Decision (EU) 2024/2016 of the European Central Bank of 16 July 2024 amending Decision (EU) 2019/1743 on the remuneration of holdings of excess reserves and of certain deposits (ECB/2019/31) (ECB/2024/19)

‘5 In the event of a prolonged TARGET disruption over several business days, as referred to in Article 187a of Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60), paragraphs 1 to 4 shall apply. However, where institutions that are eligible counterparties in Eurosystem monetary policy operations with access to the Eurosystem’s deposit facility in accordance with that Guideline are subject to such TARGET disruption, holdings of excess reserves exceeding any allowance applicable in accordance with paragraph 2 shall be automatically remunerated for the period of the TARGET disruption at the deposit facility rate where the deposit facility rate is higher than zero. If an eligible counterparty’s access to the deposit facility is subject to a limit, the remuneration set out in the previous sentence shall only apply to an amount of excess reserves of that counterparty not exceeding that limit.

1 The ECB shall apply the remuneration rates set out in Article 2(4) of Decision (EU) 2024/1209 of the European Central Bank (ECB/2024/11) to certain deposits held with the ECB as follows: (a) for accounts maintained in accordance with Decision ECB/2003/14 of the European Central Bank, Decision ECB/2010/4 of the European Central Bank, Decision ECB/2010/17 of the European Central Bank, Decision ECB/2010/31 of the European Central Bank, and Council Regulation (EU) 2020/672, the remuneration rate as set out in Article 2(4), point (a)(i), of Decision (EU) 2024/1209 (ECB/2024/11); (b) for other deposit accounts for the European Stability Mechanism and for the European Financial Stability Facility not covered under point (a), the remuneration rate as set out in Article 2(4), point (b), of Decision (EU) 2024/1209 (ECB/2024/11). However, during any period when deposits referred to under point (a) 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, the ECB shall apply the remuneration rate as set out in Article 2(4), point (a)(ii), of Decision (EU) 2024/1209 (ECB/2024/11).

2 The ECB shall apply the remuneration rate as set out in Article 2(4), point (c)(i), of Decision (EU) 2024/1209 (ECB/2024/11) to the dedicated account maintained with the ECB 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 and used for the purposes of prudential cash holdings in relation to: (a) the NextGenerationEU programme; (b) the Instrument for providing support to Ukraine for 2023 (macro-financial assistance+); (c) any other European Union financing programme as agreed by the ECB and the Commission. However, for an aggregated amount of deposits held in that dedicated account not exceeding EUR 20 billion, the ECB shall apply the remuneration rate as set out in Article 2(4), point (c)(ii), of Decision (EU) 2024/1209 (ECB/2024/11).

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 Article 1, point (2), shall apply from 1 December 2024.