The introduction of a two-tier system for bank reserve remuneration – which was also adopted in other jurisdictions – is intended to prevent the reduction in official rates to negative values from having, beyond a certain level, the undesirable side effect of impairing banks’ ability to grant credit and, therefore, from being transformed into a restrictive factor.
*  *  *  Dear Mr Tănăsescu (Mihai Tănăsescu, Board Member of the EIB), Ladies and Gentlemen, In four days’ time, the European Central Bank (ECB) will disclose the results of its comprehensive assessment of banks’ balance sheets – what we have called a financial health check. This will mark the end of a tremendous effort by both banks and supervisors.