The official site of Italy's central bank

Interest rates on minimum reserves

The minimum reserve earns interest at the average of the “marginal allotment rate” in the main refinancing operations during the maintenance period, weighted according to the number of calendar days.

A penalty is applied for non-compliance with minimum reserve requirements. Its amount is calculated as the average value of the rates on the marginal lending facility during the maintenance period, weighted according to the number of calendar days and increased by 2.5 points.