English
日本語English中文ItalianoFrançaisDeutschEspañol
Sign in Admissions
NOMISMA SCHOLA
Read the textbooks TextbooksRoutesColumnFilms & narration
Go deeper by course Courses
Verify with the coins CoinsGlossarySourcesPractice
Think with the patterns Patterns
About the school Start hereFacultyContactThe discipline
Admissions Sign in
Language
日本語English中文ItalianoFrançaisDeutschEspañol
SOURCE ROOM

What is the Complementary Deposit Facility?

Bank of Japan (Tell me! Nichigin)

Claims Supported by This Source

  1. Complementary Deposit Facility = A system that pays interest on excess reserves. Introduced in 2008, with a positive interest rate until January 2016.
  2. With "Quantitative and Qualitative Monetary Easing (QQE) with a Negative Interest Rate" in January 2016, current account balances were divided into three tiers with positive, zero, and negative interest rates.
  3. With the framework review in March 2024, the tiered structure was abolished, and a positive interest rate was applied to excess reserves.
  4. Eligible counterparties are financial institutions with current accounts at the Bank of Japan (e.g., banks, securities companies, money market dealers). Clearing organizations and government-affiliated financial institutions are not eligible.

How to read the verification levels. "Read Through" means the source was read in its entirety. "Bibliography & Abstract Read" means the bibliographic information and abstract were confirmed. "Via Course Material" means the source was referenced through the textbook or course text. The "Text Hash" is the SHA-256 of the main text from the publisher's page, excluding tags and whitespace, used to detect if the source has been modified.