Remuneration of minimum reserves

Until 20 December 2022, minimum reserve holdings up to the level of the minimum reserve requirement have been remunerated at the average interest rate of the Eurosystem’s main refinancing operations over the maintenance period (weighted according to the number of calendar days). From December 21st on until the 5th maintenance period in 2023 (08/02/2023 - 09/19/2023), the remuneration rate of the minimum reserve holdings was set at the interest rate of the Eurosystem's deposit facility (DFR).

In its meeting of 27 July 2023, the Governing Council of the ECB decided to set the remuneration of minimum reserves at 0 %. This decision improves the efficiency of monetary policy in the current economic context by reducing the overall amount of interest that needs to be paid on reserves in order to implement the appropriate monetary policy stance.