Determination of the existence of exceptional circumstances
Article 2
1. For the purposes of Article 429a(5) of Regulation (EU) No 575/2013, the ECB has determined that, subject to paragraphs 2 to 5 of this Article, exceptional circumstances exist that warrant the exclusion of the central bank exposures listed in points (i) and (ii) of Article 429a(1)(n) of that Regulation from the total exposure measure in order to facilitate the implementation of monetary policies. 2. The exceptional circumstances are deemed to have started on 31 December 2019. 3. With regard to the exposures listed in point (ii) of Article 429a(1)(n) of Regulation (EU) No 575/2013, the determination shall apply to those exposures to Eurosystem central banks that relate to deposits held in the deposit facility or to balances held on reserve accounts, including funds held in order to meet minimum reserve requirements. 4. Paragraph 1 shall apply for a period starting on 28 June 2021 and ending on 31 March 2022. 5. The determination referred to in paragraph 1 shall apply in relation to any institution that is a significant supervised entity established in a euro area Member State.