6 The reserve requirement for each maintenance period is rounded to the nearest euro .

Maintenance of reserve holdings

Maintenance period

EN

Maintenance of reserve holdings Maintenance period The ECB publishes a calendar of the reserve maintenance periods at least three months before the start of each year ( 1 ) .

Maintenance of reserve holdings ( a ) M a i n t e n a n c e p e r i o d The ECB publishes a calendar of the reserve maintenance periods at least three months before the start of each year ( 78 ) .

Together with the above mentioned changes , this means that MROs settled in one reserve maintenance period no longer extend into the subsequent reserve maintenance period .

Volatility in the EONIA was , in general , low and confined to the end of the reserve maintenance periods , when the minimum reserve constraints on the banking system became binding .

remuneration to be paid on holdings of required reserves for the maintenance period t holdings of required reserves for the maintenance period t number of calendar days in the maintenance period t ith calendar day of the maintenance period t marginal interest rate of the most recent main refinancing operation spanning calendar day i

Minimum reserves General considerations Institutions subject to minimum reserves Determination of minimum reserves Maintenance of reserve holdings Reporting and verification of the reserve base Non compliance with minimum reserve obligations

This item contains primarily accounts used in order to hold minimum reserves

Maintenance of reserve holdings ( a ) M a i n t e n a n c e p e r i o d The maintenance period is one month , starting on the 24th calendar day of each month and ending on the 23rd calendar day of the following month .

Where Rt Ht remuneration to be paid on holdings of required reserves for the maintenance period t average daily holdings of required reserves for the maintenance period t

Maintenance of reserve holdings Maintenance period The maintenance period is one month , starting on the 24th calendar day of each month and ending on the 23rd calendar day of the following month .

The reserve requirement for each maintenance period is rounded to the nearest euro .

remuneration to be paid on holdings of required reserves for the maintenance period t. average daily holdings of required reserves for the maintenance period t. number of calendar days in the maintenance period t. rate of renumeration on holdings of required reserves for the maintenance period t. Standard rounding of the rate of remuneration to two decimals shall be applied .

remuneration to be paid on holdings of required reserves for the maintenance period t. average daily holdings of required reserves for the maintenance period t. number of calendar days in the maintenance period t. rate of remuneration on holdings of required reserves for the maintenance period t. Standard rounding of the rate of remuneration to two decimals shall be applied .

Minimum reserves General considerations Institutions subject to minimum reserve requirements Determination of minimum reserves Maintenance of reserve holdings Reporting , acknowledgement and verification of the reserve base Non compliance with minimum reserve obligations

Minimum reserves General considerations Institutions subject to minimum reserves Determination of minimum reserves Maintenance of reserve holdings Reporting , acknowledgement and verification of the reserve base Non compliance with minimum reserve obligations

As a complement , changes in the standing facility rates are now implemented , as a rule , on the first day of the new maintenance period .

The minimum reserve obligation must be fulfilled on average over a reserve maintenance period .

REMUNERATION OF RESERVE HOLDINGS Holdings of required reserves are remunerated at the average , over the maintenance period , of the ECB 's rate ( weighted according to the number of calendar days ) on the main refinancing operations , calculated using the formula specified in Box 10 .

The reserve requirement for each maintenance period is rounded to the nearest euro .

9 An institution with establishments in more than one Member State is required to hold minimum reserves with the national central bank of each Member State in which it has an establishment , in relation to its reserve base in the corresponding Member State .

This item contains primarily accounts used in order to hold minimum reserves

General considerations Institutions subject to minimum reserve requirements Determination of minimum reserves Maintenance of reserve holdings Reporting , acknowledgement and verification of the reserve base Non compliance with minimum reserve obligations

2 ) The reserve maintenance periods are separated with a double line .

where Rt Ht nt rt i remuneration to be paid on holdings of required reserves for the maintenance period t. average daily holdings of required reserves for the maintenance period t. number of calendar days in the maintenance period t. rate of remuneration on holdings of required reserves for the maintenance period t. Standard rounding of the rate of remuneration to two decimals shall be applied .

Maintenance of reserve holdings Maintenance period The maintenance period is one month , starting on the 24th calendar day of each month and ending on the 23rd calendar day of the following month .

Compliance with the reserve requirement is determined on the basis of the institutions average daily reserve holdings over the maintenance period .

Purchase price the price at which purchased assets are sold or are to be sold to the buyer by the seller .

This item contains primarily accounts used in order to hold minimum reserves

Compliance with the reserve requirement is determined on the basis of the institutions average daily reserve holdings over the maintenance period .

ANNEX 2 Pooling system see collateral pooling system . Post fixed coupon a coupon on floating rate instruments which is determined on the basis of the values taken by the reference index on a certain date ( or dates ) during the coupon accrual period .

In such cases , the relevant national central bank is responsible for informing the counterparties in advance of the arrangements to be made for transactions involving those branches . Open market operation an operation executed on the initiative of the central bank in the financial market .

Post fixed coupon a coupon on floating rate instruments which is determined on the basis of the values taken by the reference index on a certain date ( or dates ) during the coupon accrual period . 84

( ) Ends 15 minutes later on the last day of the Eurosystem reserve maintenance period .

Each Tuesday The first Wednesday of each minimum reserve maintenance period ( 1 )

Usually such decisions become effective only from the beginning of the new reserve maintenance period .'

Usually such decisions become effective only from the beginning of the new reserve maintenance period .

The averaging mechanism implies that holding reserves on any specific day in the maintenance period is , in principle , a close substitute for holding reserves on any other day in the maintenance period .

Compliance with the reserve requirement is determined on the basis of the institutions average daily reserve holdings over a one month maintenance period .

Ht average daily holdings of required reserves for the maintenance period t. nt rt i number of calendar days in the maintenance period t. rate of remuneration on holdings of required reserves for the maintenance period t. Standard rounding of the rate of remuneration to two decimals shall be applied .

Indicative calendars for the Eurosystem 's regular tender operations and reserve maintenance periods

Where Rt remuneration to be paid on holdings of required reserves for the maintenance period t. Ht average daily holdings of required reserves for the maintenance period t. nt number of calendar days in the maintenance period t. rt rate of remuneration on holdings of required reserves for the maintenance period t. Standard rounding of the rate of remuneration if to two decimals will be applied .