Interest rates and reserve ratios
Minimum reserves interest rates 2026
Maintenance period ending in | Remuneration rate on reserve holdings1 | Penalty rate on reserve deficiencies2 | Remuneration rate on excess reserves3 |
| July 2026 | 0.00 % | 5.15 % | 2.25 % |
| Jun 2026 | 0.00% | 4.90% | 0.00% |
| May 2026 | 0.00% | 4.90% | 0.00% |
| March 2026 | 0.00% | 4.90% | 0.00% |
| February 2026 | 0.00% | 4.90% | 0.00% |
Minimum reserves interest rates 2025
Maintenance period ending in | Remuneration rate on reserve holdings1 | Penalty rate on reserve deficiencies2 | Remuneration rate on excess reserves3 |
December 2025 | 0.00% | 4.90% | 0.00% |
November 2025 | 0.00% | 4.90% | 0.00% |
September 2025 | 0.00% | 4.90% | 0.00% |
July 2025 | 0.00% | 4.90% | 0.00% |
June 2025 | 0.00% | 5.15% | 0.00% |
April 2025 | 0.00% | 5.40% | 0.00% |
March 2025 | 0.00% | 5.65% | 0.00% |
February 2025 | 0.00% | 5.90% | 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).
3Freely available central bank balances in excess of the minimum reserve requirement are remunerated. Only for counterparties that have access to the Deposit facility.