The legal framework of the minimum reserve system consists of a range of EU and ECB regulations, as listed below:
According to Article 19.1 of the ESCB/ECB Statute, the ECB requires all banks established euro area countries to hold minimum reserves with their national central bank. In Austria, around 500 banks are currently subject to minimum reserve requirements. They must hold their minimum reserves with the OeNB, which is responsible for monitoring banks’ compliance with the minimum reserve requirement and initiating sanctioning proceedings in case of noncompliance. The OeNB maintains and publishes a list of all banks required to hold minimum reserves in Austria.