Interest rates and reserve ratios

Table Minimum reserves interest rates 2024

Maintenance period ending in

Remuneration rate on reserve holdings1

Penalty rate on reserve deficiencies2

Remuneration rate on excess reserves

June 2024

0.00%

7.25%

0.00%

April 2024

0.00%

7.25%

0.00%

March 2024

0.00%

7.25%

0.00%

January 2024

0.00%

7.25%

0.00%

1 Interests on minimum reserve balances were calculated at the average margial rate of the main refinancing operations until 20 December 2022, at the average rate for the deposit facility from 21 December 2022 to 19 September 2023 and at 0% since 20 September 2023.

2 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).

Table Minimum reserves interest rates 2023

Maintenance period ending in

Remuneration rate on reserve holdings1

Penalty rate on reserve deficiencies2

Remuneration rate on excess reserves

December 2023

0.00%

7.25%

0.00%

October 2023

0.00%

7.25%

0.00%

September 2023

3.75%

7.00%

0.00%

August 2023

3.50%

6.75%

0.00%

June 2023

3.25%

6.50%

0.00%

May 2023

3.00%

6.25%

0.00%

March 2023

2.50%

5.75%

0.00%

February 2023

2.00%

5.25%

0.00%

1 Interests on minimum reserve balances were calculated at the average margial rate of the main refinancing operations until 20 December 2022, at the average rate for the deposit facility from 21 December 2022 to 19 September 2023 and at 0% since 20 September 2023.

2 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).

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

December 2022

2.00%

4.75%

0.00%

November 2022

1.25%

4.00%

0.00%

September 2022

0.50%

3.25%

0.00%

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.
Please visit https://www.bundesbank.de/en/tasks/monetary-policy/excess-reserves