Measure (5): Negative interest rate charge on reserves The ECB introduced a negative interest rate (negative 0.1 percent) on excess reserves and lowered deposit facility interest rates to the same negative rate in June 2014, in conjunction with a cut in other policy interest rates.
Meanwhile, the Federal Reserve and the BOJ maintain a positive respective 0.25 percent and 0.1 percent interest rate on excess reserves. The BOE applies a positive 0.5 percent rate on total reserves. In general, central banks maintain positive interest rates on (excess) reserves for various reasons, including maintaining the proper functioning of the interbank markets.