Investment operations Asset allocation This process determines the optimal currency distribution for the foreign currency reserves and the optimal asset allocation for each currency portfolio .

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 .

Contribution to the ECB 's reserves and provisions

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 .

Capital and reserves Capital and reserves

( ii ) all types of reserves ( including investment grants when accounting guidelines consider them as company 's reserves )

( ii ) all types of reserves ( including investment grants when accounting guidelines consider them as company 's reserves ) and

With regard to the ECB 's foreign reserve management , a detailed methodological framework was finalised for the management of the reserves .

The repurchase price equals the sum of the purchase price and the price differential corresponding to the interest on the extended liquidity over the maturity of the operation .

The counterparties settlement accounts with the national central banks may be used as reserve accounts .

The ratios are used to calculate reserve requirements . Reserve requirement the requirement for institutions to hold minimum reserves with the central bank .

The ratios are used to calculate reserve requirements .

However , repos are not included in M2 because they have a higher degree of substitutability with short term securities than with deposits with an agreed maturity or deposits redeemable at notice .

Financial derivatives ( reported by A and B ) 8 .

This is one of the key ECB interest rates reflecting the stance of monetary policy .

Current accounts ( covering the minimum reserve system )

fine tuning operations and structural operations .

The Bank of Greece contributed further amounts to the reserves of the ECB , and to provisions equivalent to reserves , corresponding to its participation in the ECB .

To calculate usable reserves , data on gross reserves need to be supplemented with information about other foreign currency assets and reserve related liabilities .

Reserves

Reverse transaction an operation whereby the national central bank buys or sells assets under a repurchase agreement or conducts credit operations against collateral .

Reverse transaction an operation whereby the central bank buys or sells assets under a repurchase agreement or conducts credit operations against collateral .

To calculate usable reserves , data on gross reserves need to be supplemented with information about other foreign currency assets and reserve related liabilities .

To calculate usable reserves , data on gross reserves need to be supplemented with information about other foreign currency assets and reserve related liabilities .

Funds used to fulfil Eurosystem minimum reserve requirements .

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 .

In addition to required reserves , credit institutions usually hold only a small amount of voluntary excess reserves with the Eurosystem .

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 .

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

Provisions Revaluation accounts Capital and reserves Capital Reserves

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

All reserve holdings of these establishments count together towards fulfilment of the institution 's total reserve requirement in that Member State .

Residual maturity the time remaining until the maturity date of a debt instrument .

Residual maturity time remaining until the maturity date of a debt instrument .

The remuneration is paid on the second NCB business day following the end of the maintenance period over which the remuneration was earned . 7.4 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 .

85 Reserve requirement the requirement for institutions to hold minimum reserves with the central bank .

Reserve component National Guard reserves overwhelmingly Sys Admin.

Use of the reported statistical information for the purpose of minimum reserves 1 .

Article 5 Contribution to the ECB 's reserves and provisions 1 .

Minimum reserves

Minimum reserves

Foreign exchange