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Interest rates and reserve ratios

Table Minimum reserves interest rates 2018

Maintenance period ending inRemuneration rate on reserve holdingsPenalty rate on reserve deficiencies1Remuneration rate on excess reserve holdings2
June 20180.00 %2.75 %-0.40 %
May 20180.00 %2.75 %-0.40 %
March 20180.00 %2.75 %-0.40 %
January 20180.00 %2.75 %-0.40 %

1 2.5 percentage points above the ECB's average marginal lending rate during the reserve maintenance period (in the case of repeated failure to comply with the reserve requirement (more than twice within 12 months) 5 percentage points above the marginal lending rate).

2 implemented in accordance with the negative interest rate for deposit facility

Table Minimum reserves interest rates 2017

Maintenance period ending inRemuneration rate on reserve holdingsPenalty rate on reserve deficiencies1Remuneration rate on excess reserve holdings2
December 20170.00 %2.75 %-0.40 %
October 20170.00 %2.75 %-0.40 %
September 20170.00 %2.75 %-0.40 %
July 20170.00 %2.75 %-0.40 %
June 20170.00 %2.75 %-0.40 %
May 20170.00 %2.75 %-0.40 %
March 20170.00 %2.75 %-0.40 %
January 20170.00 %2.75 %-0.40 %

1 2.5 percentage points above the ECB's average marginal lending rate during the reserve maintenance period (in the case of repeated failure to comply with the reserve requirement (more than twice within 12 months) 5 percentage points above the marginal lending rate).

2 implemented in accordance with the negative interest rate for deposit facility

Table Minimum reserves interest rates 2016

Maintenance period ending inRemuneration rate on reserve holdingsPenalty rate on reserve deficiencies1Remuneration rate on excess reserve holdings2
December 20160.00 %2.75 %-0.40 %
October 20160.00 %2.75 %-0.40 %
September 20160.00 %2.75 %-0.40 %
July 20160.00 %2.75 %-0.40 %
June 20160.00 %2.75 %-0.40 %
April 20160.00 %2.75 %-0.40 %
March 20160.05 %2.80 %-0.30 %
January 20160.05 %2.80 %-0.30 %

1 2.5 percentage points above the ECB's average marginal lending rate during the reserve maintenance period (in the case of repeated failure to comply with the reserve requirement (more than twice within 12 months) 5 percentage points above the marginal lending rate).

2 implemented in accordance with the negative interest rate for deposit facility

Table Reserve ratios

Applicable fromRatio (% of reserve base1)
January 1, 19992
January 18, 20121

1 excluding liabilities to which a reserve ratio of 0% applies