For non-reserved services which are outside the scope of the universal service, Member States can introduce general authorisation procedures to the extent necessary to guarantee compliance with essential requirements.

For non-reserved services which are within the scope of the universal service, Member States may introduce individual licences, to the extent necessary to guarantee compliance with essential requirements and to safeguard the universal service.

`maintenance period` shall mean the period over which compliance with reserve requirements is calculated and for which such minimum reserves must be held on reserve accounts;

Procedure in the event of non-compliance with minimum reserve requirements

`reserve account` shall mean an institution` s account with a participating NCB, the end-of-day balance of which counts towards compliance with the institution` s reserve requirement;

Non-compliance with the minimum reserve obligations arises if an institution's average end-of-calendar-day balance on its reserve account(s) over the maintenance period is less than its reserve requirement for the corresponding maintenance period.

The intermediary shall, in addition to the institutions for which it is acting as intermediary, be responsible for compliance with their reserve requirements.

This Article shall be without prejudice to the procedure applicable in the event of non-compliance with minimum reserve requirements as laid down in Article 11 of this Regulation.

However, should the statistical information concerned be necessary in order to demonstrate compliance with minimum reserve requirements, the verification should be carried out in accordance with Article 6 of Council Regulation (EC) No 2531/ 98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank (1).

Furthermore, depending on the national collection systems and without prejudice to full compliance with the definitions and classification principles of the MFI balance sheet set out in ECB Regulation (EC) No 2819/98 (ECB/1998/16), credit institutions subject to reserve requirements may alternatively report the data necessary to calculate the reserve base, except those on negotiable instruments, in accordance with the table below, provided that no bold printed positions of the previous table are affected.

the particular features of cases of non-compliance with minimum reserve requirements as laid down in Article 7(1) of the Council Regulation on minimum reserves warrant the adoption of a specific legal regime which provides for an expeditious procedure for the imposition of sanctions while, at the same time, not violating the rights of defence of the undertaking concerned;

The Governing Council of the ECB considers that the Bank of Greece should, in compliance with the requirements set forth in recital 8, transfer the same amounts of foreign-reserve assets in or denominated in US dollars, Japanese yen and gold that would have been transferred to the ECB by the Bank of Greece if the Bank of Greece had been a NCB of a Member State without a derogation on 1 January 1999. The Governing Council of the ECB notes that the aggregate amount of these US dollar, Japanese yen and gold amounts of foreign-reserve assets shall be equal to the euro-equivalent amount of foreign-reserve assets that is required to be transferred by the Bank of Greece to the ECB pursuant to Article 49.1 of the Statute.

'maintenance period` shall mean the period over which compliance with reserve requirements is calculated and for which such minimum reserves must be held on reserve accounts,

"maintenance period" shall mean the period over which compliance with reserve requirements is calculated and for which such minimum reserves must be held on reserve accounts,

All the merging institutions' reserve holdings for the maintenance period in which the merger takes effect shall count together towards compliance with reserve requirements by the acquiring institution.

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

"reserve account" shall mean an institution's account with a participating NCB, the end-of-day balance of which counts towards compliance with the institution's reserve requirement,

The ECB shall have the right to verify the accuracy and quality of the information which institutions provide to demonstrate compliance with the minimum reserve requirements.

For non-reserved services which are outside the scope of the universal service, Member States can introduce general authorisation procedures to the extent necessary to guarantee compliance with essential requirements.

If the institution has neither a registered office nor a head office in that Member State, it shall designate which of its branches in that Member State shall be responsible for ensuring compliance with the institution's reserve requirement.

If an institution has more than one establishment in a participating Member State, its registered office or head office, if located in that Member State, shall be responsible for ensuring compliance with the institution's reserve requirement.

For non-reserved services which are within the scope of the universal service, Member States may introduce individual licences, to the extent necessary to guarantee compliance with essential requirements and to safeguard the universal service.

Under Article 6, the ECB has the right to collect from institutions the information necessary for the application of minimum reserves and the right to verify the accuracy and quality of the information which institutions provide to demonstrate compliance with the minimum reserve requirements.

The participating NCBs shall exercise the right to verify the accuracy and quality of the information which institutions provide to demonstrate compliance with the reserve requirement as specified in Article 6 of Regulation (EC) No 2531/98 without prejudice to the right of the ECB to exercise this right itself.

However, should the statistical information concerned be necessary in order to demonstrate compliance with minimum reserve requirements, the verification should be carried out in accordance with Article 6 of Council Regulation (EC) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank (8).

The right to verify the accuracy and quality of the information which institutions provide to demonstrate compliance with the reserve requirement as specified in Article 6 of Regulation (EC) No 2531/98 concerning the application of minimum reserves shall be exercised by the participating NCBs without prejudice to the right of the ECB to exercise this right itself.

Whereas the sanctions provided in the event of non-compliance with the obligations set out in this Regulation are without prejudice to the possibility of the ESCB establishing appropriate enforcement provisions in its relations with counterparties, including the partial or total exclusion of an institution from monetary policy operations in the case of serious infringements of the minimum reserve requirements;