Two-tier system for remunerating excess reserve holdings

Miguel Boucinha, Lorenzo Burlon, Marco Corsi, Guido della Valle, Jens Eisenschmidt, Sebastiaan Pool, Julian Schumacher, Olivier Vergote () and Iwona Marmara

No 302, Occasional Paper Series from European Central Bank

Abstract: This paper reviews the experience of the ECB with the two-tier system for excess reserve remuneration that exempted a portion of banks’ excess liquidity (EL) holdings from the negative interest rate of the ECB’s deposit facility. JEL Classification: E41, E43, E52, E58, G11, G12

Keywords: excess liquidity; exemption scheme; monetary policy transmission; negative interest rates; two-tier system (search for similar items in EconPapers)
Date: 2022-09
New Economics Papers: this item is included in nep-ban, nep-cba, nep-eec and nep-mon
Note: 2808899
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbops:2022302

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