August-September 2023

29 September 2023

Monetary policy

Amended Regulation on the application of minimum reserve requirements

On 25 August 2023 the Governing Council adopted Regulation ECB/2023/21 amending Regulation (EU) 2021/378 on the application of minimum reserve requirements. This amending legal act implements the Governing Council’s decision of 27 July 2023 to set the remuneration rate of minimum reserves at 0%.

Market operations

Indicative operational calendars for 2024

On 7 September 2023 the Governing Council took note of the indicative calendars for reserve maintenance periods, minimum reserve requirements and tender operations for 2024. The Governing Council also approved the alignment, as of January 2024, of the announcement, allotment and settlement dates of the three-month longer-term refinancing operations (LTROs) with the corresponding dates of the main refinancing operations (MROs) for the sake of operational simplicity. Accordingly, the maturity dates of the…