In a motion-compensated picture signal interpolation apparatus comprising a field memory (FM2) for delaying an input field sequence, a motion vector estimator (ME) for furnishing motion vectors, and a motion-compensated interpolator (MC) coupled to an input and an output of the field memory (FM2) for furnishing a sequence of motion-compensated output fields on the basis of the motion vectors, inputs of the motion vector estimator (ME) are coupled to the input and the output of the field memory (FM2) to estimate the motion vectors by means of the same single field memory (FM2) which is used for the motion-compensated interpolation. (FIG. 1 )