The decay of the major ion species which constitute the ring current is studied by solving the time evolution of their distribution functions during the recovery phase of a moderate geomagnetic storm. In this work, only equatorially mirroring particles are considered. Particles are assumed to move subject to E¿B and gradient drifts. They also experience losses along their drift paths. Two loss mechanisms are considered: charge exchange with neutral hydrogen atoms and Coulomb collisions with thermal plasma in the plasmasphere. Thermal plasma densities are calculated with a plasmaspheric model employing a time-dependent convection electric field model. The drift-loss model successfully reproduces a number of important and observable features in the distribution function. Charge exchange is found to be the major loss mechanism for the ring current ions; however the important effects of Coulomb collisions on both the ring current and thermal populations are also presented. The model predicts the formation of a low-energy (<500 eV) ion population as a result of energy degradation caused by Coulomb collisions of the ring current ions with the plasmaspheric electrons; this population may be one source of the low-energy ions observed during active and quiet periods in the inner magnetosphere. The energy transferred to plasmaspheric electrons through Coulomb collisions with ring current ions is believed to be the energy source for the electron temperature enhancement and the associated 6300 ¿ (stable auroral red [SAR> arc) emission in the subauroral region. The calculated energy-deposition rate is sufficient to produce a subauroral electron temperature enhancement and SAR arc emissions that are consistent with observations of these quantities during moderate magnetic activity levels. ¿ American Geophysical Union 1993