Depositors Are Next as Nordic Banks Buckle Under Negative Rates
BATTLE FOR WORLD / YAHOO | August 11, 2019: The article highlights that banks in Europe are considering negative rates for customers.
Sub-zero rates have been the norm in Scandinavia longer than most other places in Europe as the finance industry undergone drastic adjustments to survive, relying more on asset management and other services that generate fees. But banks are eyeing traditional business of lending and holding deposits for negative rates.
In Copenhagen, Jesper Berg, the head of the Danish Financial Supervisory Authority, says that so far banks haven’t passed negative rates on to private customers for “political reasons.” But if this should eventually happen, “it will be interesting to see whether customers would accept that, or vote with their feet” and withdraw their savings.
Some European banks are already implementing negative rates. In Switzerland, for example, the UBS Group AG recently decided to charge wealthy clients on deposits that exceed 500,000 euros ($560,000) and additionally introducing negative rates for clients holding large Swiss franc balances.
While in Denmark, the FSA has warned that low rates increase incentive of banks to advise customers to move their money from deposit accounts to investment products that come with high fees. This makes it easier for banks to charge fees for investment products. …
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