[Dovecot] 1.2: Inotify instance limit for user exceeded, disabling?

From my log: Aug 10 12:23:39 postamt dovecot: IMAP(megow): Inotify instance limit for user exceeded, disabling. Increase /proc/sys/fs/inotify/max_user_instances

# wc -l subscriptions 95

# cat /proc/sys/fs/inotify/max_user_instances 128

Why does 95 exceed 128?

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