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Official Journal EN
of the European Union L series
2024/1209 3.5.2024
DECISION (EU) 2024/1209 OF THE EUROPEAN CENTRAL BANK
of 16 April 2024
on the remuneration of non-monetary policy deposits held with national central banks and the
European Central Bank (ECB/2024/11)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union, and in particular the first indent of Article 127(2)
thereof,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular
Articles 12.1 and 14.3, and Articles 17, 22 and 23 thereof,
Whereas:
(1) The Governing Council carried out a review of the remuneration applied to the deposits held with national central
banks of Member States whose currency is the euro (hereinafter ‘NCBs’) and the European Central Bank (ECB) that
are not related to the implementation of monetary policy (‘non-monetary policy deposits’). The aim of the review
was to avoid potential interference of such deposits with the single monetary policy, while ensuring compliance
with the principle of an open market economy and consistency in the treatment of similar deposits within the
Eurosystem.
(2) Following the review, the Governing Council decided that greater transparency of the remuneration of non-
monetary policy deposits is necessary. The remuneration rates applicable to these deposits are set out in Guidelines
(EU) 2019/671 (ECB/2019/7)(1), (EU) 2024/1211 (ECB/2024/13)(2), (EU) 2022/912 (ECB/2022/8)(3) of the
European Central Bank and Decision (EU) 2019/1743 of the European Central Bank (ECB/2019/31)(4). In order to
improve transparency, as well as consistency across related legal acts, it is appropriate for remuneration rates to be
set out in a comprehensive manner in a single legal act to facilitate communication of the remuneration rates and to
allow for future adjustments of those rates.
(3) The remuneration of non-monetary policy deposits should not contribute to persistently or structurally disturbing
the transmission or implementation of monetary policy and should safeguard orderly market functioning and thus
limit the scope for large volatility of such deposits.
(4) The Governing Council set the main remuneration policy rate at euro short-term rate (€STR) minus a spread. The
spread is easily adjustable in the event that market conditions change, in order to preserve the effectiveness of
monetary policy transmission while minimising the risk of abrupt flows into or out of money markets and allowing
for a simple and consistent remuneration framework, with very few exceptions. The Governing Council has set, and
will adjust as necessary, the spread to meet the objectives of the remuneration policy and to avoid negative effects on
monetary policy implementation or market functioning. The spread is currently set at 20 basis points.
(1) Guideline (EU) 2019/671 of the European Central Bank of 9 April 2019 on domestic asset and liability management operations by the
national central banks (ECB/2019/7) (OJ L 113, 29.4.2019, p. 11).
(2) Guideline (EU) 2024/1211 of the European Central Bank of 16 April 2024 on the Eurosystem’s provision of reserve management
services in euro to central banks and countries located outside the euro area and to international organisations (ECB/2024/13) (OJ L,
2024/1211, 3.5.2024, ELI: http://data.europa.eu/eli/guideline/2024/1211/oj).
(3) Guideline (EU) 2022/912 of the European Central Bank of 24 February 2022 on a new-generation Trans-European Automated Real-
time Gross Settlement Express Transfer system (TARGET) and repealing Guideline ECB/2012/27 (ECB/2022/8) (OJ L 163, 17.6.2022,
p. 84).
(4) Decision (EU) 2019/1743 of the European Central Bank of 15 October 2019 on the remuneration of holdings of excess reserves and
of certain deposits (ECB/2019/31) (OJ L 267, 21.10.2019, p. 12).
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(5) The Governing Council has determined that certain deviations or exceptions from the main remuneration policy rate
are necessary. The ceiling concept should continue to apply for the remuneration of government deposits and
certain other non-monetary policy deposits, to allow NCBs to remunerate such deposits at a lower rate than the
ceiling where appropriate, taking into account country-specific conditions such as those in the repurchase
transactions market. A lower spread than 20 basis points, initially set at zero, should apply in the case of guarantee
funds held by European Economic Area financial market infrastructures such as payment systems, central
counterparties and central securities depositories, as well as for prefunded accounts held in TARGET, in view of the
importance of these holdings for the smooth operation of payment systems and financial stability. Funds that are
required to be temporarily deposited with the NCBs or the ECB in relation to financial assistance should continue to
be exempt from negative rates.
(6) The Governing Council has also determined it necessary to provide that, in certain circumstances, granular
information regarding non-monetary policy deposits may be requested from NCBs by the ECB and be shared within
the ECB and the Eurosystem on a strict need-to-know basis when the ECB determines, on a case-by-case basis, that
such information is needed to enable the Eurosystem to assess the potential impact of those deposits on the
implementation of monetary policy.
(7) In order to achieve these objectives and in order to allow NCBs sufficient time to prepare for the application of the
new remuneration policy to non-monetary policy deposits, this Decision should apply from 1 December 2024,
HAS ADOPTED THIS DECISION:
Article 1
Definitions
For the purposes of this Decision, the following definitions apply:
(1) ‘deposit’ means a credit balance in euro or in another currency resulting from funds held in an account with an NCB
or the ECB or from temporary situations deriving from other services provided by an NCB or the ECB, giving rise to
a liability recorded on that NCB’s or the ECB’s balance sheet, and which that NCB or the ECB is required to repay
under the applicable contractual or regulatory conditions, including overnight and fixed term deposits;
(2) ‘€STR’ means the euro short-term rate as defined in Article 2(2) of Guideline (EU) 2019/1265 of the European
Central Bank (ECB/2019/19)(5)and published by the ECB;
(3) ‘€STR OIS’ means an overnight index swap (OIS) as defined in Article 1(25) of Regulation (EU) No 1333/2014 of the
European Central Bank (ECB/2014/48)(6), where the periodic floating interest rate payments refer to €STR as the
overnight index rate;
(4) ‘non-monetary policy deposits’ means deposits that are not executed to implement the single monetary policy as
decided by the Governing Council and that fall within the scope of one of the following:
(a) Guideline (EU) 2019/671 (ECB/2019/7) on domestic asset and liability management operations by the national
central banks;
(b) Guideline (EU) 2024/1211 (ECB/2024/13) on the Eurosystem’s provision of reserve management services in
euro to central banks and countries located outside the euro area and to international organisations;
(c) Guideline (EU) 2022/912 (ECB/2022/8) on a new-generation Trans-European Automated Real-time Gross
Settlement Express Transfer system (TARGET);
(5) Guideline (EU) 2019/1265 of the European Central Bank of 10 July 2019 on the euro short-term rate (€STR) (ECB/2019/19)
(OJ L 199, 26.7.2019, p. 8).
(6) Regulation (EU) No 1333/2014 of the European Central Bank of 26 November 2014 concerning statistics on the money
markets (ECB/2014/48) (OJ L 359, 16.12.2014, p. 97).
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(d) Decision (EU) 2022/911 of the European Central Bank (ECB/2022/22)(7)concerning the terms and conditions
of TARGET-ECB;
(e) Decision (EU) 2019/1743 (ECB/2019/31) on the remuneration of holdings of excess reserves and of certain
deposits.
Article 2
Remuneration of non-monetary policy deposits
1. The remuneration of deposits held with NCBs and falling within the scope of Guideline (EU) 2019/671
(ECB/2019/7) shall be subject to the following ceilings:
(a) for the following government deposits denominated in euro:
(i) for overnight deposits: €STR minus 20 basis points;
(ii) for fixed term deposits: €STR OIS rate with corresponding maturity minus 20 basis points;
(iii) for overnight government deposits related to an adjustment programme: either zero per cent or €STR minus
20 basis points, whichever is higher;
(iv) for fixed term government deposits related to an adjustment programme: either zero percent or €STR OIS
rate with corresponding maturity minus 20 basis points, whichever is higher;
(b) for government deposits denominated in currencies other than in euro: the corresponding rates for the currency
concerned and applying the same spread referred to in point (a);
(c) for deposits other than government deposits, denominated in euro:
(i) for overnight deposits: €STR minus 20 basis points;
(ii) for fixed term deposits: €STR OIS rate with corresponding maturity minus 20 basis points;
(d) for deposits other than government deposits, denominated in other currencies: the corresponding rates for the
currency concerned and applying the same spread referred to in point (c).
2. The remuneration of deposits held with NCBs and falling within the scope of Guideline (EU) 2024/1211
(ECB/2024/13) shall be as follows:
(a) for cash overnight investment services:
(i) for Tier 1 investment facility: €STR minus 20 basis points;
(ii) for Tier 2 investment facility: the actual rate at which funds are placed in the market minus a margin as
decided from time to time by the Governing Council and provided that this kind of investment shall only be
made if the remuneration is above the remuneration of excess cash balances;
(iii) for excess cash balances: €STR minus 20 basis points;
(b) for fixed term deposits:
(i) for fixed term deposits on an agency basis: the actual rate at which funds are placed in the market minus a
margin as decided from time to time by the Governing Council;
(ii) for fixed term deposits on a principal basis with maturity shorter than seven calendar days: €STR OIS rate
with corresponding maturity minus 20 basis points;
(iii) for fixed term deposits on a principal basis with a maturity of at least seven calendar days: a rate not
exceeding the rate achieved when reversing the deposit in the market.
(7) Decision (EU) 2022/911 of the European Central Bank of 19 April 2022 concerning the terms and conditions of TARGET-ECB and
repealing Decision ECB/2007/7 (ECB/2022/22) (OJ L 163, 17.6.2022, p. 1).
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3. The remuneration of deposits falling within the scope of Guideline (EU) 2022/912 (ECB/2022/8) and Decision
(EU) 2022/911 (ECB/2022/22) shall be as follows:
(a) for government deposits denominated in euro held in TARGET the remuneration set-out in paragraph 1 (a) applies;
(b) for non-monetary policy deposits held in TARGET other than government deposits referred to in point (a), except
where point (c) applies: either zero percent or €STR minus 20 basis points, whichever is lower;
(c) for overnight balances held on a TIPS AS technical account or on an RTGS AS technical account for AS settlement
procedure D, and guarantee funds held by European Economic Area financial market infrastructures, including
those held on an AS guarantee fund account: €STR minus 0 basis points;
(d) for TARGET balances of connected NCBs:
(i) for balances up to and including 10 % of the daily average value of transactions: €STR minus 20 basis points;
(ii) for balances exceeding those under point (i): either zero percent or €STR minus 20 basis points, whichever is
lower.
4. The remuneration of deposits held with the ECB falling within the scope of Decision (EU) 2019/1743
(ECB/2019/31) shall be as follows:
(a) for accounts maintained in accordance with Decisions ECB/2003/14(8), ECB/2010/4(9), ECB/2010/17(10)
and ECB/2010/31(11)of the European Central Bank, and Council Regulation (EU) 2020/672(12):
(i) €STR minus 20 basis points, except where point (ii) applies;
(ii) during any period when deposits need to be held in the relevant accounts in advance of the date on which a
payment must be made in accordance with the legal or contractual rules applicable to the relevant facility:
either zero percent or €STR minus 20 basis points, whichever is higher;
(b) for other deposit accounts for the European Stability Mechanism and for the European Financial Stability Facility not
covered under point (a): €STR minus 20 basis points;
(8) Decision ECB/2003/14 of the European Central Bank of 7 November 2003 concerning the administration of the borrowing-and-
lending operations concluded by the European Community under the medium-term financial assistance facility (OJ L 297,
15.11.2003, p. 35).
(9) Decision ECB/2010/4 of the European Central Bank of 10 May 2010 concerning the management of pooled bilateral loans for the
benefit of the Hellenic Republic and amending Decision ECB/2007/7 (OJ L 119, 13.5.2010, p. 24).
(10) Decision ECB/2010/17 of the European Central Bank of 14 October 2010 concerning the administration of the borrowing and
lending operations concluded by the Union under the European financial stabilisation mechanism (OJ L 275, 20.10.2010, p. 10).
(11) Decision ECB/2010/31 of the European Central Bank of 20 December 2010 concerning the opening of accounts for the processing of
payments in connection with EFSF loans to Member States whose currency is the euro (OJ L 10, 14.1.2011, p. 7).
(12) Council Regulation (EU) 2020/672 of 19 May 2020 on the establishment of a European instrument for temporary support to mitigate
unemployment risks in an emergency (SURE) following the COVID-19 outbreak (OJ L 159, 20.5.2020, p. 1).
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(c) for the dedicated account maintained in accordance with Article 13(2) of Commission Implementing Decision of
14 April 2021 establishing the necessary arrangements for the administration of the borrowing operations under
Council Decision (EU, Euratom) 2020/2053 and for the lending operations related to loans granted in accordance
with Article 15 of Regulation (EU) 2021/241 of the European Parliament and of the Council(13)and used for the
purposes of prudential cash holdings in relation to the NextGenerationEU program, the Instrument for providing
support to Ukraine for 2023 (macro-financial assistance+)(14), or other Union financing programmes as agreed by
the ECB and the European Commission:
(i) €STR minus 20 basis points, except where point (ii) applies;
(ii) for an aggregated amount of deposits not exceeding EUR 20 billion: either zero percent or €STR minus 20
basis points, whichever is higher.
5. Where a negative interest rate applies to any of the deposits referred to in this Article, the deposit holder shall owe
interest to the relevant NCB or the ECB, and the relevant NCB or the ECB may debit the relevant deposit account
accordingly.
Article 3
Sharing of information on non-monetary policy deposits
1. Where the ECB considers, on a case-by-case basis, that it is necessary for assessing potential impacts on the
implementation of monetary policy, NCBs shall share with the ECB complete information on non-monetary policy
deposits, including details on the following:
(a) account holders;
(b) the remuneration applied;
(c) the amounts held with the relevant NCB.
2. Information received by the ECB pursuant to paragraph 1 shall be shared within the ECB, and by the ECB within the
Eurosystem, on a strict need-to-know basis.
Article 4
Entry into force
1. This Decision shall enter into force on the twentieth day following that of its publication in the Official Journal of the
European Union.
2. It shall apply from 1 December 2024.
Done at Frankfurt am Main, 16 April 2024.
The President of the ECB
Christine LAGARDE
(13) C(2021) 2502 final.
(14) Regulation (EU) 2022/2463 of the European Parliament and of the Council of 14 December 2022 establishing an Instrument for
providing support to Ukraine for 2023 (macro-financial assistance+) (OJ L 322, 16.12.2022, p. 1).
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