Reserve Requirements

Minimum reserves are an important part of the Central Bank's monetary policy operational framework. They are designed to ensure the stabilisation of money market interest rates and to create or enlarge a structural liquidity deficit.

The amount of reserves to be held by each institution is determined by its reserve base. In order to ensure money market rates are stabilised, institutions can make use of averaging provisions when it comes to fulfilling reserve requirements. This means that compliance with these requirements is determined on the basis of institutions’ average daily holdings of reserves over the maintenance period, which is usually around six weeks. Institutions can therefore smooth the effects of temporary liquidity fluctuations.

Since 20 September 2023, required reserves have been remunerated at 0%. From 17 June 2026, reserves held in excess of requirements (i.e. excess reserves), by institutions that that have access to the deposit facility, shall be remunerated at the deposit facility rate. Meanwhile, excess reserves held by institutions without access to the deposit facility shall be remunerated at the lower of zero per cent and the deposit facility rate. 

• Additional information concerning minimum reserves
• How to calculate the minimum reserve requirements

• Decision (EU) 2026/812 of the European Central Bank of 26 March 2026 amending Decision (EU) 2019/1743 on the remuneration of holdings of excess reserves and of certain deposits (ECB/2019/31) (ECB/2026/10)

Minimum Reserve Maintenance Period and Remuneration Rate

• Indicative calendar of reserve maintenance period