# Regulation (EC) No 1745/2003 of the European Central Bank of 12 September 2003 on the application of minimum reserves (ECB/2003/9), Article 8: Remuneration

Extent: E+W+S+N.I.

1. Holdings of required reserves are remunerated at the average, taken over the maintenance period, of the ECB rate (weighted according to the number of calendar days) for the main refinancing operations of the Eurosystem according to the following formula (whereby the result is rounded to the nearest cent):
R t = H t × n t × r t 100 × 360 r t = ∑ i = 1 n t MR i n t Where:
Rt remuneration to be paid on holdings of required reserves for the maintenance period t;
Ht average daily holdings of required reserves for the maintenance period t;
nt number of calendar days in the maintenance period t;
rt rate of remuneration on holdings of required reserves for the maintenance period t. Standard rounding of the rate of remuneration to two decimals shall be applied;
i ith calendar day of the maintenance period t;
MRi marginal interest rate for the most recent main refinancing operation settled on or before calendar day i.
2. The remuneration shall be paid on the second NCB business day following the end of the maintenance period over which the remuneration was earned.

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Source: https://www.legislation.gov.uk/eur/2003/1745/article/8 (the official version)
Page: https://openlegislation.uk/eu-regulation-2003-1745/article-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.