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Tiering: The ECB will set a multiple of the.....>

ECB: Tiering: The ECB will set a multiple of the minimum reserves which will be
remunerated at 0%, with holdings at the ECB above this paying the deposit rate
of -0.50%. The multiple has been set at 6 and "may be adjusted by the Governing
Council in line with changing levels of excess liquidity holdings."
- Tiering. With the multiple set at 6x, note that this is much less than the
Danish central bank limit of 20x. We used an example of 4x back in March when we
originally discussed. So this is a decent amount of reserves that can be
remunerated at 0%, but could be expanded much further judging by international
- Tiering will apply from 30 October (APP start on 1 Nov).

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