Reactos always generates emergency page file

Excerpt from the log:
(../../base/system/smss/pagefile.c:909) SMSS:PFILE: Volume `??\E:\' (3) cannot store a paging file
(../../base/system/smss/pagefile.c:470) SMSS:PFILE: NtCreatePagingFile (??\C:\ReactOS\:\pagefile.sys, 5FF4C000, 8B257000) failed with C0000033
(../../base/system/smss/pagefile.c:601) SMSS:PFILE: Failing for min 5EF4C000, max 8B257000, real min 5FF4C000
(../../base/system/smss/pagefile.c:1044) SMSS:PFILE: Trying lower sizes for (`??\C:\ReactOS\:\pagefile.sys')
(../../base/system/smss/pagefile.c:470) SMSS:PFILE: NtCreatePagingFile (??\C:\ReactOS\:\pagefile.sys, 5FF4C000, 8B257000) failed with C0000033
(../../base/system/smss/pagefile.c:470) SMSS:PFILE: NtCreatePagingFile (??\C:\ReactOS\:\pagefile.sys, 5EF4C000, 8B257000) failed with C0000033
....
(../../base/system/smss/pagefile.c:470) SMSS:PFILE: NtCreatePagingFile (??\C:\ReactOS\:\pagefile.sys, 2F4C000, 8B257000) failed with C0000033
(../../base/system/smss/pagefile.c:470) SMSS:PFILE: NtCreatePagingFile (??\C:\ReactOS\:\pagefile.sys, 1F4C000, 8B257000) failed with C0000033
(../../base/system/smss/pagefile.c:601) SMSS:PFILE: Failing for min F4C000, max 8B257000, real min 1000000
(../../base/system/smss/pagefile.c:1093) SMSS:PFILE: Creating emergency paging file.

C0000033 is STATUS_OBJECT_NAME_INVALID. Looking at the path reveals the error:
??\C:\ReactOS\:\pagefile.sys <- there is an errornous "\:" in it.