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Minimum reserve remuneration changed to zero from depo rate

ECB
  • "The Governing Council also decided to set the remuneration of minimum reserves at 0%. This decision will preserve the effectiveness of monetary policy by maintaining the current degree of control over the monetary policy stance and ensuring the full pass-through of the interest rate decisions to money markets. At the same time, it will improve the efficiency of monetary policy by reducing the overall amount of interest that needs to be paid on reserves in order to implement the appropriate stance."
  • Prior to this announcement they had been set at the deposit rate. This had only been since 21 December 2022 (it was announced on 27 Oct 2022 they would no longer be set at the refi rate ).
  • There is going to be a separate press release on this released at 15:45CET / 14:45BST / 9:45ET.
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