Interest rates and reserve ratios
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 |
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
Table Minimum reserves interest rates 2020
| 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 2020 | 0.00% | 2.75% | -0.50% |
November 2020 | 0.00% | 2.75% | -0.50% |
September 2020 | 0.00% | 2.75% | -0.50% |
July 2020 | 0.00% | 2.75% | -0.50% |
June 2020 | 0.00 % | 2.75 % | -0.50 % |
May 2020 | 0.00 % | 2.75 % | -0.50 % |
March 2020 | 0.00 % | 2.75 % | -0.50 % |
January 2020 | 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 2019
| 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 2019 | 0.00 % | 2.75 % | -0.50 % |
October 2019 | 0.00 % | 2.75 % | -0.50 % |
September 2019 | 0.00 % | 2.75 % | -0,40 % |
July 2019 | 0.00 % | 2.75 % | -0.40 % |
June 2019 | 0.00 % | 2.75 % | -0.40 % |
April 2019 | 0.00 % | 2.75 % | -0.40 % |
March 2019 | 0.00 % | 2.75 % | -0.40 % |
January 2019 | 0.00 % | 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 Reserve ratios
| Applicable from | Ratio (% of reserve base1) |
January 1, 1999 | 2 |
January 18, 2012 | 1 |
1 excluding liabilities to which a reserve ratio of 0% applies