OFFICIAL INFORMATION OF THE CZECH NATIONAL BANK of 24 October 2017

Transcription

1 OFFICIAL INFORMATION OF THE CZECH NATIONAL BANK of 24 Ocober 2017 regarding Aricles 23, 24 and 25 of Ac No. 6/1993 Coll., on he Czech Naional Bank, as amended, and regarding Decree No. 253/2013 Coll., sipulaing he erms and condiions for creaing minimum reserves The Czech Naional Bank hereby provides he following informaion regarding Aricles 23, 24 and 25 of Ac No. 6/1993 Coll., on he Czech Naional Bank, as amended (hereinafer referred o as he Ac ), and regarding Decree No. 253/2013 Coll., sipulaing he erms and condiions for creaing minimum reserves (hereinafer referred o as he Decree ): I. Accouns for holding minimum reserves (Regarding Aricle 24(1) of he Ac) PART ONE 1. A bank or a foreign bank branch (hereinafer referred o as a bank ) and a credi union (hereinafer referred o as a credi union ) shall hold minimum reserves as follows: a) where i is a direc paricipan of he CERTIS paymen sysem operaed by he Czech Naional Bank, i shall hold he minimum reserves on is paymen sysem accoun and also on is cash deposi and wihdrawal accoun wih he Czech Naional Bank, if i has opened such an accoun, b) where i is no a direc paricipan of he CERTIS paymen sysem, i shall hold he minimum reserves on is cash deposi and wihdrawal accoun, if i has opened such an accoun, c) where i is no a paricipan of he CERTIS paymen sysem and has no opened a cash deposi and wihdrawal accoun, i shall hold he minimum reserves on a special minimum reserves accoun wih he Czech Naional Bank; in such case he bank or credi union shall apply for he opening of he said special accoun a leas en days before he sar of he mainenance period in which i is required o deposi minimum reserves wih he Czech Naional Bank for he firs ime.

2 2. A bank or a credi union shall conac Deparmen 320 Cash and Paymen Sysems wih an applicaion o open a paymen sysem accoun wih he Czech Naional Bank. The conac address is: ceris@cnb.cz and he conac persons are: Kaeřina Perašová elephone: Kaerina.Perasova@cnb.cz Lucie Paloncyová elephone: Lucie.Paloncyova@cnb.cz 3. A bank or a credi union shall conac Deparmen 320 Cash and Paymen Sysems wih an applicaion o open a cash wihdrawal and deposi accoun wih he Czech Naional Bank. The conac persons are: Jana Bidlová elephone: Jana.Bidlova@cnb.cz Tomáš Pekárek elephone: Tomas.Pekarek@cnb.cz 4. A bank or a credi union shall conac Deparmen 220 Budge and Accouning wih an applicaion o open a special minimum reserves accoun wih he Czech Naional Bank. The conac address is: ucybank@cnb.cz and he conac persons are: Marie Harmannová elephone: Miloslava Říhová elephone: II. Reserve base (Regarding Aricle 5 of he Decree) 1. To deermine he reserve base for a paricular mainenance period, a) a bank shall use he saemen Bil (ČNB) 1-12 Monhly balance of asses and liabiliies of a bank/foreign bank branch, daa area RIS11_26 Daa for he reserve requiremen calculaion, and b) a credi union shall use he saemen DZ (ČNB) Monhly saemen of seleced liabiliies for he reserve requiremen calculaion and of insured deposis, daa area RIS11_26 Daa for he reserve requiremen calculaion. 2. The reserve base shall be deermined according o he following formula (using column 1 Residens and non-residens, oal ): 2

3 row 7 column 1 row 8 column 1 + row 9 column 1 row 10 column 1 row 11 column 1 + row 12 column 1 row 13 column 1 row 14 column 1 Row 7: deposis and loans acceped from eniies oher han banks or credi unions wih mauriy up o and including wo years Row 8: loans from repo ransacions acceped from eniies oher han banks or credi unions wih mauriy up o and including wo years Row 9: non-markeable deb securiies issued wih mauriy up o and including wo years Row 10: banks holdings of non-markeable deb securiies issued wih mauriy up o and including wo years Row 11: credi unions holdings of non-markeable deb securiies issued wih mauriy up o and including wo years Row 12: oher deb securiies issued wih mauriy up o and including wo years Row 13: banks holdings of oher deb securiies issued wih mauriy up o and including wo years Row 14: credi unions holdings of oher deb securiies issued wih mauriy up o and including wo years Mauriy is undersood o mean he original mauriy of liabiliies. The calculaed required amoun of minimum reserves shall be rounded o he neares whole koruna. III. Verificaion of he required amoun of minimum reserves (Regarding Aricle 5 of he Decree) 1. The bank or he credi union shall calculae he required amoun of minimum reserves and, in order o verify he correcness of is calculaion, shall noify he Czech Naional Bank hereof a he laes on he 25h calendar day of he monh preceding he monh in which he mainenance period sars. The Czech Naional Bank shall acknowledge he noified amoun of minimum reserves a he laes by he end of he business day preceding he sar of he mainenance period. If he noified amoun of minimum reserves does no mach he calculaion made by he Czech Naional Bank, he required amoun of minimum reserves shall be deermined by consulaion beween he Czech Naional Bank and he bank or credi union concerned wihin he deadline given in he second senence of his paragraph. 2. For he purposes of calculaing he required amoun of minimum reserves, he Czech Naional Bank shall ake ino accoun revisions o he amoun of minimum reserves resuling from correcions made o erroneous reporing of liabiliies in he saisical saemens a he laes by he 15h calendar day of he monh in which he mainenance period sared. The requisies of such revisions are: wrien form, a specificaion of he amoun of liabiliies whose revision has affeced he reserve base, he revised required amoun of minimum reserves, and a brief jusificaion. The Czech Naional Bank shall send is opinion wihin hree business days of receiving he reques. 3

4 3. If he day on which he ime limi specified in he firs senence of paragraph 1 and he firs senence of paragraph 2 is o end is no a business day, he las day of he ime limi shall be he neares following business day. 4. To noify and revise he required amoun of minimum reserves, a bank or a credi union shall conac Deparmen 610 Financial Markes. The conac address is: pmr.povrzeni@cnb.cz and he conac persons are: Lucie Huňková elephone: Lucie.Hunkova@cnb.cz Jana Saňková elephone: Jana.Sankova@cnb.cz Per Milisderfer elephone: Per.Milisderfer@cnb.cz Pavel Pokluda elephone: Pavel.Pokluda@cnb.cz IV. Mainenance period (Regarding Aricle 4(1) of he Decree) The mainenance period calendar, including he applicable saemen for calculaing he minimum reserves for 2018, is as follows: Reserve mainenance period Saemen for calculaing minimum reserves as of from 7 December 2017 o 3 January Ocober 2017 from 4 January 2018 o 31 January November 2017 from 1 February 2018 o 28 February December 2017 from 1 March 2018 o 4 April January 2018 from 5 April 2018 o 2 May February 2018 from 3 May 2018 o 6 June March 2018 from 7 June 2018 o 4 July April 2018 from 5 July 2018 o 1 Augus May 2018 from 2 Augus 2018 o 5 Sepember June 2018 from 6 Sepember 2018 o 3 Ocober July 2018 from 4 Ocober 2018 o 31 Ocober Augus 2018 from 1 November 2018 o 5 December Sepember 2018 from 6 December 2018 o 2 January Ocober

5 V. Compliance wih he reserve requiremen in a mainenance period (Regarding Aricle 3(3) and (4) of he Decree) 1. The minimum reserve requiremen shall be me if he average daily balance on he accoun or accouns referred o in poin I iem 1 (accouns for holding minimum reserves) on which he bank or credi union holds minimum reserves (hereinafer referred o as he average daily balance on accouns for holding minimum reserves ) for he mainenance period is no lower han he minimum reserve requiremen. 2. The average daily balance on he accouns for holding minimum reserves shall be calculaed from he end-of-day balances on hese accouns. The average daily balance on he accouns for holding minimum reserves for he mainenance period shall be calculaed as he sum of he endof-day balances on hese accouns divided by he number of calendar days in he mainenance period and shall be rounded o he neares whole koruna. For non-business days, he end-of-day balance of he neares preceding business day shall be used for he sum of he end-of-day balances on hese accouns. 3. If he bank or credi union holds minimum reserves on a cash deposi and wihdrawal accoun pursuan o poin I iem 1a) or b) and he end-of-day balance on his accoun is negaive (a debi echnical balance), a zero balance shall be used o calculae he average daily balance on his accoun for he relevan day. VI. Remuneraion of reserve holdings (Regarding Aricle 24(1) of he Ac) 1. The ineres paid on minimum reserve holdings shall be calculaed from he average daily balance on he accouns for holding minimum reserves (poin V, iem 2), bu a mos he required amoun of minimum reserves (poin II and Aricle 3 of he Decree), and he number of calendar days in he mainenance period. The ineres rae shall be he wo-week repo rae of he Czech Naional Bank applicable during he mainenance period and announced in he Bullein of he Czech Naional Bank. If he curren wo-week repo rae of he Czech Naional Bank is negaive, minimum reserves shall be remuneraed a 0%. 2. Ineres paid on reserve holdings shall be calculaed according o he following formula: PMR n US R 360x100 US n i1 usi n where: R PMR US = ineres o be paid on reserve holdings in mainenance period = he average daily balance on he accouns for holding minimum reserves, bu a mos he required amoun of minimum reserves, in mainenance period = he average ineres rae over mainenance period 5

6 i us i n = he i-h calendar day of mainenance period = he 2W repo rae on day i = he number of calendar days in mainenance period 3. The Czech Naional Bank shall calculae he ineres o hree decimal places and round he final ineres o he neares heller. 4. The Czech Naional Bank shall pay he ineres on reserve holdings on he second business day following he end of he mainenance period over which he ineres was earned. 5. The Czech Naional Bank shall credi ineres on reserve holdings o he accouns referred o in poin I, iem 1. If he bank or credi union holds minimum reserves simulaneously on a paymen sysem accoun and a cash deposi and wihdrawal accoun pursuan o poin I iem 1a), he whole ineres shall be credied solely o he paymen sysem accoun. VII. Measures imposed in he even of non-compliance wih he reserve requiremen (Regarding Aricle 25 of he Ac) 1. Where he bank or credi union fails o hold he required amoun of minimum reserves, he Czech Naional Bank is eniled o charge i ineres a double he average Lombard rae announced in he Bullein of he Czech Naional Bank and effecive in he mainenance period on he amoun of minimum reserves which he bank fails o provide. The amoun which he bank fails o provide shall be he difference beween he required amoun of minimum reserves (poin II and Aricle 3 of he Decree) and he average daily balance on he accouns for holding minimum reserves (poin V, iem 2) over he mainenance period. 2. Ineres paid for non-compliance wih he reserve requiremen shall be calculaed according o he following formula: where: SU ND n SUS 360x100 SUS n i1 susi n SU ND SUS i sus i n = ineres charged for non-compliance wih he reserve requiremen in mainenance period = he non-compliance amoun (he difference beween he required amoun of minimum reserves and he average amoun of minimum reserves in mainenance period ) = he average rae for non-compliance wih he reserve requiremen in mainenance period = he i-h calendar day of mainenance period = he rae for non-compliance wih he reserve requiremen on calendar day i (double he Lombard rae) = he number of calendar days in mainenance period 6

7 3. The Czech Naional Bank shall calculae he ineres charged for non-compliance wih he reserve requiremen o hree decimal places and round he final ineres o he neares heller. 4. The Czech Naional Bank shall collec he ineres charged for non-compliance wih he reserve requiremen on he 15h calendar day of he monh following he monh wihin which he mainenance period sared. Where his is no a business day, he Czech Naional Bank shall collec he ineres on he following business day. 5. The Czech Naional Bank shall debi he ineres charged for non-compliance wih he reserve requiremen o he accouns referred o in poin VI, iem 5. VIII. The holding of minimum reserves in he even of he conversion, ransfer of he business or winding-up of a bank or credi union I is recommended ha he procedure regarding compliance wih he reserve requiremen in he even of he conversion, ransfer of he business or winding-up of a bank or credi union be consuled wih he Czech Naional Bank sufficienly in advance. PART TWO IX. Remuneraion of excess reserves (Regarding Aricle 23 of he Ac) 1. Excess reserves shall mean he amoun by which he average daily balance on he accouns for holding minimum reserves (poin V, iem 2) exceeds he minimum reserve requiremen (poin II and Aricle 3 of he Decree) over he mainenance period. 2. Excess reserves shall also mean he average credi balance for he ineres period on he paymen sysem accoun in he CERTIS sysem which has been opened for a CERTIS direc paricipan ha is no subjec o he minimum reserve requiremen. 3. The ineres period shall be he same as he mainenance period for minimum reserves. 4. Ineres on funds represening excess reserves shall be calculaed according o he following formula: VR n VRUS VRU VRUS n i1 vrusi n where: VRU = ineres o be paid on excess reserve holdings in mainenance period 7

8 VR = excess reserves (deermined in he manner specified in paragraph 1 or 2) VRUS = he average rae of remuneraion of excess reserves in mainenance period i = he i-h calendar day of mainenance period vrus i = he rae of remuneraion of excess reserves on calendar day i = he number of calendar days in mainenance period n 5. The Czech Naional Bank shall pay he ineres on excess reserves on he second business day following he end of he mainenance (ineres) period o he accouns of banks and credi unions referred o in poin VI, iem 5 and o he paymen sysem accoun in he case of a CERTIS direc paricipan ha is no subjec o he minimum reserve requiremen. 6. The ineres rae on excess reserves shall be 0%. X. Final provision PART THREE This Official Informaion shall apply from 7 December As of he same day, Official Informaion of he Czech Naional Bank of 31 Ocober 2016, regarding Aricles 23, 24 and 25 of Ac No. 6/1993 Coll., on he Czech Naional Bank, as amended, and regarding Decree No. 253/2013 Coll., sipulaing he erms and condiions for creaing minimum reserves, shall cease o be in force. Vice-Governor Mojmír Hampl Financial Markes Deparmen Responsible employee: Lucie Huňková, el