3. For the purposes of granting exemptions in accordance with paragraph 2(d), the relevant NCBs and the ECB shall take all of the following into account:

(a) whether that institution is authorised to pursue special-purpose functions only;

(b) whether that institution is prohibited from exercising active banking functions in competition with other credit institutions;

(c) whether that institution is under a legal obligation to have all its deposits earmarked for purposes relating to regional and/or international development assistance.

For the purposes of point (a), an institution is authorised to pursue special-purpose functions only where it exercises specific public administration tasks or the institution is forbidden by law or statute to undertake the business of credit institutions.

4. The exemptions referred to in this Article shall apply from the start of the maintenance period in which the relevant event occurs.

Article 5

Reserve base

1. Institutions shall calculate their reserve base using the statistical information on the following liabilities reported pursuant to Regulation (EU) 2021/379 (ECB/2021/2):

(a) deposits;

(b) debt securities issued.

Where an institution holds liabilities owed to a branch of the same entity located outside the euro area, or to the head office or registered office of the same entity which is located outside the euro area, those liabilities shall be included in the reserve base.

2. The following liabilities shall be excluded from the reserve base calculated pursuant to paragraph 1:

(a) liabilities owed to any other institution where that institution:

(i) is subject to minimum reserve requirements pursuant to this Regulation; and

(ii) is not exempt or has not been granted an exemption from minimum reserve requirements pursuant to Article 4;

(b) liabilities owed to the ECB or to an NCB of a euro area Member State.

3. Where liabilities are excluded from the reserve base in accordance with paragraph 2, the institution shall:

(a) inform the relevant NCB of the excluded amount without undue delay;

(b) provide evidence of those liabilities;

(c) deduct the amount of those liabilities from the reserve base after providing evidence of the amount to the relevant NCB in accordance with point (b).

For the purposes of point (b), where an institution is unable to provide evidence to the relevant NCB of the amount of liabilities within the category of ‘debt securities issued’, that institution shall apply the standard deduction published on the ECB’s website to the outstanding amount of the debt securities which it has issued and which have an original maturity of up to and including two years.

4. The ECB, when determining the standard deduction applied to liabilities within the debt securities category with a maturity of up to two years referred to in paragraph 3, shall take into account the euro area-wide macro ratio between the stock of relevant instruments issued by credit institutions and held by other credit institutions and by the ECB and relevant NCBs and the total amount outstanding of such instruments issued by credit institutions.

5. Institutions shall calculate their reserve base with respect to a particular maintenance period on the basis of the data relating to the month two months prior to the month within which the maintenance period starts.

6. Tail institutions, as defined in Article 2 of Regulation (EU) 2021/379 (ECB/2021/2), shall calculate their reserve base for two consecutive maintenance periods beginning with the maintenance period starting in the third month after the end of a quarter, on the basis of end-of-quarter data reported in accordance with Regulation (EU) 2021/379 (ECB/2021/2). Those institutions shall notify the relevant NCB of their minimum reserves in accordance with Article 7.