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Calendar of confirmation procedures for reserve requirements

The reserve requirement is calculated on the basis of the average of the daily balances on the counterparties’ reserve accounts over a maintenance period of about one month.

Maintenance periods start on the settlement day of the first main refinancing operation following the meeting of the Governing Council at which the monthly assessment of the monetary policy stance takes place and end on the day preceding the settlement day of the following month.

To help banks plan how to manage their reserve requirement, a calendar of maintenance periods is published before the start of the year.