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The European Central Bank (ECB) has set minimum reserve requirements for banks in Lithuania, the Bank said on Friday.
European Central Bank
European Central Bank
© Reuters/Scanpix

As of 1 January 2015, Lithuania's credit institutions and branches of credit institutions located in the country will be subject to the Eurosystem's minimum reserve requirements. Given that the regular reserve maintenance period runs from 10 December 2014 to 27 January 2015, transitional provisions will be necessary to ensure that the relevant institutions are integrated smoothly into the Eurosystem's minimum reserve system, without placing a disproportionate burden on them, the ECB said in a statement.

The decision of the ECB provides for a transitional maintenance period from 1 to 27 January for the imposition of minimum reserve requirements on institutions located in Lithuania.

Furthermore, the decision establishes specific rules governing the application of minimum reserve requirements during the transitional period and, in particular, describes the method for calculating the reserve base in relation to the transitional period for liabilities owed to institutions located in Lithuania.

In this respect, institutions located in other member-states of the European Union whose currency is the euro may decide to deduct any liabilities owed to Lithuanian institutions from their reserve base for the maintenance periods (10 December - 27 January and 28 January - 10 March).

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