How to calculate the minimum reserve requirements

This page provides summary information on how to determine the reserve requirements of an individual credit institution subject to the ECB's minimum reserve requirements. A more detailed description of the system can be found in the ECB publication entitled "The single monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures" (April 2002) (See the section Publications).

The legal framework for the minimum reserve system is set out in the Regulation (EC) No. 2818/98 of the European Central Bank of 1 December 1998 on the application of minimum reserves (ECB/1998/15), which is included in the publication entitled "Compendium: collection of legal instruments (June 1998 - December 2001)" (See the section Legal documents.)

Statistics on the minimum reserves are regularly published in Table 1.4 of the "Euro area statistics" section of the Monthly Bulletin of the ECB.

1. Reserve coefficients

As from the maintenance period starting on		Overnight deposits, deposits with agreed maturity or period of notice up to 2 years, debt securities issued with maturity up to 2 years, money market paper	Deposits with agreed maturity or period of notice over 2 years, repos, debt securities issued with maturity over 2 years
1999	1 Jan.	2%	0%
2012	18 Jan.	1%	0%

Note: liabilities vis-à-vis other credit institutions subject to the Eurosystem's minimum reserve requirments, the ECB and euro area national central banks are excluded from the reserve base. back to top

2. Standardised deductions

As from the maintenance period starting on		Debt securities issued with maturity up to 2 years	Money market paper
1999	1 Jan.	10%	10%
2000	24 Jan.	30%	30%

Note: if a credit institution subject to the Eurosystem's minimum reserve requirements cannot provide evidence of its interbank liabilities in the form of debt securities issued with a maturity up to two years and money market paper, the ECB allows the institution to apply a standardised deduction to the aforementioned liabilities. back to top

3. Lump-sum allowance

As from the maintenance period starting on
1999	1 Jan.	EUR 100000

Note: the lump sum allowance should be deducted by each credit institution from the amount of its reserve requirement. back to top