Downgraded exchange procedures

In the event that telematic exchange procedures are unavailable, a downgraded email exchange procedure must be used, using the forms and contact details provided in this section.       

Minimum reserves

Credit institutions established in the euro area are required to hold minimum reserves. These reserves are held in cash accounts with Eurosystem national central banks.

The application of minimum reserve requirements is covered by a specific European Central Bank (ECB) regulation, Regulation (EU) 2021/378 of 22 January 2021. The minimum reserve base is calculated from the statistical reports of institutions, as stipulated in Regulation (EC) No 2181/2004 of the European Central Bank. The Banque de France e-Surfi website provides more details of these statistical reports.

Monetary policy methodology

Institutions wishing to participate in Eurosystem monetary policy operations must comply with the conditions for participation set out in Decision by the Governor No. 2015-01, as amended. After examining an institution's request to access Eurosystem refinancing operations (application to be sent to the address below) and receiving confirmation from the Banque de France that eligibility criteria have been met, the applicant institution must sign the Banque de France agreement relating to access to monetary policy operations and intraday credit, in order to become a monetary policy counterparty.

General Documentation

The General Documentation sets out monetary policy procedures and instruments currently in force. It is regularly updated to reflect changes in the monetary policy framework approved by the Governing Council.

Monetary policy regulations

ECB guidelines for the implementation of monetary policy are transposed into decisions by the Governor. A distinction is made between a permanent framework, which is applied in a standard manner within the Eurosystem, and a temporary framework for responding to crises. These rules are updated regularly to reflect changes in the monetary policy framework approved by the Governing Council.

Decisions by the Governor

Consult the Governor's decisions

Contact us

By email

In the event of a downgraded exchange procedure

By email

Apply for access to refinancing operations