For the purposes of this Regulation:

1. "participating Member State" shall mean a Member State which has adopted the single currency in accordance with the Treaty;

2. "national central bank" shall mean the central bank of a participating Member State;

3. "institution" shall mean any entity in a participating Member State which, under the terms of Article 19.1 of the Statute, the ECB may require to hold minimum reserves;

4. "reserve ratio" shall mean such percentage of the basis for minimum reserves as the ECB may specify in accordance with Article 19.1 of the Statute;

5. "sanctions" shall mean fines, periodic penalty payments, penalty interest and non-interest-bearing deposits.