Amendments to Eesti Pank Governor’s Decree No. 4 of 9 May 2008 ‘Approval of TARGET2-Eesti rules’

Passed 18.07.2014 Annex 15

This Decree is based on clause 2 (2) 4) and clause 14 5) of the Bank of Estonia (Eesti Pank) Act and subsection 87 (2) of the Credit Institutions Act.

The following amendments are made to Appendix 1 ‘Harmonised conditions for participation in TARGET2-Eesti’ to Eesti Pank Governor’s Decree No. 4 of 9 May 2008 ‘Approval of TARGET2-Eesti rules’:
1) In Article 1, the terms ‘deposit facility’ and ‘deposit facility rate’ are added after the term ‘managing NCB’ as follows:
“‘deposit facility’ means a facility of the Eurosystem which the parties may use for opening overnight deposits at an interest rate previously set by the NCB;
‘deposit facility rate’ means an interest rate applicable to the deposit facility;”;
2) subsection 12 (3) is amended and worded as follows:
“(3) Interest is paid on PM accounts and their sub-accounts at the lowest of either the zero interest rate or the deposit facility rate, unless the accounts are used for keeping the required minimum reserves. In the aforementioned event, a fee is calculated and paid on sums kept as minimum reserves in accordance with Council Regulation (EC) No. 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank and Regulation (EC) No. 1745/2003 of the European Central Bank of 12 September 2003 on the application of minimum reserves (ECB/2003/9).”.

Ardo Hansson
Governor