Decisions adopted by the Governing Board on the occasion of its 261st regular meeting on 14 January 2003

Decisions adopted by the Governing Board on the occasion of it´s 261st regular meeting:
The Governing Board took due note of the plan of changes in reserve requirement with the purpose to adjust the instrument to the European Central Bank (the first adjustment took place in September 2002) and agreed to implementation of the following changes effective for compliance in September 2003:

• Banks, savings banks and cooperatives shall no longer be able to comply the reserve requirement with cash in vault. They shall be required to hold an amount on average over the maintenance period at least equal to the calculated amount of the minimum reserves for the current period on their account with the Bank of Slovenia (the change brings the reserve holdings in line with the ECB);
  
• The reserve ratio applied to liabilities in Slovenian Tolars with maturity of up to 90 days shall be reduced from 7% to 4.5 %. (the ECB ratio amounts to 2%);
  
• In addition to repurchase agreements with short-term government securities as collateral, repurchase agreements with long-term government securities as collateral shall be exempt from the base for calculating the reserve requirement (reserve ratio 0 % applies), provided that repurchase agreements take place for liquidity financing purposes (reserve ratio 0 applies to all ECB repurchase agreements);
  
• Each issuer of electronic money shall have the reserve requirement and manner of compliance, or a possible transitional period for compliance determined at the time the license-issue (ECB obliges issuers of electronic money to comply with reserve requirement).