On Tuesday 16 April, the Governing Council of the European Central Bank (ECB) adopted a single legal act setting a uniform rate of remuneration for non-monetary deposits with the Eurosystem. This rate will be set at the euro short-term rate (€STR) minus 20 basis points. The €STR reflects the overnight borrowing costs in unsecured euros for banks in the euro area.
The ceiling on the remuneration of euro area government overnight deposits remains unchanged, also at €STR minus 20 basis...