Remuneration

1. The relevant NCB shall remunerate holdings of minimum reserves in the reserve accounts at 0 %.

2. The relevant NCB shall pay the remuneration, if any, on the holdings of minimum reserves on the second TARGET business day following the end of the maintenance period over which the remuneration was earned.

3. Funds included in holdings of minimum reserves that are subsequently excluded from those minimum reserves pursuant to Article 3(1)(d) shall be remunerated by the relevant NCB in accordance with the rules applicable to non-monetary policy deposits in Guideline (EU) 2019/671 of the European Central Bank (ECB/2019/7) ( *2 ) , with effect from the date the specific condition of Article 3(1)(d) applies, as determined by the relevant NCB.

( *2 ) 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 ).’."

REGULATION (EU) 2023/1679 OF THE EUROPEAN CENTRAL BANK of 25 August 2023 amending Regulation (EU) 2021/378 on the application of minimum reserve requirements (ECB/2021/1)