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Bank treasurer survey

The Eurosystem Bank Treasurer Survey (BTS) provides valuable insights into euro area banks’ expected demand for central bank reserves and their plans to use the Eurosystem’s standard refinancing operations (SROs).  

The survey was conducted between 14 and 29 October 2025 and collected responses from 184 banks, representing approximately 72% of total banking assets and central bank reserves in the euro area.

Key Results

Reserve demand

Banks’ expected reserve demand depends on their business models and is surrounded by considerable uncertainty.

Liquidity regulation

Liquidity regulation is a key factor shaping reserve demand. Euro area banks are primarily focused on actively managing their liquidity targets such as the Liquidity Coverage Ratio and Net Stable Funding Ratio and, for now, less focused on their reserve levels.

Banks and SROs

Most banks do not plan on participating in SROs in the near term. Banks’ limited intention to participate in SROs largely reflects ample liquidity positions and favourable market funding conditions.

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