Amendment
Article 1
Open ↗Article 9 of Regulation (EU) 2021/378 (ECB/2021/1) is replaced by the following: ‘Article 9 Remuneration 1. The relevant NCB shall remunerate holdings of minimum reserves in the reserve accounts at the average, taken over the maintenance period, of the Eurosystem’s deposit facility rate (weighted according to the number of calendar days) according to the following formula (whereby the result is rounded to the nearest cent): Where: R t = remuneration to be paid on holdings of minimum reserves for the maintenance period t ; H t = average daily holdings of minimum reserves for the maintenance period t ; n t = number of calendar days in the maintenance period t ; r t = rate of remuneration on holdings of minimum reserves for the maintenance period t ; standard rounding of the rate of remuneration to two decimals shall be applied; i = i th calendar day of the maintenance period t ; DFR i = the deposit facility rate on each day i of the maintenance period. 2. The relevant NCB shall pay the remuneration on the holdings of minimum reserves on the second TARGET2 business day following the end of the maintenance period over which the remuneration was earned. 3. Funds included in holdings of minimum reserves that are subsequently excluded from those minimum reserves pursuant to Article 3(1)(d) shall be remunerated by the relevant NCB in accordance with the rules applicable to non-monetary policy deposits in Guideline (EU) 2019/671 of the European Central Bank (ECB/2019/7) ( *1 ) , with effect from the date the specific condition of Article 3(1)(d) applies, as determined by the relevant NCB.