Interest rates and reserve ratios

Table Minimum reserves interest rates 2022

Maintenance period ending in

Remuneration rate on reserve holdings

Penalty rate on reserve deficiencies1

Remuneration rate on the non-exempt tier of excess reserve holdings²

July 2022

0.00%

2.75%

-0.50%

June 2022

0.00%

2.75%

-0.50%

April 2022

0.00%

2.75%

-0.50%

March 2022

0.00%

2.75%

-0.50%

February 2022

0.00%

2.75%

-0.50%

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 2021

Maintenance period ending in

Remuneration rate on reserve holdings

Penalty rate on reserve deficiencies1

Remuneration rate on the non-exempt tier of excess reserve holdings²

December 2021

0.00%

2.75%

-0.50%

November 2021

0.00%

2.75%

-0.50%

September 2021

 0.00%

2.75%

-0.50%

July 2021

 0.00%

2.75%

-0.50%

June 2021

0.00%

2.75%

-0.50%

April 2021

0.00%

2.75%

-0.50%

March 2021

0.00%

2.75%

-0.50%

January 2021

0.00%

2.75%

-0.50%

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