Notification of minimum reserves
Article 7
1. NCBs shall establish the procedure for notifying institutions’ individual minimum reserves. That procedure shall include whether the relevant NCB or the institution calculates the minimum reserves in accordance with Article 6. 2. Where the relevant NCB calculates an institution’s minimum reserves pursuant to paragraph 1, all of the following shall apply: (a) the relevant NCB shall notify that institution of its minimum reserves at the latest three NCB business days before the start of the maintenance period; (b) that institution shall acknowledge its minimum reserves at the latest on the NCB business day preceding the start of the maintenance period; (c) where the institution does not reply to the notification referred to in point (a) by the end of the NCB business day preceding the start of the maintenance period, the acknowledgement referred to in point (b) shall be deemed to have taken place and the minimum reserves notified shall apply to that institution for that maintenance period. 3. Where an institution calculates its minimum reserves pursuant to paragraph 1, all of the following shall apply: (a) that institution shall notify the relevant NCB of its minimum reserves at the latest three NCB business days before the start of the maintenance period; (b) the relevant NCB shall acknowledge that institution’s minimum reserves at the latest on the NCB business day preceding the start of the maintenance period; (c) if the relevant NCB does not reply to the notification referred to in point (a) by the end of the NCB business day preceding the start of the maintenance period, the acknowledgement referred to in point (b) shall be deemed to have taken place and the minimum reserves notified shall apply to that institution for that maintenance period. 4. For the purposes of paragraphs 2 and 3, the relevant NCB may specify an earlier date for the notification of the minimum reserves. 5. NCBs may specify the conditions and time limits within which institutions may revise the reserve base and the minimum reserves notified in accordance with this Article. No revisions shall be permitted after the acknowledgement of minimum reserves referred to in paragraphs 2 and 3. 6. The relevant NCBs shall make available calendars indicating the time limits for the notification and acknowledgement of data relevant to the calculation of minimum reserves for the implementation of the procedures mentioned in this Article. 7. Where an institution has failed to report the statistical information specified in Regulation (EU) 2021/379 (ECB/2021/2), the relevant NCB shall estimate the minimum reserves of that institution for the relevant maintenance period on the basis of historical information reported by the institution and any other relevant information, and shall notify the institution of its minimum reserves at least three NCB business days before the start of that maintenance period.