PRESS RELEASE

List of Monetary financial institutions and institutions subject to minimum reserves

16 October 1998

Further to the publication of the European Monetary Institute (EMI) entitled "Statistical requirements for Stage Three of Monetary Union (Implementation Package)" (July 1996) and the publication of the European Central Bank (ECB) entitled "The single monetary policy in Stage Three: General documentation on ESCB monetary policy instruments and procedures" (September 1998), the ECB will publish on Tuesday, 20 October 1998 at 8 a.m. ECB time (C.E.T.), on the Internet a list of monetary financial institutions (MFIs) for statistical purposes and institutions subject to minimum reserves (http://www.ecb.europa.eu, item MFIs and assets). For the time being, this service will be accessible from the ECB website on working days from 8 a.m. to 6 p.m. ECB time (C.E.T.).

The list of MFIs for statistical purposes will facilitate the production of a comprehensive and consistent balance sheet of the money-creating sector in the euro area and serve other important purposes, such as the European System of Accounts (ESA 95, November 1996). In addition to the national central banks and the ECB, the list includes all credit institutions (as defined in Community law), money market funds and other institutions fulfilling the MFI definition.

The list of institutions subject to minimum reserves is based on Article 19.1 of the Statute of the ESCB, which entitles the ECB to require credit institutions established in the euro area to hold minimum reserves in pursuance of monetary policy objectives. This implies that branches in the euro area of entities with no registered office in the euro area are also subject to the ESCB's minimum reserve system. No credit institution established in the euro area will be exempt from its obligations under the ESCB's minimum reserve system as from the start of Stage Three. It should be emphasised that only institutions subject to the ESCB's minimum reserve system may be eligible to be counterparties to the ESCB's monetary policy operations.

Credit institutions are entitled to deduct liabilities held vis-à-vis other institutions subject to the ESCB's minimum reserve system from the reserve base to be applied for the calculation of the institution's reserve requirement. The publication of the list of institutions subject to the ESCB's minimum reserve system will therefore allow credit institutions to determine the amount of liabilities held vis-à-vis other institutions subject to the ESCB's minimum reserve system.

The list on the Internet of MFIs for statistical purposes and institutions subject to the ESCB's minimum reserve system will be updated on a monthly basis. The updates will be made available to the public on the last business day of each calendar month and will be valid for the calculation of the reserve base of credit institutions for the subsequent maintenance period. Procedures for monitoring and continuous checking have been put in place to ensure that the list remains up to date, accurate and consistent.

At the request of reporting agents or the institutions subject to the ESCB's minimum reserve system, it will be possible to obtain a hard copy of the list from the national central banks.

Further information may be requested from the ECB, at the following address:

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