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Negativzinsen, Überschussreserven und Tiering der EZB: Wie stark sind die Banken belastet?
[Negative interest rates, excess reserves and tiering of the ECB: How heavily are banks burdened?]

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  • Jens Klose

    (Technische Hochschule Mittelhessen)

Abstract

Zussamenfassung Die Europäische Zentralbank hat im Juni 2014 ihren Einlagezinssatz erstmals in den negativen Bereich gesenkt. Seitdem ist er in mehreren Stufen bis auf heute −0,5 % gesunken. Banken haben dadurch zunehmend Probleme, ihre Einlagen ohne großes Risiko und nominalen Wertverlust anzulegen. Der negative Einlagezins war aber noch nie die effektive Untergrenze für Einlagen bei der EZB und durch die Entscheidung im September 2019 ist, insbesondere durch das neu eingeführte Tiering-Programm der EZB, der Durchschnittszins sogar gestiegen und nicht etwa gefallen. Durch dieses Programm hat die EZB für Entlastung gesorgt, von der die Banken im Euroraum aber unterschiedlich profitieren.

Suggested Citation

  • Jens Klose, 2020. "Negativzinsen, Überschussreserven und Tiering der EZB: Wie stark sind die Banken belastet? [Negative interest rates, excess reserves and tiering of the ECB: How heavily are banks burdened?]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 100(5), pages 374-379, May.
    • Handle: RePEc:spr:wirtsc:v:100:y:2020:i:5:d:10.1007_s10273-020-2658-7
    DOI: 10.1007/s10273-020-2658-7
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    References listed on IDEAS

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    1. Hans-Werner Sinn & Timo Wollmershäuser, 2012. "Target loans, current account balances and capital flows: the ECB’s rescue facility," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 19(4), pages 468-508, August.
    2. Jens Klose, 2013. "Negative Einlagezinsen im Euroraum? Lehren aus Dänemark," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 93(12), pages 824-827, December.
    3. Hans-Werner Sinn & Timo Wollmershäuser, 2011. "Target-Kredite, Leistungsbilanzsalden und Kapitalverkehr: Der Rettungsschirm der EZB," ifo Working Paper Series 105, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
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    Cited by:

    1. Jost, Thomas & Mink, Reimund, 2024. "Central bank losses and commercial bank profits: Unexpected and unfair?," IMFS Working Paper Series 199, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).

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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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