Activites

• 1998/11/27 Final act published in Official Journal
  • Regulation 1998/2531
  • OJ L 318 27.11.1998, p. 0001
• #2136
• 1998/11/23 Council Meeting
• 1998/11/23 End of procedure in Parliament
• 1998/11/23 Act adopted by Council after consultation of Parliament
• 1998/10/06 Debate in Parliament
  • T4-0542/1998 summary

    In adopting the report by Mr Karsten HOPPENSTEDT (PPE, D), the European Parliament sought the inclusion of 'electronic money' in the basis for calculation of reserve requirements. It was also concerned that the minimum reserve requirement might place banks in the euro zone at a competitive disadvantage in comparison with other financial centres where requirements were less stringent. The minimum reserve requirement was in effect a tax on deposits, raising the prices at which banks were able to lend money. In order to solve this problem, Parliament proposed that deposits with the ECB should bear interest. The remuneration of the minimum reserves, which the ECB could specific freely, should be close to market rates.�

• 1998/09/23 Vote in committee, 1st reading/single reading
  • A4-0332/1998
• 1998/09/14 Committee referral announced in Parliament, 1st reading/single reading
• 1998/07/07 Legislative proposal published
  • BCE(1998)0002 summary

    OBJECTIVE: Recommendation of the European Central Bank for a Council Regulation concerning the application of minimum reserves by the European Central Bank. SUBSTANCE: Article 19 of the Statute of the European System of Central Banks and the European Central Bank forms the legal basis for a system of minimum reserves required for stage three of EMU. This proposal for a regulation: - provides that the ECB is authorised to exempt an institution when subjecting it to minimum reserves would not be in line with the aim pursued in setting up the system; - defines the basis of the minimum reserves; - defines the maximum permissible reserve ratio which the ECB may apply in the calculation of minimum reserves; - clarifies the regulatory powers of the ECB for the purposes of this Regulation; - grants to the ECB: . the right to impose specific reporting requirements on institutions subject to minimum reserves; . the right to collect statistical data from institutions subject to minimum reserves and to verify the accuracy and quality of the data; . the right to delegate to the national central banks the execution of the tasks of collecting and verifying the information required for determining institutions' compliance with the minimum reserves; - provides that the ECB may impose penalties on institutions not complying with their obligations under the minimum reserve system; these penalties must be sufficiently high, while in proportion to the infringement committed. �

Documents

• Legislative proposal published: BCE(1998)0002
• Committee report tabled for plenary, 1st reading/single reading: A4-0332/1998
• Decision by Parliament, 1st reading/single reading: T4-0542/1998
• : Regulation 1998/2531
• : OJ L 318 27.11.1998, p. 0001

History

(these mark the time of scraping, not the official date of the change)