(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 for non-compliance with the minimum reserve requirements laid down in Regulation (EU) 2021/378 of the European Central Bank (ECB/2021/1) (2).

(2)

The formula and method applied by the ECB to calculate sanctions for failure to hold all or part of the required minimum reserves applied pursuant to Article 7(1) of Council Regulation (EC) No 2531/98 (3) 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regarding the imposition of sanctions in different fields of the ECB’s competence, it is appropriate that the Notice be withdrawn and transfer its relevant content to Decision (EU) 2021/1815 of the European Central Bank (ECB/2021/45) (5) and that references in European Central Bank Regulation (EC) No 2157/1999 (ECB/1999/4) (6) are amended accordingly.

(3)

Therefore, Regulation (EC) No 2157/1999 (ECB/1999/4) should be amended accordingly.

(4)

In order to ensure a harmonised framework for the application of minimum reserve requirements, it is necessary that this Regulation apply from the same date as Decision (EU) 2021/1815 (ECB/2021/45),

(1)

in Articles 3(1), 11(5) and 12(1), the words ‘the Council Regulation’ are replaced by ‘Regulation (EC) No 2532/98’;

(2)

in Articles 11(1) and 11(3), the words ‘the Council Regulation on minimum reserves’ are replaced by ‘Regulation (EC) No 2531/98’;

(3)

Article 11 paragraph 2 is replaced by the following:

(*1)  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).’."