ), Decision ECB/2010/31 ( 5 ) and Decision ECB/2010/17 ( 6 ) shall continue to be remunerated at the deposit facility rate. However, when deposits are required to be held in those accounts in advance of the date on which a payment needs to be made in accordance with the legal or contractual rules applicable to the relevant facility, such deposits shall be remunerated during this advance period at the deposit facility rate or at zero per cent, whichever is higher.
Article 6
Entry into force
This Decision shall enter into force on the day of its publication in the Official Journal of the European Union.
( 1 ) OJ L 331, 14.12.2011, p. 1.
( 2 ) OJ L 30, 30.1.2013, p. 1.
( 3 ) OJ L 159, 28.5.2014, p. 56.
( 4 ) Decision ECB/2003/14 of 7 November 2003 concerning the administration of the borrowing-and-lending operations concluded by the European Community under the medium-term financial assistance facility (OJ L 297, 15.11.2003, p. 35).
( 5 ) Decision ECB/2010/31 of 20 December 2010 concerning the opening of accounts for the processing of payments in connection with EFSF loans to Member States whose currency is the euro (OJ L 10, 14.1.2011, p. 7).
( 6 ) Decision ECB/2010/17 of 14 October 2010 concerning the administration of the borrowing and lending operations concluded by the Union under the European financial stabilisation mechanism (OJ L 275, 20.10.2010, p. 10).