Excess reserves remuneration simplified from June 17
The Banca d'Italia announced a simplified framework for remunerating excess reserves. Effective June 17, 2026, these will be remunerated at the deposit facility rate.
Simplified remuneration for excess reserves
The Banca d'Italia has announced a simplified framework for the remuneration of excess reserves.
This change is effective from 17 June 2026.
Under the new rules, excess reserves held by monetary policy counterparties, provided they meet the conditions for access to the deposit facility and are in excess of minimum reserve requirements, will now be remunerated at the deposit facility rate.
Aligning with ECB policy
This simplification aligns with a decision made by the European Central Bank (ECB) Governing Council in December 2025.
The Banca d'Italia states that further detailed information regarding this new remuneration framework is readily available on its dedicated 'Excess reserves' page on the official website.
Source: New remuneration of excess reserves
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