IF 2015: My project is on the reserve list. What does this mean and when can I expect a definite result?

With the high over-subscription for the Individual Fellowships - the number of proposals increases each year but the available funding not proportionally - it is possible that you are informed that your proposal is on the so-called 'reserve list'.

The evaluators set the score for every proposal. Once this is done, a ranking list is established for every panel. The proposals are funded according to their order on the list for as long as the budget is sufficient, and only up to a threshold of 70% (out of 100% maximum = 5.0 points in every criterion and 15 points as a maximum = 100%).

In the recent years, the funding was only sufficient until a so-called 'cut-off threshold' - depending on how many proposals were submitted. For your information, last year's cut-off thresholds.
The evaluation committee establishes four lists: The 'A list' which consist of the proposals which will be funded, the 'B list' which consists of the proposals on the reserve list, the 'C list' which are the proposals which cannot be funded despite being above the threshold of 70%, and the 'D list', which are below this funding threshold of 70% and/or are in once criterion below the respective threshold for this criterion.

REA launches the grant preparation phase for the projects on the A list. This phase lasts up to three months. Afterwards the grant preparation phase for projects on the reserve list is started. There is only money left for projects on the reserve list in case somebody on the A list withdraws the project or the grant preparation phase cannot be carried out sufficiently. Should there be budget left, the grant preparation phase is launched, according to the ranking list of the B list. This may take up to one year until you are informed if your proposal will be still be funded or not. Experience from recent years shows that no more than 5 proposals - but depending on the panel! - might be funded from the reserve list. It is impossible to foresee or give a valid estimation about the chances for funding. 

In general, it is advisable to prepare a re-submission if the candidate still complies with the eligibility rule.